Where do you get 1K of cows from?
At H16, the herd size was 2,657, up from 1,625 at Jun30. refer H16 report, note 6. The biological assets are carried at $3.984M = $1,500 per cow.
Your reference to market cap however also ignores that they own 6 farms at a current carrying cost of $22.7M (including PQE at CWDV, etc).
The herd size however has since further increased as included in the figures was a guaranteed in-calf 250 small herd which fell due in late January /during February. So, right now, with recent calving, etc, the herd size could very well be at /topping 3,000 (some 3x the number suggested in your post).
Ann: CDC Acquisition - Market Update, page-57
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