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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)
Rating:74Outperform
Price Target:
C$14.50
▲(5.69% Upside)
Corby Spirit&Wn B NV (CSW.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$422.17M
Dividend Yield6.56%
Average Volume (3M)3.18K
Price to Earnings (P/E)15.0
Beta (1Y)0.16
Revenue Growth16.37%
EPS Growth25.61%
CountryCA
Employees184
SectorConsumer Defensive
Sector Strength67
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)0.16
Shares Outstanding4,194,536
10 Day Avg. Volume3,094
30 Day Avg. Volume3,178
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$14.50Price Target Upside5.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Corby Spirit&Wn B NV Business Overview & Revenue Model
Company DescriptionCorby Spirit and Wine Limited (CSW.B) is a leading Canadian manufacturer and marketer of spirits and wines. The company operates in the alcoholic beverage industry, focusing on the production, distribution, and sale of a diverse portfolio of premium spirits and wines. Corby is known for its strong brands in the market, including its flagship whiskey and rum offerings, and has established a significant presence in Canada and international markets through strategic partnerships and a robust distribution network.
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:May 14, 2025
(Q3-2025)
| % Change Since: 0.81%|
Next Earnings Date:Aug 20, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance with notable achievements in revenue growth and market share gains, particularly in the RTD segment, despite challenges in the core spirits market and a decline in export revenue. The increase in dividends and strong cash flow are positive indicators, but the decline in Q3 figures and the broader market challenges temper the overall outlook.Q3-2025 Updates
Positive Updates
Revenue Growth
Reported revenue growth of 7% for the year-to-date, driven by the acquisition of Nude beverage RTD brands and route-to-market modernization in Ontario.
Market Share Gains
Corby outperformed the declining Canadian spirits market with a decline of only 1.9% versus the market's 3.6% decline, gaining 1.6 points of market share.
RTD Segment Performance
Strong performance in the Ready-to-Drink (RTD) segment, with a reported growth of 9% for the year-to-date, capitalizing on grocery and convenience store expansions in Ontario.
Dividend Increase
Declared a dividend of $0.23 per share for Q3, marking a 10% increase over the same period in FY '24.
Strong Cash Flow
Generated $29.2 million in cash flow from operating activities, demonstrating robust liquidity and a favorable working capital position.
Negative Updates
Q3 Revenue Decline
Q3 revenue declined by 1%, with a significant 9% decline in organic revenue excluding Nude brands, impacted by destocking at the Ontario Liquor Board and high comparison from the previous year.
Export Revenue Decline
Export revenue declined by 12% year-over-year, impacted by lapping high pipeline sales to new markets in the previous year.
Overall Spirits Market Decline
The Canadian spirits market is challenging, with an overall decline of 3.6%, particularly in Ontario, though Corby performed better than the market.
Q3 Earnings Per Share Decrease
Q3 adjusted earnings per share decreased by 20% and reported earnings per share decreased by 6%, due to high comparison from the previous year and increased costs.
Company Guidance
During Corby Spirit and Wine's Fiscal Year 2025 Q3 conference call, the company provided several key metrics and insights into their financial performance. Despite a challenging market environment, Corby's year-to-date revenue increased by 7%, driven by the acquisition of the Nude beverage brands and growth in the ready-to-drink (RTD) category, which grew by 9%. The company's net debt-to-EBITDA ratio remained healthy at 1.6 times, supporting continued dividend payments. While the spirits market in Canada declined by 3.6%, Corby limited its decline to 1.9%, gaining 1.6 points in market share. The company's Q3 performance was impacted by high comparison from the previous year, resulting in a 1% decrease in reported revenue and a 10% decline in adjusted EBITDA. However, Corby remains confident in its diversified portfolio and strategic initiatives, including the modernization of the route-to-market in Ontario and leveraging opportunities from the removal of U.S. products due to trade tariffs.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
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.85
Very Positive
Balance Sheet
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.72
Positive
Cash Flow
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.78
Positive
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 241.74M | 229.66M | 162.96M | 159.39M | 159.78M | 153.36M |
| Gross Profit | 122.45M | 115.77M | 94.11M | 96.14M | 97.71M | 92.92M |
| EBITDA | 63.11M | 57.11M | 44.95M | 47.11M | 53.35M | 47.09M |
| Net Income | 26.28M | 23.91M | 21.96M | 23.40M | 30.59M | 26.65M |
Balance Sheet | ||||||
| Total Assets | 397.96M | 420.48M | 362.60M | 253.51M | 254.22M | 234.38M |
| Cash, Cash Equivalents and Short-Term Investments | 1.41M | 32.00M | 155.01M | 52.46M | 94.40M | 81.68M |
| Total Debt | 114.33M | 140.84M | 101.63M | 3.70M | 4.36M | 4.92M |
| Total Liabilities | 211.72M | 222.67M | 182.61M | 70.31M | 66.42M | 61.76M |
| Stockholders Equity | 186.24M | 181.60M | 180.00M | 183.21M | 187.81M | 172.62M |
Cash Flow | ||||||
| Free Cash Flow | 42.56M | 28.24M | 30.71M | -14.18M | 37.57M | 46.27M |
| Operating Cash Flow | 45.91M | 31.52M | 35.43M | 45.52M | 40.76M | 49.54M |
| Investing Cash Flow | -1.12M | -23.74M | -107.00M | -17.72M | -15.29M | -23.49M |
| Financing Cash Flow | -43.38M | -3.13M | 71.57M | -27.80M | -25.47M | -26.05M |
Corby Spirit&Wn B NV Technical Analysis
Positive
13.72
Price Trends
13.38
Positive
13.31
Positive
12.72
Positive
Market Momentum
0.05
Positive
57.29
Neutral
67.42
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 13.72 is above the 20-day moving average (MA) of 13.63, above the 50-day MA of 13.38, and above the 200-day MA of 12.72, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 57.29 is Neutral, neither overbought nor oversold. The STOCH value of 67.42 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
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$422.17M | 15.01 | 14.27% | 6.56% | 16.37% | 25.61% | |
60 Neutral | C$242.31M | 14.05 | 6.61% | 4.62% | 5.42% | ― | |
54 Neutral | $138.53M | ― | -183.38% | ― | 100.08% | -22.44% | |
54 Neutral | C$5.27B | 4.16 | -2.52% | 3.52% | 18.95% | 8.48% | |
37 Underperform | $7.27M | ― | ― | -53.78% | 33.12% |
* Consumer Defensive Sector Average
Performance Comparison
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Corby Spirit&Wn B NV
13.72
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21.63%
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114.00%
TSE:ADW.A
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1.53
40.26%
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.