Chapel Down has delivered FY24 adj. EBITDA / PBT slightly ahead of our expectations. The outlook for FY25-FY27 is for a return to strong sales growth (we forecast 16% 3-year CAGR) and further profitability improvement. We make three key points: (1) New CEO has reinforced the excellent 10-year organic growth runway and a commitment to additional medium-term capacity. (2) International growth prospects have been enhanced by partnering with blue chip wine company Jackson Family Wines for export to ....
