If you are looking for a value driven portfolio investment that is uncorrelated with equity markets TFC could be it. TFS Corporation (ASX:TFC) grows Indian Sandalwood in Australia primarily for its oil. We have a target price of $2.97 and the stock is trading at $1.76. A 15+ year offtake has been signed with a large global pharmaceutical company that will purchase the majority of the annual oil production. TFC recently stated that it is aiming to plant 1,600 ha in FY14 which is 15% above our forecast of 1,400 ha and the previous record planting of 1,432 ha. This highlights the strength of the sales pipeline, the majority of which is from global institutions. The offtake partner has ordered $2.3m of product in 2H14 at price point of ~AUD$4,900/kg oil which is above our modelled assumption of $4,500/kg. The company also reaffirmed guidance that FY14 earnings will exceed FY13.