With the way Synlait run their business, I suspect Pokeno being...

With the way Synlait run their business, I suspect Pokeno being underutilised is more a reflection of poor management rather than the quality or value of the asset itself.

You kind of have to separate the asset itself from the business in which it has been poorly utilised. In the right hands it will have greater value than it has been generating at present. It addresses a much larger market and more potential buyers than Dairyworks. I could see a wider range of possible valuations.

I think that is less so for Dairyworks which was an existing brand in its own right as well as a facility. Synlait may have over valued it, but I think there is less room for variation in what people would actually pay for it.