You have a thoughtful approach. My personal opinion is they have reasonable land, slightly too high in summer rainfall. The best cropping areas in Australia are probably located in WA because the growth in out put the is approx 5% where as across Australia it is 3.4%, so east coast productivity is approx 2%.
Then it comes down to management skill.with the huge fees charged for managing DBF, I highly doubt there will be retained profits to expand the holdings. Nor will it be possible to tap the capital markets when SP is operating 30% below NTA. If they did raise capital it would be highly dilutive for any existing shareholder.if you invest your capital where it is a valued resource would be smart. A growing NPAT and rising dividend stream would be preferable, particular as cost of capital is likely to be higher in the future.
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