FY25 confirms strong delivery against strategy, marking the shift from asset build to monetisation. Revenue grew 19%, profit exceeded expectations, and key metrics, including market share and brand awareness, moved positively. Management signals a strong start to FY26, with trading well ahead of the prior year and margin progression visible. Growth is now execution-led, supported by an established vineyard and winery platform. We make no changes to FY26FY27 forecasts and introduce FY28, embedding a standout c.15% revenue CAGR. With the business now positioned to monetise its assets, Chapel Down is on track to execute its growth trajectory. At 31.5p, shares trade materially below our target price of 61p, highlighting a clear opportunity for investors to capitalise on a premium brand in a structurally growing market. With strong momentum among Millennials and Gen Z, and continued progress towards scaling, Chapel Down presents an exciting proposition for patient, long-term investors.
