Re book value. FRM owns a lot of land (eg they did not buy any new land to build new free range facilities recently...) and that land has not been revalued since 10 years or more... Hence the book value is also higher but roe% lower lol.
Anyway, your point that frm should trade at nta I treat as a joke or financial illiteracy.
No boundaries of entry??? Farm prices at all time high, people experience to run it, commercial networks, livestock management, handling processes? Yeap piece of cake to do it.
Re book value. FRM owns a lot of land (eg they did not buy any...
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