I think it's more than $180m, HS murrumbidgee is selling @ $8,000 a megalitre. They have ~16,500 entitlements.
In economic theory the scarce resource garners the highest return and water is the scarce resource in OZ. In NZ good hill country, for timber, near a log port sells for $9,000 a hectare, as this is the scarce resource.
As long as Webster as good managers of capital allocation over the long term weather cycle in OZ they will make good returns
WBA Price at posting:
$1.30 Sentiment: Buy Disclosure: Not Held
