Artisanal Spirits Company PLC Equity Research & Stock Reports

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24 May 22

Hybridan Small Cap Feast 24/05/22

*A corporate client of Hybridan LLP Dish of the day Joiners: EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help

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Hybridan

24 May 22

Strong trading start to the year – cheers!

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 co

Companies: Artisanal Spirits Company PLC

Equity Development

24 May 22

AGM – further evidence of good trading momentum

Management continue to deliver strong performance metrics. The latest being with today’s positive AGM update. Revenue for the first 4 months is up >30% and membership growth is tracking comfortably ahead of our full year assumption, albeit comps do become stiffer in H2. Investors should also welcome reassuring commentary around the new supply chain facility and effective navigation of recent lockdown restrictions in China. With no change to full year expectations at this juncture we keep our for

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

31 Mar 22

The Artisanal Spirits Company - Investor Presentation (30 March 2022)

29 Mar 22

Premium maiden finals; strong start to FY22

Maiden finals are excellent. Revenue has come in ahead of guidance given in January, gross margin is up and significantly, member lifetime value grew 55% to £1,445 resulting in a LTV:CAC of 22x. The balance sheet is in good shape and FY22 has got off to a good start. We make no forecast changes but see upside risk. Overall, ASC is firmly on track to double revenue by FY24. It is executing well against strategy and there is significant room to grow the global membership base / market share in the

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

28 Mar 22

Serving up a strong growth outlook in 2022

Full year FY2021 results for The Artisanal’s Spirits Company (ASC) 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

Companies: Artisanal Spirits Company PLC

Equity Development

20 Jan 22

The Big Book 2022 - Extended Coverage & Best Ideas

The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.

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Singer Capital Markets

20 Jan 22

Well positioned for strong sales growth in FY2022

ASC announced around 20% sales growth in a FY2021 trading update released today. Sales growth was similar both in the UK and internationally, which tends to confirm the efficacy of the company’s global approach to business development as well as the strength of its online offering. Strong membership growth is important - not just as a driver for current growth, but also for future sales. While UK and International member numbers increased by 20% and 15% respectively in FY2021 as a whole, it

Companies: Artisanal Spirits Company PLC

Equity Development

20 Jan 22

Ahead of expectations Y/E update; excellent membership growth

A positive, ahead of expectations Y/E trading update today. It builds on a series of good news since the June’21 IPO and should be very well received. Revenue has come in 3% ahead of our forecast resulting in 20% y/y growth. The standout feature is the excellent growth in total members at 18% vs our 9%. This is significant as it is a leading indicator of future growth. We lift our FY21 revenue by £0.5m to £18.0m but retain our EBITDA estimate. We hold off adjusting FY22 forecasts but the high st

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

17 Dec 21

Positive Asia operations development

Positive news around ASC’s Asian operations this morning, whereby the company has lifted its shareholding in both the China and Japan JV’s. This is in keeping with one of the objectives set out at the time of the IPO. Strategically the moves further position ASC favourably to capitalise on future growth in these two significant territories. Financially the cash cost is a modest £0.4m but we estimate a 2 year payback via a lower minority dividend going forward. We make no P&L changes. Overall, in

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

08 Nov 21

Further positive strategic news

Directionally another positive strategic update from Artisanal this morning. It has issued a brief RNS confirming the launch of the J.G. Thomson brand – an award winning blended whisky offering which is separate from the core Scotch Malt Whisky Society proposition. Strategically this in keeping with the aim of expanding the addressable market and further illustration of Artisanal delivering against its IPO plans. We make no forecast changes but from a sentiment perspective investors should welco

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

18 Oct 21

Membership numbers further strengthen

A brief but positive RNS reach this morning. It highlights membership growth surpassing 30k and finalisation of the new supply chain facility. Both developments are further illustration of delivery against IPO plans. Particularly pleasing is the membership metric, which with the busier Xmas period still to come, is ahead of our full year working assumption. We hold off making forecast changes but clearly post today’s membership news, the upside risk has strengthened. We use this update to also r

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

16 Sep 21

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.

Companies: Artisanal Spirits Company PLC

Equity Development

16 Sep 21

Delivering against growth and strategic objectives

Maiden interims are strong with upbeat commentary. Set against the strategy to double revenue by FY24, Artisanal has delivered 20% sales growth whilst concurrently demonstrating excellent progress against IPO objectives. Current trading is positive with good membership momentum, in particular across the key markets of UK/USA/China. At this stage there is no change to full year expectations, but the risk on the upside appears to be growing. The recent share price weakness is anomalous with the st

Companies: Artisanal Spirits Company PLC

Singer Capital Markets

19 Jul 21

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

Companies: Artisanal Spirits Company PLC

Edison