D J Carmichael report, page-2

https://www.argonaut.com/news/latest-research/3490-gage-roads-grb-continues-to-impress.html

Latest Argonaut report is upbeat too:

GRB has kept up the positive momentum with a strong 4Q18 performance and an impressive $4.5m EBITDA (unaudited) for FY18. This was driven by increased volumes and the shift to higher-margin proprietary products, which made up 39% of the total sales mix. The “brand in hand” strategy has not only demonstrably boosted brand awareness, but looks to have made a contribution to earnings given an overall GP margin of 62%. We have upped FY19 forecasts given the strong 2H18 outturn, and largely maintain forecasts further out. Our target price, based on longer-term expectations, climbs to $0.123 (prior $0.117). We like the sector appeal and strategic execution to date. BUY maintained.