The operational update highlights a sooner than expected recovery and backs up our view GRB can emerge from the C-19 period in a stronger competitive position. Cash flow this half will still be our main focus, although there are levers to pull, ATO excise relief, and a recent operational improvement to assist cashflow. Risks are reduced from March levels and we upgrade to BUY (prior SPEC BUY) with a $0.08 price target (prior $0.075).
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