Serving up a strong growth outlook in 2022
Full year FY2021 results for The Artisanal’s Spirits Company (ASC) delivered both sales revenue growth and member numbers ahead of market expectations. Moreover, a sharp rise in membership towards the end of FY2021 gave the company the “best possible start” to the current year and raises our confidence in the group’s ability to deliver another year of around 20% higher net sales revenue.We leave our expectations for sales revenue, gross profits, and EBITDA unchanged. And we continue to argue that fair value for the business is 150p per share – i.e. considerably more than the most recent close. At 150p the FY2022 EV/sales ratio would still be only 5.5x, remaining well beneath that of the Artisanal Spirits Company’s two identifiable peer groups: distilled spirits and luxury goods.
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