Ann: Beam Records Double-Digit Growth in Half 1 Revenue & Profit, page-50

Hi Phantom, I intend to update the valuation thread and unpack the recent results soon but now is just a super busy time for me.

I did do a quick reference against my numbers just to make sure everything was on track. At a high level I was expecting a small loss vs BCC’s small profit so it was a ‘beat’ but I need to look at the detail and composition.

I have constantly said that we should not expect much from this reporting period and that these results could get sold down and would represent a buying opportunity. So far it’s played exactly as I’ve expected.

I’ve yet to see anything that provides any concern or changes my buy thesis. I’m not interested in the SP today, tomorrow or next week, unless it’s low enough so I can buy more. The pay day for this is in 2+ years when this becomes, conservatively, a +$100m business