Have a look at Elders on ASX - up 58% YTD as investors accumulate agriculture shares due to improving trading conditions and their defensive qualities.
In contrast, PGW is only up 24% YTD so you could very well be right that there's another 80 cents for PGW sp to go and keep pace with the steady uptrend in Elders sp.
Then, there's the takeover appeal from BAIC.
Got to say that I am very pleased to have PGW in my portfolio and it is better that it is kept on the NZX rather than be taken over - NZ can ill afford the loss of another listed company, especially an agricultural one.
Interesting times ahead!