QuickView: Restoring confidence in Poland
Following a series of disappointing results, operations in Stock Spirit’s core Polish market have begun to improve. Market share has stabilised and recent positive trading has enabled management to issue ambitious 2015 EBITDA guidance. The stock trades at 15.8x 2015e P/E and 13.3x 2016e P/E, a c 40% discount to its peer group. However, while we are pleased by current momentum, we believe a re-rating is conditional on meeting FY15 targets.Stock Spirits Group is a spirits company. Co. along with its subsidiaries are engaged in the production and distribution of branded spirits in Central and Eastern Europe. Co.'s spirits include vodka, flavoured vodka, rum, brandy and herbal bitter liqueurs. Co. has more than 40 brands and export internationally to more than 40 countries worldwide. Co.'s brands include Zoladkowa de Luxe, Lubelska, Zoladkowa Gorzka, Stock Prestige, 1906, Fernet Stock, Bozkov, Amundsen, Keglevich, Limonce, Stock Original, Keglevich, Golden, Stock 84, Fernet Stock Citrus, and Hammerhead. Co. has operations in Poland, Czech Republic, Italy, Slovakia, Croatia, and Bosnia and Herzegovina.
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