Distil plc
Visit Distil plc
Description
Based in London, Distil plc is the owner of a number of premium spirit brands including the award-winning RedLeg Spiced Rum. Distil markets and sells its brands in a number of international markets including the UK, USA, Germany, Spain, Australia and Russia.
Our view
The current management team has evolved and refined Distil’s strategy with a shift in focus from distribution of third party brands to the higher value-added development and incubation of its premium Owned Brands. These are marketed both domestically and internationally, with a view to attracting interest from larger industry players. The business and financial model is focused firmly on driving profits and shareholder value.
Financial Summary
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue | 2.01 | 2.40 | 2.44 | ||
| Adj EBITDA | 0.16 | 0.17 | 0.25 | ||
| Fully Adj PBT | 0.16 | 0.16 | 0.18 | ||
| Fully Adj EPS (p) | 0.03 | 0.03 | 0.05 |
Profit & Loss
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue | 2.01 | 2.40 | 2.44 | ||
| Adj EBITDA | 0.16 | 0.17 | 0.25 | ||
| Adj EBIT | 0.16 | 0.16 | 0.18 | ||
| Reported PBT | 0.16 | 0.16 | 0.18 | ||
| Fully Adj PBT | 0.16 | 0.16 | 0.18 | ||
| NOPAT | 0.16 | 0.16 | 0.26 | ||
| Reported EPS (p) | 0.03 | 0.03 | 0.05 | ||
| Fully Adj EPS (p) | 0.03 | 0.03 | 0.05 | ||
| Dividend per share (p) | 0.00 | 0.00 | 0.00 |
Cash Flow & Balance Sheet
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Operating cash flow | 0.17 | 0.09 | (0.10) | ||
| Free Cash flow | 0.13 | 0.04 | (0.14) | ||
| FCF per share (p) | 0.03 | 0.01 | (0.03) | ||
| Acquisitions | (0.02) | (0.01) | (0.02) | ||
| Disposals | 0.00 | 0.00 | 0.00 | ||
| Shares issued | 0.01 | 0.00 | 0.00 | ||
| Net cash flow | 0.12 | 0.04 | (0.21) | ||
| Overdrafts / borrowings | 0.00 | 0.00 | 0.00 | ||
| Cash & equivalents | 1.03 | 1.07 | 0.86 | ||
| Net (Debt)/Cash | 1.03 | 1.07 | 0.86 |
Nav & Returns
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Net asset value | 3.01 | 3.17 | 3.43 | ||
| NAV/share (p) | 0.60 | 0.64 | 0.68 | ||
| Net Tangible Asset Value | 1.46 | 1.62 | 1.86 | ||
| NTAV/share (p) | 0.29 | 0.32 | 0.37 | ||
| Average equity | 2.91 | 3.09 | 3.30 | ||
| Post-tax ROE (%) | 5.4% | 5.2% | 7.8% |
Metrics
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | |||
|---|---|---|---|---|---|
| Revenue growth | 22.6% | 19.2% | 1.7% | ||
| Adj EBITDA growth | 1097.6% | 3.4% | 45.6% | ||
| Adj EBIT growth | 1531.8% | 1.6% | 15.0% | ||
| Adj PBT growth | 1531.8% | 1.6% | 13.7% | ||
| Adj EPS growth | 1531.8% | 1.6% | 60.4% | ||
| Dividend growth | N/A | N/A | N/A | ||
| Adj EBIT margins | 7.8% | 6.7% | 7.5% |