Distell Group Holdings | Mixed spirits
Distell Group Holdings (DGH) is rightsizing its portfolio in alignment with the Group's strategy to focus on the Group's core brands and to play to its strengths. Additionally, the Group intends to build out strong route-to-market capabilities in at least two major African countries, which will change its growth path. With a commendable 7.7% growth in Net Producer Revenue (NPR) during a challenging FY'18, three factors could influence the Group's future. We believe excise increases, the Cape Town Water Crisis and DGH's limited premium brand portfolio could either be a risk or opportunity. By taking the recent transformation and potential risks into consideration, we calculate that the stock is attractively priced for a business that is building a future for volume growth.
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