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 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 2.01 | 2.40 | 2.20 | 2.53 | 2.91 |
| Adj EBITDA | 0.16 | 0.17 | 0.28 | 0.32 | 0.42 |
| Fully Adj PBT | 0.16 | 0.16 | 0.21 | 0.25 | 0.35 |
| Fully Adj EPS (p) | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 |
Profit & Loss
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 2.01 | 2.40 | 2.20 | 2.53 | 2.91 |
| Adj EBITDA | 0.16 | 0.17 | 0.28 | 0.32 | 0.42 |
| Adj EBIT | 0.16 | 0.16 | 0.21 | 0.25 | 0.35 |
| Reported PBT | 0.16 | 0.16 | 0.21 | 0.25 | 0.35 |
| Fully Adj PBT | 0.16 | 0.16 | 0.21 | 0.25 | 0.35 |
| NOPAT | 0.16 | 0.16 | 0.21 | 0.25 | 0.35 |
| Reported EPS (p) | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 |
| Fully Adj EPS (p) | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 |
| Dividend per share (p) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash Flow & Balance Sheet
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | 0.17 | 0.09 | 0.01 | 0.19 | 0.29 |
| Free Cash flow | 0.13 | 0.04 | (0.01) | 0.17 | 0.27 |
| FCF per share (p) | 0.03 | 0.01 | (0.00) | 0.03 | 0.05 |
| Acquisitions | (0.02) | (0.01) | 0.00 | 0.00 | 0.00 |
| Disposals | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares issued | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net cash flow | 0.12 | 0.04 | (0.01) | 0.17 | 0.27 |
| Overdrafts / borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash & equivalents | 1.03 | 1.07 | 1.06 | 1.23 | 1.50 |
| Net (Debt)/Cash | 1.03 | 1.07 | 1.06 | 1.23 | 1.50 |
Nav & Returns
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net asset value | 3.01 | 3.17 | 3.38 | 3.63 | 3.98 |
| NAV/share (p) | 0.60 | 0.64 | 0.68 | 0.73 | 0.80 |
| Net Tangible Asset Value | 1.46 | 1.62 | 1.83 | 2.08 | 2.43 |
| NTAV/share (p) | 0.29 | 0.32 | 0.37 | 0.42 | 0.49 |
| Average equity | 2.91 | 3.09 | 3.28 | 3.51 | 3.81 |
| Post-tax ROE (%) | 5.4% | 5.2% | 6.4% | 7.1% | 9.2% |
Metrics
Year end: March (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue growth | 22.6% | 19.2% | (8.4%) | 15.0% | 15.0% |
| Adj EBITDA growth | 1097.6% | 3.4% | 63.1% | 14.6% | 31.7% |
| Adj EBIT growth | 1531.8% | 1.6% | 33.5% | 18.9% | 39.5% |
| Adj PBT growth | 1531.8% | 1.6% | 31.0% | 19.3% | 40.1% |
| Adj EPS growth | 1531.8% | 1.6% | 31.0% | 19.3% | 40.1% |
| Dividend growth | N/A | N/A | N/A | N/A | N/A |
| Adj EBIT margins | 7.8% | 6.7% | 9.7% | 10.0% | 12.2% |