Your point on the assets is valid. They do however represent...

Your point on the assets is valid. They do however represent some underlying value in an industry that is capital intensive. An example is FRM themselves paying $6.5m for Darling Downs from liquidators (not that I think this represented value). The lender would have independent valuations on the sites owned by the company that would represent market as opposed to the historical value on the balance sheet.

I believe the cycle is starting to reverse. A 5% move in total market supply can create a significant change in pricing. Its not a business i would be excited about owning for the duration but i have taken the "anything can be a buy at a certain price view"

"But then, a few years down the track and what, we are in the same place?" Yes that would be the most likely outcome. That is why in in the last 19 years it hasn't paid a single dividend. Its both cyclical and capital intensive which is a very bad mix. Only a underlying change in the industry could prevent the cycle from reoccurring.