new thread, page-189

The irony is that the market values AAC at $650 million which just happens to be the book value of its net assets, which includes $650 million of property.

Therefore the market is only willing to pay what the land is worth and pays zero for the cattle business.

They need to find a way to get more out of the cattle business (Ag boom or not), because in the past there has always been some reason or another (drought, floods whatever) as to why they cant make enough money.

Perhaps this is an undervalued opportunity, an asset waiting for good management.