DrZ I don't think much value at all is being ascribed to the...

DrZ I don't think much value at all is being ascribed to the meat side of AAC's business model. Particularly when you consider what their land asset base is likely worth. The fact that they have been around for a long time should be viewed favourably because they have come through lean times meaning management is lean and mean - they simply have had to get very efficient or they would not have survived.

I believe there is also strong growth prospects when you consider many of their properties have the potential to be developed into grain producing operations. A process which would add significant value to those land assets. They have access to cheap water resources for irrigation and in most cases those water resources are virtually immune to inflation because there are no cities or population bases competing. It is also a bonus that many properties are in and around the Georgina Basin where much of Australia's and likely the Asian rim's phosphate resources will come from in the future.

I guess you really need to look forward at the growth story rather (big picture stuff that brokers and fund managers are ignorant of) than look back retrospectively at the survival story. Good luck!