Chapel Down share price in recent weeks has retreated to a 22% discount to our adj. NAV of 38p. This is overdone and offers an attractive entry point on deep value and structural growth considerations. Recent Nielsen off-trade data for English sparkling wine remains highly positive, with April numbers in particular stellar (boosted by the King’s coronation). The growing season is anticipated to have got off to a good start as has the brand relaunch over Q2. While we make no forecast changes, our ....
