Summary: 11 vineyards and 2 winerys in California. Started in 1972, went public in mid-1990s. Today a vertically integrated producer of wine. Winery and vineyards in California with $190.5M of value (2018 appraisal) + $15M in non-operating land + $57M in inventories + cash and other assets - $100M in debt = NAV of $200/share versus share price of $85... on the earnings side, the company trades at 20x PE reportedly because they have been spending on people and infrastructure to grow for the future. There is potential upside in earnings and current operations has capacity of 2,000,000 bottles of wine (currently produce 517,000). So upside on earnings, but uncertain. Part of growth story is shift from selling just grapes to branded and private label products where they sold 151,000 cases in 2015 and now at 517,000 cases with capacity for 2M cases. They partnered with large retailers and airlines for private label Scheid Winds. Family owns 41% of stock and has demonstrated unlocking value by annexing properties, increasing capacity, and building wind turbine to power winery. Risks: for years company was dark and trades over the counter so investor communication is limited.