Bookend, thanks for your comment. In all my time as an investor...

Bookend, thanks for your comment.
In all my time as an investor I have not understood why other investors completely disregard non cash earnings. Below I have analysed the impact and would appreciate your comments.
[I do not have an accounting background, so this may sound too simplistic; but this is how I understand it]
For simplicity, assume TFC has one plantation 50% owned by TFC and 50% owned by MIS growers. Each year TFC earns cash revenue from the MIS growers as they pay their grower fees. Each year the trees owned by TFC grow and the oil yield increases its volume. Therefore, the trees have more value. The accounts are prepared on an accrual basis, so the increased value is recorded each year as a profit after reducing the value to reflect risk to harvest and time value of money. When the trees are harvested the amount that is recorded as a profit is the final profit less the previously recorded profit. So the cash profit recorded in the accounts at harvest is substantially less.
Therefore, I am comfortable with the non-cash profit from revaluation of the trees (remembering the value is discounted for risk) each year as the trees grow.
I would very much appreciate understanding how investors that disregard the non-cash profits treat the profits at harvest? The profits recorded in the accounts will be less (due to accrual accounting) but the cash flow will be substantial. Do these investors notionally increase the NPAT to determine a revised eps and PER ratios?
Alternatively, have I misunderstood how the accrual accounting works and the treatment of the increase in value of trees through the growing phase?
Any comments would be appreciated.