I had a look at the summary financials. Note three to the financial statements identifies JLL as the valuer, the date being the 30th of June and the valuation methodology being the summation approach. As stated, this approach assesses the value of raw land on a per hectare and adds/(deducts) value attributable to structures and improvements. Under this approach, the valuer would (should) have assessed the value of the land when reviewed against comparable sales, adding value for useful improvements and deducting value for outstanding works (fence/tree removal). This would then have resulted in a base rate /ha or range of rates. This rate range is specified in the report as $2,730/ha - $3,413/ha.
I believe that the 'valuation' would actually be a large number of valuations of individual saleable parcels, rather than a valuation of the entire holding as a contiguous parcel. Having a quick google of recent sales (30-100ha+ parcels) with no built improvements (homes) indicates a range of $2,500-$6,500 / ha of land.
Now these sales will have a number of inherent attributes (least of all location) that go into dictating that price range however, it would seem that the JLL number is within this range even when allowing for costs required to return our holdings to fenced farmable land. You would likely know more about the attributes of each of the land parcels given you are local, but the JLL estimate doesn't feel 100% over market.
KPT Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
