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)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 1.64 | 2.01 | 2.50 | 3.00 | 3.51 |
| Adj EBITDA | 0.01 | 0.16 | 0.17 | 0.41 | 0.60 |
| Fully Adj PBT | 0.01 | 0.16 | 0.16 | 0.40 | 0.59 |
| Fully Adj EPS (p) | 0.00 | 0.03 | 0.03 | 0.08 | 0.12 |
Profit & Loss
Year end: March (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 1.64 | 2.01 | 2.50 | 3.00 | 3.51 |
| Adj EBITDA | 0.01 | 0.16 | 0.17 | 0.41 | 0.60 |
| Adj EBIT | 0.01 | 0.16 | 0.16 | 0.40 | 0.59 |
| Reported PBT | 0.01 | 0.16 | 0.16 | 0.40 | 0.59 |
| Fully Adj PBT | 0.01 | 0.16 | 0.16 | 0.40 | 0.59 |
| NOPAT | 0.01 | 0.16 | 0.16 | 0.40 | 0.59 |
| Reported EPS (p) | 0.00 | 0.03 | 0.03 | 0.08 | 0.12 |
| Fully Adj EPS (p) | 0.00 | 0.03 | 0.03 | 0.08 | 0.12 |
| Dividend per share (p) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash Flow & Balance Sheet
Year end: March (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | 0.00 | 0.17 | 0.14 | 0.31 | 0.52 |
| Free Cash flow | -0.07 | 0.13 | 0.12 | 0.31 | 0.52 |
| FCF per share (p) | -0.01 | 0.03 | 0.02 | 0.06 | 0.10 |
| Acquisitions | -0.01 | -0.02 | 0.00 | 0.00 | 0.00 |
| Disposals | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares issued | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Net cash flow | -0.07 | 0.12 | 0.12 | 0.31 | 0.52 |
| Overdrafts / borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & equivalents | 0.91 | 1.03 | 1.15 | 1.46 | 1.98 |
| Net (Debt)/Cash | 0.91 | 1.03 | 1.15 | 1.46 | 1.98 |
Nav & Returns
Year end: March (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Net asset value | 2.8 | 3.0 | 3.2 | 3.6 | 4.2 |
| NAV/share (p) | 0.56 | 0.60 | 0.64 | 0.72 | 0.83 |
| Net Tangible Asset Value | 1.3 | 1.5 | 1.6 | 2.0 | 2.6 |
| NTAV/share (p) | 0.26 | 0.29 | 0.33 | 0.41 | 0.53 |
| Average equity | 2.8 | 2.9 | 3.1 | 3.4 | 3.9 |
| Post-tax ROE (%) | 0.3% | 5.4% | 5.2% | 11.9% | 15.2% |
Metrics
Year end: March (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue growth | 40.4% | 22.6% | 24.2% | 20.0% | 17.0% |
| Adj EBITDA growth | (114.6%) | 1097.6% | 2.7% | 144.3% | 46.2% |
| Adj EBIT growth | (110.0%) | 1531.8% | 1.5% | 150.2% | 47.4% |
| Adj PBT growth | (109.9%) | 1531.8% | 1.5% | 150.3% | 47.3% |
| Adj EPS growth | (108.7%) | 1531.8% | 1.5% | 150.3% | 47.3% |
| Dividend growth | N/A | N/A | N/A | N/A | N/A |
| Adj EBIT margins | 0.6% | 7.8% | 6.4% | 13.3% | 16.8% |