reports
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: The Artisanal Spirits Company* - Assessing the key investment...
Since our initiation many discussions with investors have surrounded how best to value Artisanal. In this note we detail our approach but importantly support this view with the key characteristics that highlights its key attractions. We see positive profit and cashflow inflection points on the horizon which should drive the valuation significantly higher. If investors are looking for an asset-backed, long-term structural growth story with low market share, high margins, and a proven track record...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: The Artisanal Spirits Company* - Strong Q2 provides confidenc...
Membership growth of +10% for the first four months of the year is in-line and underpins confidence and forecasts. However, revenue growth has accelerated in Q2, following a broadly flat start to the year, with the trajectory expected to continue for the remainder of the half. With Europe and China showing strong signs of recovery, and with pricing coming through suggests revenues should yet again outstrip membership growth by at least 5-7 ppts this year. Don’t forget comparatives are tough in H...
- Kate Heseltine
The Artisanal Spirits Company - The spirit to grow
The Artisanal Spirits Company (ASC) is the owner of The Scotch Malt Whisky Society, which curates unique ultra-premium single cask Scotch malt whiskies and other spirits, with a focus on distinct flavour profiles. Sales are made exclusively to its global subscription-paying members and are mostly made direct to consumer (D2C), namely its own online websites and venues, and with remaining sales via partner bars around the world. ASC has a loyal customer base and a significant inventory of maturin...
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