Ann: Appendix 4E and Annual Report FY22, page-13

Honestly, there just seems to be really good times ahead, the business has spent years growing and refining their offerings, if you look at how the business is priced (consider market cap to net assets or earnings) it has barely moved since 2018.

Let's assume the company was fairly valued in 2018, since that time, Gage Roads and its associated brands have become go-tos for many West Aussies, the Optus deal has been renewed for 5 more years, the brand has expanded with new product ranges, the Freo location opened, they acquired Matsos and now Stomping Grounds, they signed distribution deals for major international beers, the grew their brand, capacity and profile as a company during a time when no other ASX listed brewer has, (unless you count Broo...)

The business has so much growth capacity left, but none of the achievements of the last 4 years have been correctly priced into the market, for all this activity the share price has barely budged. This has to be one of the most undervalued companies on the ASX at this moment, I don't understand how it has been so blatantly missed. I suspect part of it may relate to ESG, with WOW spinning off EDV, we're seeing liquor and entertainment treated as a dirty industry, but the fundamental do not lie, this company has insane growth potential and I'm lapping it up while it's still cheap.



As always this isn't advice, do your own research.