Maiden finals are excellent. Revenue has come in ahead of guidance given in January, gross margin is up and significantly, member lifetime value grew 55% to £1,445 resulting in a LTV:CAC of 22x. The balance sheet is in good shape and FY22 has got off to a good start. We make no forecast changes but see upside risk. Overall, ASC is firmly on track to double revenue by FY24. It is executing well against strategy and there is significant room to grow the global membership base / market share in the ultra-premium whisky market. Given an impressive start to post IPO life the share price weakness is unjustified. Trading at a 54% sector discount on EV/sales and judged against an adj. NPV of >£100m cash value for the whisky stock (£430m retail value), the shares are significantly undervalued. We reinforce our Buy and 145p TP.
