GRB has expanded on its vision for greater east coast penetration. By replicating WA’s brand-in-hand success, investing in sales and marketing, and establishing potential eastcoast venues, retail growth is expected to follow. Together with indications of higher output from the Palmyra brewery (up to 14M litres instead of the 11M litres in the original plan), it suggests potential upside to our (largely unchanged) numbers. Our target price of $0.129 continues to back a BUY call, as does the strong momentum, strategy evolution, and the brands’ potential attractiveness as an addition to a larger brewer’s portfolio.
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