You see @vvs was able to pick this one out correctly. Diminishing earning and growth.

The "non-planting" of (new) tea is due to the politics [aka thuggery] behind the lease renewals. A well-managed firm.

I respect your opinion even though its miles away from being factual.
Arguing with you ain't worth it if you keep assuming the hard facts.
I'll keep buying WTK. In a few years, we'll see how it works out.

@MkondoaMacho - You have a good point BUT the only (significant) risk I see for WTK is land leases. In Kenya, land can be stolen away from you in a heartbeat. I am not overly bothered with tea prices which tend to cycle every 5 years. I expect the KES to depreciate vs the USD over the next 2 years seeing how much GoK is borrowing.

Unlike the smallholder, WTK can maintain its farms/plantations during the lean years. Then benefit immensely during the good years. In addition, WTK has little debt [net cash position] which benefits it during the lean years.

Finally, the management. I trust the management.

@MadDoc - His comparison with Mumias is flawed for the simple reason i.e. MANAGEMENT. Mumias' were crooks.
That said, don't discount what @MM is saying. He has a point i.e. at a certain point/price, there's a limit to what WTK can produce i.e. growth in EPS. I believe WTK [I am a shareholder] is about the dividend rather than EPS growth. It will NOT be a consistent dividend but I can live with that. If the price drops [I like low prices as a buyer] then buy more for the DIVIDEND not the EPS growth.

During the next AGM, I would encourage management to mechanize to reduce costs. 2016-17 will be tough with low tea prices.

@MadDoc - Yes, they continue mechanizing [as mentioned at the last AGM] but they should pick up the pace. There was a anti-mechanization movement by politicians a few years ago but with rising labor costs there is no choice.

WTK also installed solar panels last year and as the cost of solar panels drops I hope they continue reducing their reliance on KPLC.