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:75Outperform
Price Target:
C$16.50
▲(15.38% Upside)
Action:Reiterated
Date:05/16/26
The score is driven mainly by solid (but not flawless) financial performance—good profitability and growth offset by margin compression and volatile/free-cash-flow weakness—alongside an attractive valuation (low P/E and high yield). Technicals are supportive with price above key moving averages, and the latest earnings call was broadly positive on growth, share gains, leverage improvement, and dividend actions despite H2 normalization and margin/opex pressures.
Positive Factors
RTD Growth & Revenue Diversification
Rapid RTD expansion has created a durable new revenue engine: representing ~1/3 of sales and driving the majority of recent growth. This structural shift diversifies the portfolio away from legacy spirits/wine, increases listable SKUs and route-to-market leverage, and supports sustained organic growth if consumer trends persist.
Negative Factors
Margin Compression from Mix
A structural shift toward faster-growing RTD and changing channel mix has compressed margins. If RTD remains a larger share and carries lower margins, sustaining historical operating margins will require either pricing, cost reductions or scale efficiencies; otherwise profitability and cash conversion could be structurally lower.
Read all positive and negative factors
Positive Factors
Negative Factors
RTD Growth & Revenue Diversification
Rapid RTD expansion has created a durable new revenue engine: representing ~1/3 of sales and driving the majority of recent growth. This structural shift diversifies the portfolio away from legacy spirits/wine, increases listable SKUs and route-to-market leverage, and supports sustained organic growth if consumer trends persist.
Read all positive factors
Corby Spirit&Wn B NV (CSW.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$427.26M
Dividend Yield6.57%
Average Volume (3M)5.27K
Price to Earnings (P/E)12.7
Beta (1Y)0.13
Revenue Growth12.97%
EPS Growth27.34%
CountryCA
Employees184
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)1.17
Shares Outstanding4,194,536
10 Day Avg. Volume5,775
30 Day Avg. Volume5,272
Financial Highlights & Ratios
PEG Ratio1.60
Price to Book (P/B)1.91
Price to Sales (P/S)1.51
P/FCF Ratio12.30
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 ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Corby Spirit&Wn B NV Business Overview & Revenue Model
Company Description
Corby 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 Whisk...
How the Company Makes Money
Corby makes money primarily by selling beverage alcohol products into the Canadian market. Its main revenue stream is net sales generated from the commercialization of spirits and wines—this includes revenues from (1) brands it owns and (2) brands...
Corby Spirit&Wn B NV Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call highlighted a strong start to the fiscal year driven by record H1 revenue, rapid RTD expansion, market share gains, robust cash generation and improved leverage — offset by margin pressure from RTD/channel mix, faster-rising operating expenses, some category-specific production challenges and normalization risks into H2. Overall, the positives (revenue records, RTD contribution, cash and balance sheet improvements, dividend increase and market outperformance) materially outweigh the negatives, which are being managed and contextualized as largely tactical or transitory.Positive Updates
Record H1 Revenue and Strong Top-Line Growth
Highest first-half revenue in company history: H1 revenue of $142.3M, up 12% reported and 13% organic year-over-year.
Negative Updates
Margin Pressure from RTD and Channel Mix
Earnings growth lagged revenue growth: H1 revenue +12% vs. adjusted earnings from operations +6%. Company cited RTD-skewed portfolio mix and channel mix effects as pressures on margins.
Read all updates
Q2-2026 Updates
Positive
Negative
Record H1 Revenue and Strong Top-Line Growth
Highest first-half revenue in company history: H1 revenue of $142.3M, up 12% reported and 13% organic year-over-year.
Read all positive updates
Company Guidance
Management guided to a strong full‑year FY‑26 revenue outcome, while warning of some H2 normalization after a record H1 (H1 revenue $142.3M, +12% reported / +13% organic; Q2 $66.9M, +9% / +10%), driven largely by RTD (now ~1/3 of revenue, contributed ~72% of net‑sales growth, RTD R12 +28.1% and ~27.7% over the recent 3‑month period) and continued spirits share gains (rolling 3‑month outperformance +6.9 ppts; R12 spirits +1.9% vs market down 4.4%, outperformance +6.2 ppts; wine R12 +13.7%, +15.8 ppts ahead). They expect to protect margins despite RTD‑skew and channel mix pressure (adjusted EBIT +6% in Q2; H1 adjusted EBIT +6%), continue investing behind brands and ABG (ABG +19% Q2, +28% H1; ABG ownership now 95%), expand routes‑to‑market and new listings in H2, and maintain strong cash and returns (Q2 cash from ops $31.4M; H1 cash $37M; net debt $72M, net debt / adjusted EBITDA 1.1x down from 1.4x; quarterly dividend $0.24 up 4%; H1 dividends $0.47; rolling 12‑month payout ratio 57%; dividend yield ≈6.5%).Corby Spirit&Wn B NV Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 272.57M | 246.79M | 229.66M | 162.96M | 159.39M | 159.78M |
| Gross Profit | 132.34M | 123.00M | 115.77M | 94.11M | 96.14M | 97.71M |
| EBITDA | 67.23M | 63.26M | 57.11M | 44.95M | 47.11M | 53.35M |
| Net Income | 33.14M | 27.43M | 23.91M | 21.96M | 23.40M | 30.59M |
Balance Sheet | ||||||
| Total Assets | 394.56M | 402.81M | 420.48M | 362.60M | 253.51M | 254.22M |
| Cash, Cash Equivalents and Short-Term Investments | 4.75M | 179.00K | 32.00M | 155.01M | 52.46M | 94.40M |
| Total Debt | 111.56M | 110.59M | 140.84M | 101.63M | 3.70M | 4.36M |
| Total Liabilities | 193.89M | 219.48M | 222.67M | 182.61M | 70.31M | 66.42M |
| Stockholders Equity | 190.31M | 183.33M | 181.60M | 180.00M | 183.21M | 187.81M |
Cash Flow | ||||||
| Free Cash Flow | 32.60M | 42.33M | 28.24M | 30.71M | -14.18M | 37.57M |
| Operating Cash Flow | 34.93M | 44.77M | 31.52M | 35.43M | 45.52M | 40.76M |
| Investing Cash Flow | -21.48M | 9.16M | -23.74M | -107.00M | -17.72M | -15.29M |
| Financing Cash Flow | -30.52M | -58.40M | -3.13M | 71.57M | -27.80M | -25.47M |
Corby Spirit&Wn B NV Technical Analysis
Positive
14.30
Price Trends
14.31
Positive
14.20
Positive
13.72
Positive
Market Momentum
0.09
Negative
61.75
Neutral
66.22
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 14.3 is below the 20-day moving average (MA) of 14.35, below the 50-day MA of 14.31, and above the 200-day MA of 13.72, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 61.75 is Neutral, neither overbought nor oversold. The STOCH value of 66.22 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | C$427.26M | 12.68 | 15.23% | 6.57% | 12.97% | 27.34% | |
67 Neutral | C$258.31M | 7.36 | 8.23% | 4.71% | -2.52% | 317.18% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
43 Neutral | C$16.22M | -2.38 | -44.11% | ― | 4.41% | 92.71% | |
| ― | C$5.45M | -4.29 | -337.27% | ― | -44.93% | 71.31% |
* Consumer Defensive Sector Average
TSE:CSW.B
Corby Spirit&Wn B NV
14.65
2.26
18.22%
TSE:ADW.A
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TSE:DWS
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TSE:RUM
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0.09
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TSE:BKTS
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0.02
-0.01
-40.00%
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.