Chilled Beef - The numbers don't lie, page-12

Debt level isn't an issue for this company given high land value and ability to sell inventory (restock) to reduce debt.

The valuation problem this company faces (and some other land-rich agricultural companies) is that the "property" component (land) is low returning (ROCE of only 4% / EBTIDA multiple of 25x is OK if land price can continue to grow at CPI+ given no depreciation) and the "business" component (cattle inventory, processing facilities, branding etc) struggles to make normal returns on a consistent basis.

Property investors don't buy the stock because they don't like the business volatility. Equity investors don't buy the stock because they don't like (or understand) the high multiples / lower returns in property.

Hence why the stock spends most of its life at a 20%+ discount to NAV.