External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Through its very deliberate strategy to reduce contract brewing, increase own- brand, partner on agency distribution, and diversify through venues, GDA is outperforming the broader beer market.</li><li>It is not expensive, trading on 9.4x FY23 and 6.6x FY24 EV/EBITDA. Peers trade on 12x and 10x respectively with typical takeout multiples of 14x.</li><li>It has scale, experienced management, and while perhaps making itself less attractive to suitors as it adds venues (international brewers prefer production volume, not hospitality operations), it is an appealing story.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Through its very deliberate strategy to reduce contract brewing, increase own- brand, partner on agency distribution, and diversify through venues, GDA is outperforming the broader beer market.It is not expensive, trading on 9.4x FY23 and 6.6x FY24 EV/EBITDA. Peers trade on 12x and 10x respectively with typical takeout multiples of 14x.It has scale, experienced management, and while perhaps making itself less attractive to suitors as it adds venues (international brewers prefer production volume, not hospitality operations), it is an appealing story.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Good Drinks Australia Limited (GDA) - Signs of Consumer Spend Caution