AUD reporting
Duxton Farms · DBF.AX
Broadacre cropping / livestock / vineyards · Filing
- Acres
- 44,800
- Book / acre
- AUD 2,714
- Market cap (USD)
- $43M
- EV / acre (USD)
- $2,691
Sector KPIsestimate
- Planted area
- 12,500 ha
- Owned / leased
- 10,800 / 1,700 ha
- Production
- 145,000 MT_grain
- Realized price
- AUD 410.00
- Water rights
- 70,000 ML
- Bio assets
- AUD 95M
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 (AUD M) | FMV (AUD M) | Note |
|---|---|---|---|
| Land / property | 122 | 197 | Per-property breakdown below |
| Biological assets | 95 | — | IAS 41 fair value — standing crops / livestock |
| Tangible total (ex-cash) | 217 | 292 | |
| + Cash & equivalents | 1 | 1 | |
| Tangible total (incl. cash) | 217 | 293 | |
| Reported total assets (BS) | 235 | — | Latest period 2025-06-30 |
Tangible book
AUD 217M
92% of total assets
Market cap
AUD 61M
28% of tangible book
Enterprise value
AUD 169M
78% of tangible book
Implied fair market analysis
As of 2025-06-30FMV by category
Aggregated from per-property assumptions below| Category | Properties | Acres | Avg book AUD/acre | Avg FMV AUD/acre | Book (AUD M) | FMV (AUD M) | FMV range (AUD M) | FMV vs book |
|---|---|---|---|---|---|---|---|---|
| Buildings + plant infrastructure | 1 | — | — | — | 78 | 78 | 65–95 | +0.5% |
| NSW Central West cropping | 1 | 16,500 | 2,909 | 2,900 | 48 | 48 | 40–58 | -0.3% |
| Australian dried-grape vineyard | 1 | 1,491 | 22,133 | 22,000 | 33 | 33 | 26–39 | -0.6% |
| Northern Australia broadacre (owned portion) | 1 | 22,800 | 1,316 | 1,200 | 30 | 27 | 22–34 | -8.8% |
| NSW Western Riverina | 1 | 4,000 | 2,500 | 2,580 | 10 | 10 | 8–12 | +3.2% |
| Total | 5 | 44,791 | 4,443 | 4,392 | 199 | 197 | 161–239 | -1.1% |
Properties
5-row breakdown calibrated to DBF's FY25 audited balance sheet: Land $121.6M + Buildings $13.7M + Machinery $34.4M + CWIP $30.2M = total PP&E $197.2M. DBF owns 18,138 ha (44,800 acres) of its 180,000 ha managed footprint — 92% of operations are on LEASED land excluded from this NAV file. NSW property values disclosed +10.1% YoY at $158M total.| Property | Category / crop | Acres | Acquired | Cost (AUD M) | Book (AUD M) | AUD/acre book | FMV AUD/acre | FMV (AUD M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Buildings + machinery + CWIP infrastructure Various Australia | Buildings + plant infrastructure Buildings + machinery + capital work-in-progress (industrial) | 1 | — | — | 78 | 78,000,000 | 78,400,000 65,000,000–95,000,000 | 78.4 | +0.5% | DBF-FY25-AUDITED Buildings $13.7M + Machinery $34.4M + Capital Work in Progress $30.2M = $78.4M reconciles to total PP&E AUD $197.2M (Land $121.6M + this $78.4M ≈ $200M, slight rounding from balance sheet) |
Forbes District NSW (Walla Wallah, Yarranlea, West Plains residual) Forbes District, NSW (Central West) | NSW Central West cropping Mixed dryland + irrigated summer crops | 16,500 | — | — | 48 | 2,909 | 2,900 2,400–3,500 | 47.9 | -0.3% | DBF-NSW-2025DBF-TIMBERSCOMBE-2024AU-DRYLAND-2025 ~6,680 ha Forbes cluster of three remaining properties (post-Timberscombe Nov-2024 sale of 8,432 ha for $70M). Mixed dryland + irrigated summer crops with substantial water entitlements |
Vineyards (Euston + Wemen, NSW Sunraysia dried-grape) NSW Sunraysia (Euston + Wemen) | Australian dried-grape vineyard Dried-grape vineyards (603 ha under vine, Australia's 2nd-largest grower) | 1,491 | — | — | 33 | 22,133 | 22,000 17,600–26,400 | 32.8 | -0.6% | AU-VINEYARD-2024 603 ha under vine across Euston + Wemen sites; specialty vineyard with dried-grape processing infrastructure. Australia's 2nd-largest dried-grape grower |
Northern Territory + Western Australia OWNED portion Northern Territory + Western Australia | Northern Australia broadacre (owned portion) Mixed broadacre + grazing (post-2024 strategic shift) | 22,800 | — | — | 30 | 1,316 | 1,200 950–1,500 | 27.4 | -8.8% | AU-DRYLAND-2025 Northern Australia owned portion only (~22.8K acres). Vast majority of NT/WA operations is LEASED (165K ha leased not owned) and excluded from NAV. Owned portion at $1,200/acre reflects remoteness discount and recent acquisition basis |
Kentucky / Merriment NSW (Cowaribin sold 2024) NSW Western Riverina | NSW Western Riverina Dryland cropping | 4,000 | — | — | 10 | 2,500 | 2,580 2,100–3,100 | 10.3 | +3.2% | DBF-COWARIBIN-2024AU-DRYLAND-2025 Smaller NSW Riverina dryland properties (Kentucky + Merriment) after Cowaribin disposal Aug-2024 for $6M. Per-acre anchored to $2,580/acre Cowaribin sale price |
Comparable land transactions and surveys
7 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| DBF-FY25-AUDITED | DBF FY25 balance sheet (year ended 30 June 2025): Total assets AUD $266.14M, Total liabilities $123.41M, Shareholders' equity $142.73M, Tangible Book Value per share $1.03. PP&E breakdown: Land $121.6M + Buildings $13.7M + Machinery $34.4M + CWIP $30.2M = $197.2M | DBF full balance sheet | 44,800 | $2,715 | Jun 2025 | DBF FY25 Annual Report (year ended 30 June 2025) |
| DBF-NSW-2025 | DBF NSW property fair value disclosed +10.1% YoY uplift to AUD $158M total (NSW land + water + structural assets) per FY25 announcement. Independent valuation completed June 2025 | DBF NSW portfolio | — | $7,600 | Jun 2025 | DBF FY25 valuation announcement |
| AU-DRYLAND-2025 | Australian dryland broadacre H1 2025 — $1,500-3,500 AUD/acre depending on rainfall + infrastructure | NSW + WA + NT dryland | — | $2,200 | Apr 2025 | LAWD + Elders Rural dryland 2025 reports |
| DBF-NSW-DISPOSAL-2025 | DBF NSW properties sold for AUD $11.1M in 2025 (multiple smaller properties) | Various NSW | — | $3,000 | Jan 2025 | Duxton Farms NSW disposals 2025 |
| DBF-TIMBERSCOMBE-2024 | DBF Timberscombe (8,432 ha at West Wyalong NSW) sold November 2024 for AUD $70M = ~$8,300/ha = ~$3,360/acre to Canadian pension fund | NSW West Wyalong | 20,835 | $3,360 | Nov 2024 | Duxton Farms Timberscombe sale 2024 |
| AU-VINEYARD-2024 | Australian premium vineyard transactions — $20-30K AUD/acre for established Sunraysia dried-grape with infrastructure | NSW Sunraysia + Victoria | — | $22,000 | Sep 2024 | Australian Wine Industry land report 2024 |
| DBF-COWARIBIN-2024 | DBF Cowaribin (940 ha NSW Riverina) sold Aug-2024 for AUD $6M = ~$6,400/ha = ~$2,580/acre | NSW Western Riverina | 2,323 | $2,580 | Aug 2024 | Duxton Farms Cowaribin disposition 2024 |
Duxton Farms (formerly Duxton Broadacre Farms) is a small ASX-listed agricultural fund in active strategic transition. Critical structural fact: DBF MANAGES 180,000 ha across NSW + NT + VIC + WA but only OWNS 18,138 ha (44,800 acres) — 92% of operations are on LEASED land that doesn't appear on balance sheet for NAV purposes. CRITICAL CHANGES vs prior version of this file: • Total owned acres reduced from 64K (mixed owned + leased) to 44.8K (owned only) — prior version included substantial leased NT/WA area • Cowaribin row reduced to reflect Aug-2024 disposal (940 ha sold for $6M) • Forbes row reduced to reflect Nov-2024 Timberscombe disposal (8,432 ha for $70M to Canadian pension fund) • NT/WA reduced from 38K acres to 22.8K acres OWNED portion • Added Buildings + machinery + CWIP industrial row to reconcile total PP&E to $197.2M • Per-acre values adjusted upward to anchor to $121.6M total Land per FY25 balance sheet PRIMARY FMV ANCHOR: DBF FY25 audited balance sheet (year ended 30 June 2025): Land at fair value: $121.6M Buildings: $13.7M Machinery: $34.4M Capital work in progress: $30.2M Total Property, Plant & Equipment: $197.2M Total Assets: $266.1M Total Liabilities: $123.4M Total Equity: $142.7M NTA per share: AUD $1.03 +10.1% YoY uplift in NSW independent valuation announced FY25 — total NSW land/water/structural assets valued at $158M. DISPOSAL TRACK RECORD (provides per-acre validation): - Timberscombe (8,432 ha NSW West Wyalong): sold Nov-2024 for $70M = $3,360/acre to Canadian pension fund - Cowaribin (940 ha NSW Riverina): sold Aug-2024 for $6M = $2,580/acre - Various NSW properties: sold 2025 for $11.1M These real transactions confirm per-acre marks in $2,500-3,500 range for NSW broadacre (consistent with my $2,580-2,900/acre rows). VINEYARDS: Euston + Wemen Sunraysia dried-grape sites (603 ha = 1,491 acres planted) — Australia's 2nd-largest dried-grape grower. Specialty crop premium at $22K/acre. FY25 PERFORMANCE: Loss-making year due to drought + weak grain prices. Land FMV is structurally less volatile than earnings — the 10.1% NSW uplift demonstrates land appreciation despite operational headwinds. Cap rate ranges 5.0-9.0% reflect dryland broadacre + vineyard going-concern yields. NT/WA wider range reflects remoteness + recent acquisition timing.
Financial snapshot
15 reported periods · 2106 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/DBF.AX.json — manually compiled at the most-granular timeframe each issuer discloses (typically quarterly). Stock price overlay and premium/discount on the NAV/share chart use daily Yahoo close; premium/discount steps each time NAV is re-reported.
Sector trends
1 populated KPIs · 2018–2025