I find all this talk on AAC interesting as many don't understand...

I find all this talk on AAC interesting as many don't understand agricultural accounting. Livestock valuation at a set date can alter significantly and can skew accounts significantly but should not be taken too seriously unless there is a clear and sustained trend in the markets. At the moment there is not. The meat sales strategy needs to grow at a decent rate from here while being on top of cost growth.
Having seen corporate farms operate there can be a truckload of wastage in various ways. There is no doubt their livestock breeding and management at station level could be better.

It's interesting to note that in the 2007 annual report (fy was 31st Dec) they reported $220mil revenue as against $336m in the latest. Therein lies the problem with the sp, there has simply not been good enough business performance since then, not even doubled rev in 16+ years.

Not only that, there was 254mil shares on issue then, now there's 602mil. Various f ups have meant they needed to raise capital.

The NTA then on the 254mil shares was $2.78/sh giving net equity of approx $708mil
Current NTA on 602mil shares is $2.51/sh giving net equity of approx $1.5 billion.
So the company has more than doubled in net assets since, should be better than that!

Would like to know what the value of a ha or sq km, (whatever their unit of property valuation is out there) was then vs now. Plenty of farm land tripled, quadrupled or more since then!