The hospitality sector has been hit hard by COVID-19 and we pencil in zero draught or brand-in-hand sales for 7 months. GRB is reasonably well-prepared given stock supplies and an efficient brewery. Cash flow will be the 2H focus, although there are levers to pull and ATO excise relief. We upgrade to SPEC BUY (prior HOLD) on valuation (revised down to $0.075 from $0.09), a short-term competitive edge, and a positive longer-term view.
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