Management continue to deliver strong performance metrics. The latest being with today’s positive AGM update. Revenue for the first 4 months is up >30% and membership growth is tracking comfortably ahead of our full year assumption, albeit comps do become stiffer in H2. Investors should also welcome reassuring commentary around the new supply chain facility and effective navigation of recent lockdown restrictions in China. With no change to full year expectations at this juncture we keep our forecasts unchanged. Overall, this is another good update and provides growing confidence for the full year. The shares on an EV/Sales multiple of 3.3x vs the sector at 6.4x, and judged relative to an NPV >£100m for the whisky stock are deeply undervalued. We reinforce our Buy and 145p TP.
