Ord Minnett rates LRK as Buy (1) -
Fourth quarter results were ahead of Ord Minnett's expectations. Key takeaways from the result included net sales for the year of $12.95m (8% ahead of estimates), and the company is seeking to borrow to further improve purchasing prices for raw materials.
Additionally, the company expects to fund its inventory build through operating cash flows from FY22 onwards, explains the broker. Ord Minnett retains its Buy rating.
The analyst is comfortable in raising its target price to $5.41 from $3.98, given the company's premium price point and high net sales gross margins. Additionally, there's considered to be substantial whisky under maturation and significant forecast sales growth.
Target price is $5.41 Current Price is $4.50 Difference: $0.91
Ann: June 2021 Quarterly Update and Appendix 4C, page-4
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