The Dove takes flight, page-62

GRB is a classic revaluation play.
Existing holders absolutely torched by careless management with extra burn inflicted by an unsympathetic cap raise.
Net result was sentiment in the garbage (and rightly so, after such a disgraceful management failure).
But the only way to play it is to swallow any pride, subscribe to the CR and average down as the management prepare to line their pockets with a magnificent short term performance.
All the stars are aligned for this to smash it.
Low margin but substantial revenue contract brewing in decline, being replaced by high margin craft.
Massively expanded distribution.
Seasonal tailwinds as the weather warms.

I feel without doubt there will be a smashing December quarter, and likely an even better March. If management is smart they will sell out then, because their ability to actually profitably run a beer company is questionable, and if they don't, I think we will see another retracement, although admittedly heading up.