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Corby Spirit&Wn B NV (TSE:CSW.B)
TSX:CSW.B
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Corby Spirit&Wn B NV
(TSX:CSW.B)
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Rating:76Outperform
Price Target:
C$15.50
▲(11.59% Upside)
Corby Spirit & Wine's strong earnings performance and strategic market positioning are the most significant factors driving its score. The company's robust financial health and attractive dividend yield further enhance its appeal. However, technical indicators are neutral, and the decline in export revenue presents a minor risk.
Corby Spirit&Wn B NV (CSW.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$396.51M
Dividend Yield6.55%
Average Volume (3M)5.27K
Price to Earnings (P/E)14.3
Beta (1Y)0.08
Revenue Growth7.47%
EPS Growth14.65%
CountryCA
Employees184
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)0.26
Shares Outstanding4,194,536
10 Day Avg. Volume5,775
30 Day Avg. Volume5,272
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 generates revenue through the sale of its branded spirits and wines across various channels, including retail, bars, and restaurants. Key revenue streams include direct sales of their proprietary brands, such as J.P. Wiser's Canadian whisky and Lamb's rum, as well as revenues from third-party brands through distribution agreements. The company benefits from strategic partnerships with globally recognized brands, enhancing its market reach and product diversity. Additional earnings are derived from marketing initiatives and promotional activities that drive consumer engagement and brand loyalty.
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 shows strong financial performance with steady revenue growth and robust profitability margins. The balance sheet is stable, though increasing debt levels require attention. Cash flow generation is generally strong, but recent declines in free cash flow growth could impact future liquidity.Income Statement
Corby Spirit & Wine has demonstrated steady revenue growth with a 2.28% increase in the TTM period. The company maintains healthy margins, with a gross profit margin of 49.84% and a net profit margin of 11.11%. EBIT and EBITDA margins are also strong at 19.06% and 25.65%, respectively. However, there is a slight decline in gross profit margin compared to previous years, indicating potential cost pressures.78
Positive
Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio of 0.60, indicating a balanced approach to leveraging. The return on equity is solid at 14.87%, reflecting efficient use of equity capital. The equity ratio stands at 45.51%, suggesting a stable financial structure. However, the increase in total debt over the years could pose a risk if not managed properly.72
Positive
Cash Flow
Operating cash flow to net income ratio is healthy at 0.61, and free cash flow to net income ratio is strong at 0.95, indicating good cash generation relative to earnings. However, the free cash flow growth rate is negative at -79%, which is a concern and suggests potential challenges in maintaining cash flow levels.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 246.79M | 246.79M | 229.66M | 162.96M | 159.39M | 159.78M |
| Gross Profit | 123.00M | 123.00M | 115.77M | 94.11M | 96.14M | 97.71M |
| EBITDA | 63.31M | 63.26M | 57.11M | 44.95M | 47.11M | 53.35M |
| Net Income | 27.43M | 27.43M | 23.91M | 21.96M | 23.40M | 30.59M |
Balance Sheet | ||||||
| Total Assets | 402.81M | 402.81M | 420.48M | 362.60M | 253.51M | 254.22M |
| Cash, Cash Equivalents and Short-Term Investments | 179.00K | 179.00K | 32.00M | 155.01M | 52.46M | 94.40M |
| Total Debt | 110.59M | 110.59M | 140.84M | 101.63M | 3.70M | 4.36M |
| Total Liabilities | 219.48M | 219.48M | 222.67M | 182.61M | 70.31M | 66.42M |
| Stockholders Equity | 183.33M | 183.33M | 181.60M | 180.00M | 183.21M | 187.81M |
Cash Flow | ||||||
| Free Cash Flow | 42.33M | 42.33M | 28.24M | 30.71M | -14.18M | 37.57M |
| Operating Cash Flow | 44.77M | 44.77M | 31.52M | 35.43M | 45.52M | 40.76M |
| Investing Cash Flow | 9.16M | 9.16M | -23.74M | -107.00M | -17.72M | -15.29M |
| Financing Cash Flow | -58.40M | -58.40M | -3.13M | 71.57M | -27.80M | -25.47M |
Corby Spirit&Wn B NV Technical Analysis
Positive
13.89
Price Trends
13.52
Positive
13.46
Positive
13.14
Positive
Market Momentum
0.09
Negative
55.18
Neutral
54.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSW.B, the sentiment is Positive. The current price of 13.89 is above the 20-day moving average (MA) of 13.54, above the 50-day MA of 13.52, and above the 200-day MA of 13.14, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 55.18 is Neutral, neither overbought nor oversold. The STOCH value of 54.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CSW.B.
Corby Spirit&Wn B NV Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$396.51M | 14.32 | 15.03% | 6.55% | 7.47% | 14.65% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | C$231.25M | 13.10 | 8.25% | 4.76% | -2.11% | ― | |
54 Neutral | $223.97M | -98.30 | -97.83% | ― | 144.66% | -11.39% | |
37 Underperform | C$3.63M | ― | ― | ― | 5.68% | 68.59% |
* Consumer Defensive Sector Average
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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.