Valuation of Lark and stock-holdings, page-57

So lets agree that 2m litres cost $60m ($30 per litre at 43%) for a 5yr maturation cycle and get to my point..

Consider if this was your business, what would you insure your 2m litres of whisky for? $60m "Replacement value"... not likely.

Here is another angle, what would you sell your 2m litres of whisky for today? probably not the $60m you have spent to date on it.

Or better still. What will you sell the 200k litres of whisky that is maturing in 2023 for.
Tthis is why the "replacement value" is mostly irrelevant in pricing the business in my opinion.

What is relevant is what annual return on the "cost of production" can LRK generate and most importantly can they execute the sales growth (while maintaining the high NSR)...