I agree with all these points but add two more negatives:
1. environmental/biological risk – this is a livestock operation that is dependent on (among other things) water temperatures remaining within a particular range over the longer term and no parasitical or other problems. Google farmed salmon contamination for an idea of the potential problems
2. high levels of on going Capex - while NZK is a relatively young listed company, its Capex has exceeded operating cash flows in each last two years. I asked myself whether this was laregly due to expansion and would taper off after the company had reached full capacity. If the experience with Huon and Tassel which have longer ASX track records is any indication, the answer is "no." As a check, FWIW, the FNZC research report suggests Capex continuing at high levels although being outstripped by top line revenue growth to produce rising earnings.
Which leads me back to the pro. You point out the growing demand for high quality protein and supply side constraints. I looked at whether this was translating into high product prices and the answer is a clear "yes" – there is a trend of rising prices but there has been a significant amount of volatility in the process.
https://salmonprice.nasdaqomxtrader....E2C9163A602B?0
Note: the prices quoted are for Norwegian salmon which is a slightly different product.
Short version: I couldn't persuade myself to invest at current price levels.