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Gage Roads (GRB) - Turning On The Taps

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One year into its 5-year strategy, GRB has comfortably delivered against expectations. The latest quarterly showed strong operating cash inflow and unaudited earnings ahead of our forecasts. Marketing efforts and growing brand awareness has shifted the sales mix towards proprietary products, boosting the FY17 GP margin to an impressive 58%. Sales growth through independent retailers and the on-premise market validates GRB’s “return to craft” strategy. Upgrades to earnings on the back of the latest results improves our blended valuation to $0.066 (prior $0.061). We maintain a positive view and buy call.

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