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Corby Spirit&Wn B NV (TSE:CSW.B)
:CSW.B
Canadian Market
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Corby Spirit&Wn B NV (CSW.B) AI Stock Analysis

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TSE:CSW.B

Corby Spirit&Wn B NV

(TSX:CSW.B)

Rating:74Outperform
Price Target:
C$14.50
▲(5.45% Upside)
Corby Spirit & Wine demonstrates strong financial performance and attractive valuation, supported by a solid dividend yield. Technical analysis presents a neutral outlook. While the earnings call highlighted significant achievements, challenges in the spirits market and recent declines in earnings metrics temper the overall score.

Corby Spirit&Wn B NV (CSW.B) vs. iShares MSCI Canada ETF (EWC)

Corby Spirit&Wn B NV Business Overview & Revenue Model

Company DescriptionCorby Spirit and Wine Limited, together with its subsidiaries, manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and internationally. It offers its products under the J.P. Wiser's Canadian Whisky, Lot No.40, Pike Creek, Gooderham & Worts Canadian whiskies, Lamb's rum, Polar Ice vodka, McGuinness liqueurs, Ungava Gin, Cabot Trail, Chic Choc spiced rum, The Foreign Affair wine, Absolut vodka, ALTOS, Chivas Regal, Aberlour, The Glenlivet and Ballantine's Scotch whiskies, Jameson Irish whiskey, Beefeater gin, Malibu rum, Kahlúa liqueur, Mumm Champagne, Jacob's Creek, Kenwood, Stoneleigh, Campo Viejo, and Wyndham Estate brands. The company was formerly known as Corby Distilleries Limited and changed its name to Corby Spirit and Wine Limited in November 2013. The company was founded in 1859 and is based in Toronto, Canada. Corby Spirit and Wine Limited operates as a subsidiary of Hiram Walker & Sons Limited.
How the Company Makes MoneyCorby Spirit and Wine Limited generates revenue primarily through the sale of its branded spirits and wines. The company earns money by producing and distributing a wide range of alcoholic beverages, which are sold to wholesalers, retailers, and directly to consumers in Canada and other international markets. Key revenue streams include the sale of popular brands such as J.P. Wiser's Canadian whiskey, Lamb's rum, and Polar Ice vodka. Additionally, Corby benefits from strategic partnerships and distribution agreements with global spirits companies, which expand its market reach and product offerings. These partnerships allow Corby to distribute both its own brands and those of its partners, enhancing its revenue potential. The company's ability to innovate and introduce new products also plays a significant role in driving sales and capturing market share.

Corby Spirit&Wn B NV Earnings Call Summary

Earnings Call Date:Aug 20, 2025
(Q4-2025)
|
% Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Corby's significant achievements in revenue and earnings growth, accretive acquisitions, and improved financial health, with a strong commercial performance in Q4. However, the decline in export revenue was a noted challenge.
Q4-2025 Updates
Positive Updates
Strong Revenue and Earnings Growth
Corby Spirit and Wine reported a 7% increase in revenue and a 15% growth in earnings for FY '25, driven by share gains in spirits and rapid expansion of the RTD business.
Accretive Acquisitions and Market Positioning
The strategic acquisition of ABG and Nude has positioned Corby as a leading player in the fast-growing RTD category in Canada, proving to be accretive with rapid payback.
Improved Financial Health
Corby reduced its net debt-to-EBITDA ratio to 1.4x from 1.8x, reflecting strong solvency and financial discipline, alongside a 10% dividend increase compared to Q4 FY '24.
Outstanding Q4 Commercial Performance
In Q4, Corby delivered 8 points above the spirits market and 13 points above the RTD market, achieving double-digit growth in the wine category.
Successful Route-to-Market Strategy
Corby's route-to-market strategy has been a key advantage, with strong RTD portfolio performance and success in grocery and convenience channels.
Negative Updates
Export Revenue Decline
Export revenue decreased by 12% year-over-year due to lapping the previous year's pipeline fuel to new markets and glass production issues in the U.K.
Company Guidance
During the Corby Spirit and Wine's Fiscal Year 2025 Q4 Year-End Financial Results Conference Call, the company reported strong financial performance despite challenging market conditions. Corby achieved a 7% increase in reported revenue and a 15% rise in earnings, driven by share gains in the spirits market and rapid expansion of their RTD business. The company outperformed the overall spirits market for the third consecutive year, with an 8-point lead in the spirits market and a 13-point lead in the RTD market. Strategic acquisitions, such as ABG and Nude, significantly contributed to growth, positioning Corby as a key player in Canada's RTD category. The company's net debt-to-EBITDA ratio improved to 1.4x, and they maintained a quarterly dividend of $0.23 per share, a 10% increase from Q4 FY '24. The continued strong cash flow generation supported attractive capital returns to shareholders, reinforcing Corby's financial health and commitment to sustainable growth.

Corby Spirit&Wn B NV Financial Statement Overview

Summary
Corby Spirit & Wine exhibits strong financial health with consistent revenue and profit growth, efficient operations, and robust cash flow generation. The balance sheet is solid, though rising leverage warrants monitoring. Overall, the company is well-positioned in its industry with a stable financial foundation.
Income Statement
85
Very Positive
The company exhibits strong profitability with a consistent gross profit margin around 50%. The net profit margin remains healthy, and there is a solid revenue growth trend with TTM revenues up significantly from the previous year. EBIT and EBITDA margins are robust, showcasing efficient operational management.
Balance Sheet
72
Positive
The balance sheet is strong, with a healthy equity ratio indicating strong capitalization. However, the debt-to-equity ratio has increased, suggesting rising leverage. ROE is solid, indicating efficient use of equity to generate profits.
Cash Flow
78
Positive
Operating cash flow is strong and covers net income comfortably, reflecting good cash conversion. Free cash flow has grown, indicating strong cash generation capabilities. However, fluctuations in investing and financing cash flows suggest some volatility in cash management strategies.
BreakdownTTMJun 2024Jun 2023Jun 2022Jun 2021Jun 2020
Income Statement
Total Revenue241.74M229.66M162.96M159.39M159.78M153.36M
Gross Profit122.45M115.77M94.11M96.14M97.71M92.92M
EBITDA63.11M57.11M44.95M47.11M53.35M47.09M
Net Income26.28M23.91M21.96M23.40M30.59M26.65M
Balance Sheet
Total Assets397.96M420.48M362.60M253.51M254.22M234.38M
Cash, Cash Equivalents and Short-Term Investments1.41M32.00M155.01M52.46M94.40M81.68M
Total Debt114.33M140.84M101.63M3.70M4.36M4.92M
Total Liabilities211.72M222.67M182.61M70.31M66.42M61.76M
Stockholders Equity186.24M181.60M180.00M183.21M187.81M172.62M
Cash Flow
Free Cash Flow42.56M28.24M30.71M-14.18M37.57M46.27M
Operating Cash Flow45.91M31.52M35.43M45.52M40.76M49.54M
Investing Cash Flow-1.12M-23.74M-107.00M-17.72M-15.29M-23.49M
Financing Cash Flow-43.38M-3.13M71.57M-27.80M-25.47M-26.05M

Corby Spirit&Wn B NV Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price13.75
Price Trends
50DMA
13.65
Positive
100DMA
13.39
Positive
200DMA
12.89
Positive
Market Momentum
MACD
0.06
Positive
RSI
48.65
Neutral
STOCH
27.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSW.B, the sentiment is Neutral. The current price of 13.75 is below the 20-day moving average (MA) of 13.84, above the 50-day MA of 13.65, and above the 200-day MA of 12.89, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 48.65 is Neutral, neither overbought nor oversold. The STOCH value of 27.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CSW.B.

Corby Spirit&Wn B NV Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
C$414.99M14.2715.03%6.55%7.47%14.65%
63
Neutral
$20.44B14.73-2.84%3.14%2.04%-6.12%
60
Neutral
C$237.46M13.426.61%4.83%1.17%
C$10.85M-0.37%
C$4.07M-22.98%
$6.61M
$112.12M-97.83%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:CSW.B
Corby Spirit&Wn B NV
13.75
2.19
18.94%
TSE:ADW.A
Andrew Peller A NV
5.09
1.52
42.58%
TSE:DWS
Diamond Estates Wines & Spirits
0.16
-0.10
-38.46%
TSE:RUM
Rocky Mountain Liquor
0.08
-0.04
-33.33%
BKTSF
Beckett's
0.02
0.00
0.00%
HBFGF
Happy Belly Food Group
0.83
0.47
130.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jun 24, 2025