reports
- Hybridan Team
Hybridan Small Cap Feast: 12/06/2025
Our daily digest of news from UK Small Caps 16th June 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings: Updated 10th June: iFOREX Financial Tr...
- Hybridan Team
Hybridan Small Cap Feast: 21/05/2025
Our daily digest of news from UK Small Caps 21st May 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: None Delistings: On Tuesday 20th, Serinus Energy (SENX. L) left AIM What’s baking in the oven? Potential** Initial Public Offeri...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 31/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 31st March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Creightons (CRL.L) moved from the Main Market...
- Chris Wickham
Single Cask Nation acquisition uplifts US prospects
The Artisanal Spirits Company (ASC) has announced an important acquisition in the US. Effective 3rd January 2024, the company has acquired 100% of the trade and assets of Single Cask Nation (SCN), which is an independent bottler and distributor of both Scotch and American whiskies. An accompanying trading update for ASC confirms recent guidance and we leave our forecasts unchanged. Our assessment of fair value remains 100p per share. ASC states that the SCN acquisition, which includes all of it...
- Chris Wickham
A year is a short time in Scotch malt whisky
The Artisanal Spirits Company (ASC) announced on Friday that it expects both sales revenue and EBITDA to be lower than previous market expectations. Effectively the company is now on track to achieve our former FY2023 forecasts in FY2024. However, the underlying growth messages remain strong, supported by both membership growth and fresh strategic initiatives. While the FY2023 outcome is disappointing, our counter argument is that, given the long duration to maturity of the product, a year is bu...
- Chris Wickham
Western growth enhanced by Eastern promise
The Artisanal Spirits Company (ASC)’s FY2023 H1 results reconfirmed a strong Q2 as well as showing potential for sustained sales growth both domestically and overseas. Profits at EBITDA level remain on track to be positive in FY2023. With further membership expansion, resilient demand for ultra-premium Scotch and important Asian developments in place, we reiterate our view that fair value for the shares is 150p.
- Chris Wickham
Taiwan subsidiary uplifts Asian growth outlook
Today’s announcement by The Artisanal Spirits Company that it has successfully launched a new subsidiary in Taiwan is important. The country is the world’s third largest market for Ultra-Premium Scotch Whisky globally, and thus one which should welcome the ASC’s unique offering of single cask malt whiskies. Moreover, the action is consistent with the ASC enjoying significant headroom for incremental revenue growth – notably through Asian expansion. We continue to argue that fair value for the sh...
Hybridan Small Cap Feast - 18 Jul 23
18th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Chris Wickham
Investing in ultra-premium Scotch’s global growth
The Artisanal Spirits Company (ASC) FY2023 H1 trading update reported 1% sales growth with 7% growth in the second quarter and, importantly, a 9% increase in membership numbers to above 38,000. In addition, the statement reconfirmed the benefits of the company’s ultra-premium distilled spirits positioning, its focus on Scotch whisky, and the benefits of not only being international but also in control of its supply chain and distribution system. While the ASC’s H1 sales growth was beneath our f...
Hybridan Small Cap Feast - 22 Jun 23
22nd June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Chris Wickham
AGM statement confirms growth momentum
Today’s Annual General Meeting trading update from The Artisanal Spirits Company (ASC) confirms that the positive underlying sales momentum enjoyed in FY2022 has continued into the current year. The group remains confident of delivering both sales growth and EBITDA in line with expectations. Moreover, sales growth is expected to be at least double digit % in the second quarter after a relatively flat Q1. We base our 150p fair value/share, which implies a 4.9x FY2023 EV/sales ratio, on a relati...
Hybridan Small Cap Feast - 17 May 23
17th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Liberum Research Team
Hybridan Small Cap Feast - 29 Mar 23
29 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: Artisanal Spirits* - Initiation - Don't put this one on ice
Compounding double-digit top-line growth, high gross margins with levers to see these rise materially over the next few years and protection through its inventory base, are some of the unique characteristics that this premium spirit’s company offers. 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, high margin business with a clear and differentiated strategy, look ...
- Chris Wickham
Delivering robust profitable growth
19% revenue growth, a 12% increase in membership numbers and a £1.0m favourable swing in adjusted EBITDA were key features of today’s FY2022 results statement. With the Masterton Bond facility fully operational and group trading having started well in the current year, ASC appears well placed to deliver medium term sustainable profitable growth. As a membership organization which boasts substantial invested facilities and valuable whisky stocks, we reiterate our 150p fair value for the shares. ...
- Chris Wickham
Sales and membership growth drives momentum, new CEO appointment
Sustained growth in both sales revenue and membership numbers drove overall momentum for the Artisanal Spirits Company (ASC) in FY2022. The company is well placed to deliver results in line with expectations and achieve further growth in FY2023, under the new leadership of Andrew Dane as CEO, announced today. Sales revenue for the year ended 31st December 2022 increased by approximately 20% from £18.2m in FY2021 and is expected to be slightly ahead of our £21.6m forecast when the full audited n...
- Chris Wickham
New supply chain facility progressing as planned
The Artisanal Spirits Company (ASC) continues to execute its plans to take advantage of the sizeable and fast-growing global premium whisky market, as detailed to investors at the time of its IPO in 2021. ASC has announced today that good progress continues to be made in relation to the Group’s new multi-purpose supply chain facility at Masterton Bond, near Glasgow. Masterton represents an important focal point of business expansion and efficiency improvement for the group and the steady prog...
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