They are reporting 2.1 million litres of whisky under maturation 'at 43%'.
This is slightly confusing and makes it complicated to value. Lark have releases at varied ABVs, they have several cask strength releases that are above 60%. typically a 40% whisky has been diluted with water. In fact anything 'young' that falls below 50% is definitely diluted with water.
Given the liquid in the barrels right now would be varying ABVs (and freshly barreled spirit can be like 70% ABV) it means that there is actually far less liquid than 2.1 million litres. To standardise to 43% would mean a decent percentage of 2.1 million litres is actually just water.
I'm not sure what this means for valuations. it may even be a good thing given the decent price they charge on ABVs in the 40s. They actually can charge top dollar for water.
Food for thought, unsure if it changes valuations
LRK Price at posting:
$2.20 Sentiment: Buy Disclosure: Held
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