AUD reporting

Select Harvests · SHV.AX

Almonds · Filing

Acres: 22,400
Book / acre: AUD 26,757
Market cap (USD): $400M
EV / acre (USD): $27,184

Sector KPIsestimate

Planted area: 9,000 ha
Production: 30,500 MT_kernel
Realized price: AUD 8200.00
Water rights: 115,000 ML
Bio assets: AUD 410M
Bearing trees: 9,000 ha
Non-bearing: 1,200 ha
Avg tree age: 9 yrs

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	599	608	Per-property breakdown below
Biological assets	410	—	IAS 41 fair value — standing crops / livestock
Tangible total (ex-cash)	1,009	1,018
+ Cash & equivalents	1	1
Tangible total (incl. cash)	1,011	1,019
Reported total assets (BS)	1,010	—	Latest period 2025-09-30

Tangible book

AUD 1,011M

100% of total assets

Market cap

AUD 566M

56% of tangible book

Enterprise value

AUD 861M

85% of tangible book

Implied fair market analysis

As of 2025-09-30

Aggregate FMV

AUD 608M

Range AUD 517–699M · 22,403 acres

FMV vs. book

+2.0%

Book AUD 596M · FMV AUD 608M

Implied NAV / share

AUD 2.20

Range AUD 1.56–2.85

Live price vs. FMV NAV

+80.6%

Range +39.9% (high) to +154.9% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (6 of 6 properties): typical 4.2–5.7%

Reported NOI

AUD 75M

Cap rate at comp-based FMV

12.33%

Range 10.73–14.51%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV 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
Sunraysia/Vic — flagship Carina West	1	5,500	30,000	30,000	165	165	140–190	+0.0%
Sunraysia/Vic — Piangil	1	4,500	28,000	28,000	126	126	107–145	+0.0%
SA Riverland — Loxton	1	4,500	24,444	25,000	110	113	96–129	+2.3%
NSW Riverina	1	3,003	24,975	26,000	75	78	66–90	+4.1%
SA Riverland — Paringa	1	2,900	24,138	25,000	70	73	62–83	+3.6%
Sunraysia/Vic — other	1	2,000	25,000	27,000	50	54	46–62	+8.0%
Total	6	22,403	26,604	27,143	596	608	517–699	+2.0%

Properties

6-row breakdown by named orchard cluster: Carina West (flagship + processing), Piangil (2024 acquisition), other Sunraysia, Loxton SA, Paringa SA, NSW Riverina.

Property	Category / crop	Acres	Acquired	Cost (AUD M)	Book (AUD M)	AUD/acre book	FMV AUD/acre	FMV (AUD M)	vs book	Comps
Carina West orchards + Robinvale processing facility Robinvale, Victoria (Carina West)	Sunraysia/Vic — flagship Carina West Almonds + 50,000 MT/yr processing facility	5,500	—	—	165	30,000	30,000 25,500–34,500	165	+0.0%	AU-ALMOND-2024AU-ALMOND-2025 Carina West is SHV's processing-anchored flagship with vertically integrated operations
Piangil orchards (acquired 2024 for A$129M) Sunraysia (Piangil), Victoria	Sunraysia/Vic — Piangil Almond orchards (mature)	4,500	—	—	126	28,000	28,000 23,800–32,200	126	+0.0%	SHV-PIANGIL-2024AU-ALMOND-2025 Acquired 2024 for A$129M = A$28K/acre — most direct internal mark for SHV almond ground
Loxton orchards (SA Riverland) Loxton, South Australia	SA Riverland — Loxton Almond orchards	4,500	—	—	110	24,444	25,000 21,250–28,750	112.5	+2.3%	AU-ALMOND-2024AU-ALMOND-2025 Loxton SA Riverland; slightly below Sunraysia per-acre due to higher SA water cost
Riverina orchards (NSW) NSW Riverina	NSW Riverina Almond orchards	3,003	—	—	75	24,975	26,000 22,100–29,900	78.1	+4.1%	AU-ALMOND-2024 NSW Riverina almond ground; mid-tier between Sunraysia and SA
Paringa orchards (SA Riverland) Paringa, South Australia	SA Riverland — Paringa Almond orchards	2,900	—	—	70	24,138	25,000 21,250–28,750	72.5	+3.6%	AU-ALMOND-2024 Paringa SA Riverland orchards
Other Sunraysia orchards (Robinvale region) Robinvale + surrounding Sunraysia, Vic	Sunraysia/Vic — other Almond orchards	2,000	—	—	50	25,000	27,000 22,950–31,050	54	+8.0%	AU-ALMOND-2024 Smaller Sunraysia holdings; mid-tier Robinvale ground

Comparable land transactions and surveys

3 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
AU-ALMOND-2025	H1 2025 Australian almond orchard sales	NSW + Victoria, Australia	—	$33,000	Apr 2025	Colliers Rural + LAWD H1 2025 ag-real-estate report
AU-ALMOND-2024	Australian mature almond orchard transactions	NSW Sunraysia / Victoria Mallee	—	$32,000	Oct 2024	Australian Almond Industry valuation reports 2024
SHV-PIANGIL-2024	Select Harvests Piangil acquisition (Sunraysia almond orchards) at A$129M for ~4,500 acres	Sunraysia (Piangil), Vic	4,500	$28,000	Sep 2024	Select Harvests Piangil acquisition disclosure 2024

Methodology

Select Harvests is Australia's largest pure-play almond grower. The 22,403-acre planted portfolio expanded from 3-row regional aggregation to 6-row property-level breakdown: Sunraysia/Vic cluster (12K ac total): - Carina West (5.5K ac flagship + 50,000 MT/yr processing facility) - Piangil (4.5K ac acquired 2024 for A$129M = A$28K/acre — most direct internal benchmark) - Other Sunraysia (2K ac smaller holdings) SA Riverland cluster (7.4K ac total): - Loxton (4.5K ac) - Paringa (2.9K ac) NSW Riverina cluster: 3K ac Per-acre FMVs anchor to: - SHV's own 2024 Piangil acquisition at A$28K/acre - Colliers Rural + LAWD H1 2025 reports at A$33K/acre for prime Sunraysia ground - SA water cost differential: SA Riverland prices A$25K/acre vs Sunraysia A$30K to reflect higher SA water entitlement costs Net debt of A$168M (1H FY25) is meaningful leverage; FY25 strong almond pricing ($10.18/kg vs $7.69 prior) supported A$82M EBITDA on A$398M revenue.