Afrhino Project — Integrated Forage + Dairy
20 ha 4-Crop Forage System + 50-Head Dairy (growing to 126)
Turkey (Aegean Coast) • 2026 • 1 USD = 45 TRY
Total CAPEX
$450,000
₺20.3M TRY
Base Revenue
$260,139
Annual (Year 2)
EBITDA
$113,039
43.5% Margin
Annual ROI
24.8%
Avg. Annual Return
DSCR
2.51x
Debt Service Ratio
Payback
3.1 yr
Simple Payback
Integrated Forage + Dairy Operation — Strong Asset + Cash Flow Investment
INVESTABLE — Strong from Y2 + Asset Appreciation. Y5 balloon ($495k) covered by $334,273 Y4 cash reserves + $255,912 Y5 FCF. Net 5Y position +$95,185. With herd ($912k): $1,007k total return (123.8% ROI).
Forage Production
4-crop system (5 ha each)
Dairy Production
50 cows → 126 by Year 5
Herd Dynamics
Breeding & Calf Revenue
Financing
Bridge Loan Structure
Revenue Breakdown (Year 2)
Total: $260,139
5-Year Financial Projection
Revenue, OPEX, EBITDA (with herd growth & calf sales)
Investment Viability Indicators
SWOT Summary
Strengths
- • Dual revenue: Daily milk + Male calf sales (all forage used internally)
- • Stable daily milk revenue
- • Herd growth from internal breeding (50→50→72→94→126 milking cows)
Weaknesses
- • Initial capital intensive ($450k)
- • Requires management discipline
- • Water dependency
Opportunities
- • Expansion to 50-100 ha
- • Vertical integration (cheese, processed feed)
- • Export potential (Middle East, North Africa)
Threats
- • Climate variability
- • Price volatility
- • Government intervention (milk price controls)
Executive Summary
This $450k integrated forage and dairy project addresses Turkey's structural feed deficit (50-60M ton gap). The 20-hectare 4-crop forage system (Maralfalfa, Alfalfa, Odot, Italian Ryegrass — 5 ha each) produces 2,820 tons of green biomass annually, while the 50-head dairy generates 1100 liters of milk daily. Through internal breeding, the herd grows from 50 to 126 milking cows by Year 5, with male calves sold at ₺170,000 each. All livestock is protected by comprehensive insurance. Y1 is a startup year with 35% internal feed coverage (heavy external dry feed purchase), DSCR 0.53x. From Y2 with 65% internal coverage, EBITDA margin reaches 43.5%, DSCR 2.51x. 5-year ROI with terminal herd: 123.8%. Y5 balloon ($495k) covered by $334k Y4 cash + Y5 income. Herd $912k (detailed valuation) as additional security.