AHF dairy farm sell down, page-48

ACID @H18 was 3. By 30/6, with CBA clearly now current (since Apr19) + a further $1m cashburn in 2H18, ACID will likely drop close to .54, down 82% on the 1/2 year mark. The pressure on cash therefore is growing, not diminishing. And with the changing geographic, environmental, demand /supply and economy outlook, the pressure is on. Upward valuation revisions for the farms are unlikely (status quo to reducing), and very unlikely for CDC (status quo on the back of the recent aspirational statements but not much else, through to sharply cut on the back of a very poor capacity utilisation ratio).