The independents' independent wholesaler

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.

Acquisition of Wilds of Oldham

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

No surprises from the Carrefour Brasil Investor Day

Carrefour’s Brazilian entity has hosted an Investor Day. While the management plans to improve the profit margin through various levers, most of these had already been expected by the market. While the strategy to shed flab and strengthen FCF is an overall positive, we do not expect any material changes to our current estimates.

Growth Companies - Share & share alike Sell in May?

Carrefour Brasil – no major surprises in the Q3 earnings

Following Carrefour’s Q3 FY23 results last week, its Brazilian business has released detailed results in line with our expectations. The adjusted EBITDA margin declined by 67bps yoy to 5.7%, with the weakness in the retail segment (1.7% margin; -212bp yoy) partially offset by the cash & carry format (6.7% margin; +4bp yoy). Although the C&C performance was weaker vs close competitor Assai, we expect margins to improve gradually. The Grupo Big integration is also likely to remain on-track. Our po