Good Drinks will be asking shareholders to approve its delisting at its upcoming AGM, on the basis it will be able to execute strategy and generate better value for shareholders in an unlisted environment. It remains undervalued on a DCF- and multiple-based valuation of $0.68, but we downgrade to HOLD (prior BUY) on an introduced target price of $0.30 which captures the heightened uncertainty and the price to be paid for loss of liquidity.
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