Your statement reads as if the current Sp is at rock bottom...
At $1 per share you are suggesting the company isn't able to sell its maturing whisky for the equivalent of $18.5 a bottle in a fire sale (not bottled obviously) - that is 2m litres = 4m bottles $18.5 = $74m) - with no value for the rest of their assets... ...
So nope, I doubt I'll be riding it to $1... But I am surprised it is down at $2....
They acquired whisky at circa $25 per bottle from Pontville.
So I come to an absolute basket case NTA of about $140m - being $40m for all of their non whisky assets (distilleries, real estate, brand and goodwill) plus $25 per bottle on 4m bottles.
The real question is - Are we getting close to takeover territory just to mop up that whisky bank and to buy the brand.
Each to their own. DYOR.
Ann: Annual Report to Shareholders, page-30
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