USD reporting

Anglo-Eastern Plantations · AEP.L

Palm oil (Indonesia / Malaysia) · Filing

Acres: 296,500
Book / acre: USD 915
Market cap (USD): $834M
EV / acre (USD): $2,203

Sector KPIsestimate

FFB yield: 19.0 t/ha
OER: 22.0%
KER: 4.7%
CPO ASP: USD 1,000/t
CPO cost: USD 600/t
RSPO certified: 100.0%
Methane capture: 60.0% of mills
Replanting LTM: 800 ha
NDPE compliance: 100.0%

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (USD M)	FMV (USD M)	Note
Land / property	271	1,096	Per-property breakdown below
PP&E (mills, plants, machinery)	78	—	Net of accumulated depreciation
Inventory	22	—
Intangibles + goodwill	5	—	Excluded from tangible total
Tangible total (ex-cash)	371	1,196
+ Cash & equivalents	182	182
Tangible total (incl. cash)	553	1,378
Reported total assets (BS)	690	—	Latest period 2024-12-31

Tangible book

USD 553M

80% of total assets

Market cap

USD 622M

112% of tangible book

Enterprise value

USD 440M

80% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

USD 1,096M

Range USD 823–1,370M · 296,500 acres

FMV vs. book

+286.1%

Book USD 284M · FMV USD 1,096M

Implied NAV / share

USD 32.43

Range USD 25.49–39.38

Live price vs. FMV NAV

-51.3%

Range -59.9% (high) to -38.1% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (5 of 5 properties): typical 7.9–10.7%

Reported NOI

USD 90M

Cap rate at comp-based FMV

8.21%

Range 6.57–10.94%

Verdict

Within typical range — comp-based FMV reasonable on yield basis

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book USD/acre	Avg FMV USD/acre	Book (USD M)	FMV (USD M)	FMV range (USD M)	FMV vs book
Indonesian palm — Sumatra mature	1	110,000	1,182	5,500	130	605	454–756	+365.4%
Malaysian palm — Sabah mature	1	60,000	1,083	5,000	65	300	225–375	+361.5%
Indonesian palm — Sumatra concession	1	87,700	570	1,500	50	132	99–164	+163.1%
Malaysian palm — Sabah concession	1	38,800	670	1,200	26	47	35–58	+79.1%
Plasma plantations (partnership receivable)	1	—	—	—	13	13	11–16	+2.2%
Total	5	296,500	958	3,698	284	1,096	823–1,370	+286.1%

Properties

4-row breakdown separating planted vs concession-stage within Indonesia + Malaysia. Addresses prior methodology caveat about per-acre denominators.

Property	Category / crop	Acres	Acquired	Cost (USD M)	Book (USD M)	USD/acre book	FMV USD/acre	FMV (USD M)	vs book	Comps
Indonesia Sumatra mature plantation (planted) Sumatra (multiple provinces), Indonesia	Indonesian palm — Sumatra mature Mature oil palm + mills	110,000	—	—	130	1,182	5,500 4,125–6,875	605	+365.4%	ID-PALM-MATURE-2024ID-PALM-NSUMATRA-2024 Mature Sumatra plantation cluster with mill access
Malaysia Sabah mature plantation Sabah, Malaysia	Malaysian palm — Sabah mature Mature oil palm + mill	60,000	—	—	65	1,083	5,000 3,750–6,250	300	+361.5%	MY-PALM-SABAH-2024 Mature Sabah cluster
Indonesia Sumatra unplanted concession Sumatra, Indonesia	Indonesian palm — Sumatra concession Unplanted concession + immature	87,700	—	—	50	570	1,500 1,125–1,875	131.6	+163.1%	ID-PALM-IMMATURE-2024 Unplanted concession area at deep discount; AEP's concession allocation exceeds planted area materially
Malaysia Sabah unplanted concession Sabah, Malaysia	Malaysian palm — Sabah concession Unplanted concession	38,800	—	—	26	670	1,200 900–1,500	46.6	+79.1%	MY-PALM-SABAH-2024 Sabah concession area at discount
Indonesia plasma plantations (cooperative smallholder partnerships) Sumatra, Indonesia	Plasma plantations (partnership receivable) Plasma estate partnerships (5,379 ha NOT owned by AEP)	13,290	—	—	13	978	1,000 800–1,200	13.3	+2.2%	ID-PALM-IMMATURE-2024 5,379 ha plasma estates managed by AEP via 7 cooperative companies. Small plasma footprint vs total operations (~3% of 187K ha managed). NOT on balance sheet as land asset

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
ID-PALM-NSUMATRA-2024	North Sumatra mature palm	North Sumatra	—	$5,800	Oct 2024	Indonesian palm broker comps 2024
ID-PALM-IMMATURE-2024	Indonesian unplanted/immature palm	Indonesia (concession-stage)	—	$2,500	Oct 2024	GAPKI 2024 reports
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access	Indonesia	—	$5,000	Sep 2024	GAPKI 2024 reports
MY-PALM-SABAH-2024	Malaysian Sabah palm plantation	Sabah, Malaysia	—	$4,800	Sep 2024	MPOB Sabah 2024

Methodology

Anglo-Eastern Plantations refined from 2-row to 4-row breakdown to separate planted vs concession-stage area within each country — addressing a key methodology caveat from the prior version. Indonesia Sumatra: - Mature planted (110K acres / ~45K ha): premium $5,500/acre - Unplanted concession (87.7K acres / ~36K ha): deep discount $1,500/acre Malaysia Sabah: - Mature planted (60K acres / ~24K ha): $5,000/acre - Unplanted concession (38.8K acres / ~16K ha): $1,200/acre This is the critical caveat for AEP. The total 296K-acre denominator includes ~50% unplanted concession area; mature-only valuation of the planted base would imply $5K/acre vs the 1.0K/acre weighted-average across the full concession. AEP's net cash position of $182M (essentially zero debt) creates substantial equity-side optionality not reflected in the per-acre table.