After the recent price falls I've certainly decided it's at the very cheap point and have bought 12500 shares this morning. |
I read Bearbull's article and also thought it interesting. There is certainly value here and I am encouraged by the rise in membership and improvement in profitability.
A bit like decent whisky, ART may be at the point where it is worth buying and tucking away to mature. |
Another day, another 10% down.. |
Membership in the largest market of Europe dropped |
To add to that. market cap = 34mil. 100mil of stock. 5mil of liabilities. making a loss of 3 mil a year.
so if you buy it out, pay off the debt, flog the stock for half price, you've made 10mil.
or rather; i guess a more reasonable market cap is probably approaching 50mil? |
100million of stock, enough for the next decade. membership increased yet again. Positive results surely? |
Very good outlook and nice turnaround, should head back +£1 |
Well said. Interesting statement about engaged members. My small group of member and shareholder friends aremuch less engaged than ever before, last year none out of 6 of us visited members rooms and used our shareholder vouchers. Relentless price increases for drams in the bar may be one reason. Okay Glasgow and Edinburgh whisky bars frequented by tourists aren't good value either but they only see the tourist usuallyonce |
AGM statement, "With the continued focus on delivering profit, we are actively concentrating our efforts on maintaining a high quality, committed and engaged membership which will underpin sustainable revenue and profit growth over the longer term."
I think many members would prefer they said, we continue to focus on delivering high quality whisky and actively engaging with membership which will underpin sustainable revenue and profit growth over the longer term. |
They can think maybe one day we mite make a profit...,but not with greedy over rewarded management. That's a fact. Earn a profit then reward yourself |
because it's about long term strategy. if you stop building that inventory the business dies in x years time since it has nothing to sell. The smws can *only* think longterm, unlike virtually every other listed company. |
Don't really get this company . if they have 500m of retail value stock already in inventory they have about 20 years of sales already ( maybe 15 with some modest growth ) . They should just stop investing in inventory and start generating some cash and paying off debt . |
Glad I have a stash of bottles from the pre listing days, there was good quality at reasonable prices. There are still some great quality and good value releases to be found but less so now. |
Huge competition from other independent bottlers. BoD are over compensated with very chunky base salaries. Troubled times and many are over 60 percent down on their investment. |
Problem here is that you don't need to go far to find members that are frustrated with the monthly bottle releases and the prices that have escalated. |
Interesting that it is EPS accretive - so it is at least profitable. Looks a sensible add-on. |
 "Single Cask Nation acquisition uplifts US prospects"
The Artisanal Spirits Company (ASC) has announced an important acquisition in the US. Effective 3rd January 2024, the company has acquired 100% of the trade and assets of Single Cask Nation (SCN), which is an independent bottler and distributor of both Scotch and American whiskies. An accompanying trading update for ASC confirms recent guidance and we leave our forecasts unchanged. Our assessment of fair value remains 100p per share.
ASC states that the SCN acquisition, which includes all of its assets and global operations, will be funded out of existing borrowing facilities. Furthermore, it is expected to be EPS accretive in the first year of ownership. Consideration includes an up-front payment and the potential for up to US$0.5m (£0.4m) to be payable as an earn out, dependent on FY2024 and FY2025 financial performance. Importantly, the deal is consistent with ASC’s sustained ambitions for overall business quality, premiumisation, profitability and cash generation.
Link to report: |
Anyone here also invested in Distil DIS.L
Some interesting brands to google:
RedLeg Rum
Blackwoods Gin
Blavod Vodka
Currently selling in Sainsburys, Tesco and Morrisons...
Market Cap is currently only £6m; worth a look.
[
DYOR |
The last few years have been a total boom for whisky. SMWS to my knowledge are yet to make a profit before tax. I would be a lot more comfortable if the directors interests were more aligned to ours, less salary more success based compensation and that they were purchasing significant amounts of shares at these prices. What Mr Dane bought was not hugely more than a shareholder needs to own as a minimum to qualify for shareholder "perks" |
At 31 dec 22 There were 82 venue and admin staff and 33 management, total staff 115. Say the av venue and admin staff salary is circa 35k or 2.87m cost. Round up to 3m. Total staff costs 6.03m so the AVERAGE management cost for the 33 of them is circa 100k. Some will be paid a lot less and am sure some a lot more. |
Well it ain't exactly earth shattering amounts. I see the company poodle has posted the latest RNS for us. This company pays its executives WAY too much for failure. Shareholder value has been destroyed since flotation. |
"A year is a short time in Scotch malt whisky," new report with audio summary available here:
The Artisanal Spirits Company (ASC) announced on Friday that it expects both sales revenue and EBITDA to be lower than previous market expectations. Effectively the company is now on track to achieve our former FY2023 forecasts in FY2024. However, the underlying growth messages remain strong, supported by both membership growth and fresh strategic initiatives. While the FY2023 outcome is disappointing, our counter argument is that, given the long duration to maturity of the product, a year is but a brief period in Scotch malt whisky.
Despite its strength as a membership organization and substantial intrinsic value in relation to the maturing whisky mentioned above the ASC’s relative valuation is subject to a negative impact from international headwinds also being faced by its key distilled spirits and luxury brand owning peers. A 100p share price implies 3.8x EV/sales and a £70m market capitalisation.
We revise our fair value down from 150p a share to 100p, which still stands well above the current share price. |
Maybe they were waiting for today! |
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