Stock Spirits’ (STCK LN, BUY, T/P 300p) steadier trading performance combined with a clear edge in the flavours sub-segment argues in our view for a valuation significantly closer to its distilled spirits peers. Moreover, while other companies in the sector are more international they do not benefit from ownership of a clear route to market in a sizable vodka drinking nation. In this Quick Sharpener we raise our price target from 240p to 300p. BUY.
