Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"Successfully following a clear route to growth"
The Artisanal Spirits Company (ASC) continues to deliver on its strategy to take advantage of the sizable and fast growing global premium whisky market. Interim results released today reconfirmed robust growth in both revenue and membership in the first half of FY2022, and trading so far in the second half also appears strong. As a result, we maintain our confidence in close to 20% sales growth this financial year and reiterate our 150p fair value for the shares.
Membership numbers grew in all of ASC’s seven operating regions with the strongest increases being recorded in the UK (+31%), Europe (+33%) and Australia (+28%). Since half year end, membership increased further to 36,000 as growth in China resumed.
The notional retail value of ASC’s cask inventory, which we believe should be a focus in relation to the market capitalisation of the group, increased from £430m at end-December 2021 to £455m at this year’s interim stage. The retail value of this inventory should grow further as the company’s whisky stocks mature. Moreover, the ongoing purchase of whisky by ASC at earlier stages of the maturation process augurs positively for future gross margins.
Link to full research report: https://www.equitydevelopment.co.uk/research/successfully-following-a-clear-route-to-growth
The Artisanal Spirits Company (AIM: ART), the owner of The Scotch Malt Whisky Society (SMWS), the leadin curator and provider of premium, single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, is pleased to announce they will be conducting an online presentation for retail & private investors following the release of their Interim Results for the period to 30th June 2022.
The event will take place at 4.00pm on Wednesday 14th September.
David Ridley, Executive Managing Director of the Company, and Andrew Dane, Finance Director will be hosting the presentation and answering questions submitted by investors.
This is open to all existing and potential shareholders - you may sign up to register here: https://www.equitydevelopment.co.uk/news-and-events/artisanal-results-presentation-14september2022
typing error’ not clear about increases’
Spending up & fine wine up 10% not clear how about increases in sales & prices of whiskey…
It’s just mentioned
Telegraph business news thread, investors flocking to fine wine & whiskey as “hard assets “
In the current environment of high staff costs ,high energy costs,high transportation costs,
to pull out an update of this quality is inspiring …… glad to be invested
#ART Strong 25% sales growth, a further 24% advance in membership numbers and important progress at the Masterton Bond facility were key features of a trading update released by The Artisanal Spirits Company (ASC) today. Furthermore, the company reiterated its ambition to double sales revenue between FY2020 and FY2024. With a focus on the ultra-premium category, a fast-growing global membership base and embedded value in its maturing whisky stocks - £430m at retail - we continue to argue that fair value for the shares is 150p.
The Artisanal Spirits Company’s clear and resilient route to growth, which is discussed in more detail in this report, is not reflected in the company’s share price. Putting those strengths to one side though, investors should recognise that the company’s maturing stock of Scotch whisky has an estimated value of £430m. This is more than 10 times the entire market cap of the company. The current share price shows no recognition of the intrinsic value that underpins it.
In addition to this, there are strong arguments for the shares to trade higher on revenue growth considerations. We reiterate our 150p per share fair value at which price the shares would trade on 5.5x EV/sales in FY2022 and 4.1x sales in FY2024, based on our estimates.
https://www.equitydevelopment.co.uk/research/premium-positioning-underpins-growth
*** New research note from Equity Development ***
Full report and Audio summary here: https://www.equitydevelopment.co.uk/research/agm-statement-reports-strong-start-to-the-year
Today’s AGM statement from the Artisanal Spirits Company (ASC) reports a strong start to the 2022 financial year for both sales revenue and global membership numbers, which grew by above 30% and by 25% year-on-year respectively. While the second half of the year will face tougher comparisons, the company expects full year sales revenue to match current consensus expectations. We leave our revenue forecasts unchanged at £21.6m in FY2022
- Revenue increased by 30% in the four months to end-April compared with a year earlier.
- Rapid growth in membership numbers underpins the longer-term value of the business.
- ASC also reports good progress at the company’s multi-purpose supply chain facility Masterton Bond.
- Artisanal Spirits will face a tougher year-on-year comparison in the second half of FY2022.
- Despite the strong start, we leave our FY2022 forecasts unchanged at this stage of the year for all of sales revenue, gross profits, and EBITDA.
- We continue to argue that fair value for the business is 150p per share.
Looking positive could be a good level to buy in
David Ridley, Managing Director, and Andrew Dane, Finance Director, discuss their Full Year Results. With an eye to the global possibilities of the business, they talk about the opportunities in the different geographical jurisdictions, as well as expanding on the margin potential that comes with a sensible buying strategy of younger whiskies. Team, culture, and events are also discussed alongside the potential for new brand JW Thomson.
https://www.equitydevelopment.co.uk/research/artisanal-spirits-company-investor-presentation-march-2022
Full year FY2021 results for The Artisanal Spirits Company 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.
https://www.equitydevelopment.co.uk/research/serving-up-a-strong-growth-outlook-in-2022
here's a video update from the management: https://youtu.be/_5SW8BlFbRc
The Artisanal Spirits Company (AIM: ART), the owner of The Scotch Malt Whisky Society (SMWS), the leading curator and provider of premium, single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, is pleased to announce they will be conducting an online presentation for retail & private investors following the release of their Full Year results for the period to 31st December 2021.
The event will take place at 11.00am on Wednesday 30th March.
David Ridley, Executive Managing Director of the Company, and Andrew Dane, Finance Director will be hosting the presentation and answering questions submitted by investors.
This is open to all existing and potential shareholders - you can sign up to register below:
https://www.equitydevelopment.co.uk/news-and-events/artisanal-fyresults-presentation-30march
#ART today beat market revenue expectations with 20% growth and delivered 15% growth in membership numbers, an important lead indicator of future growth. Our 150p fair value, implies a 5.5x EV/sales ratio and is 60% above today's share price. https://www.equitydevelopment.co.uk/research/well-positioned-for-strong-sales-growth-in-fy2022
Good morning. Hosting a 2021 IPO webinar on Thursday 2nd December at 9.30am for up 4 companies, including Artisanal (Pyx Resources and Insig AI also confirmed). 15/20 min presentations from each company followed by Q & A. To register, please go to https://us02web.zoom.us/webinar/register/WN_hO4Xn3VTRACr1RbctxSBSA
The Artisanal Spirits Company, through its ownership of the Scotch Malt Whisky Society is well positioned to enjoy sustainable growth. The company boasts growing membership numbers, rising spend per member and a unique approach to sourcing some of the world’s most cherished super-premium malt whiskies. In our view, these qualities are not reflected in the current share price which implies scope for a rerating of the shares as the growth proposition becomes better understood.
ASC is already a high gross margin business and appears likely to become more so. The company is confident it can increase gross margins in the next decade from their current year expected 63% level to nearer 70% as the cost of its purchases of whisky stock drop by around £2 per bottle. In our view gross margin strength should offset investor concerns about the current lack of bottom-line profitability. Moreover, EBITDA was positive in H1. SMWS enjoys a substantial asset backing in terms of maturing whisky stock. The company estimates that on 31st August 2021 the realisable retail value of its inventory of in-cask super premium whisky is of the order of £350m. We think investors should note the value of these Scotch whisky assets in the context of the current ASC market capitalisation.
We conclude that a fair value for The Artisanal Spirits Company is 150p / share based on relative value analysis covering not only EV/sales, but also comparative gross margins.
https://www.equitydevelopment.co.uk/research/unique-heritage-and-global-opportunity
The Artisanal Spirits Company, through its ownership of the Scotch Malt Whisky Society is well positioned to enjoy sustainable growth. The company boasts growing membership numbers, rising spend per member and a unique approach to sourcing some of the world’s most cherished super-premium malt whiskies. In our view, these qualities are not reflected in the current share price which implies scope for a rerating of the shares as the growth proposition becomes better understood.
ASC is already a high gross margin business and appears likely to become more so. The company is confident it can increase gross margins in the next decade from their current year expected 63% level to nearer 70% as the cost of its purchases of whisky stock drop by around £2 per bottle. In our view gross margin strength should offset investor concerns about the current lack of bottom-line profitability. Moreover, EBITDA was positive in H1. SMWS enjoys a substantial asset backing in terms of maturing whisky stock. The company estimates that on 31st August 2021 the realisable retail value of its inventory of in-cask super premium whisky is of the order of £350m. We think investors should note the value of these Scotch whisky assets in the context of the current ASC market capitalisation.
We conclude that a fair value for The Artisanal Spirits Company is 150p / share based on relative value analysis covering not only EV/sales, but also comparative gross margins.
https://www.equitydevelopment.co.uk/research/unique-heritage-and-global-opportunity
Morning all, here's video RE: this morning's results:
https://youtu.be/MUUTmroBrHI
great set of results with sale s up +20% and online sales and international sales growth and outlook looks very positive as robust demand in uk and internationally
down on low volume, high margin profitable business, and in a buoyant business sector - bargains to be had imv
superb news just released - lifting of tariff suspension should fuel sales in their significant US market.
All info in the RNS on 4th June
· As at 31 December 2020, the Group had over 14,000 casks (equivalent to approximately 4.3 million standard 70cl bottles) of whisky in its reserves. To put this into context, this is approximately 26 times the volume sold during FY20
Hi, please can you tell me how you become a member and sample some scotch! Thanks
I didn't ask and wouldn't have expected an answer if I had asked. That would be closely held I would imagine, however, they have £21mil in inventory so I suspect it is a fair number of casks.
I looked at the financial assessment that was published, the accounts and considered my own lengthy relationship with them and decided it was worth the investment.