{ "CurrentPageLength": 27, "CurrentStartItemIndex": 0, "Items": [ { "Id": "media-24359", "ContentId": "24359", "Headline": "Yellowstone Advisory - The Artisanal Spirits Company Private Investor Webinar", "Synopsis": "", "ProviderName": "Yellowstone Advisory", "Url": "https://www.research-tree.com/media/referrer/24359", "ThumbnailUrl": "https://img.youtube.com/vi/puSWS8NAMO4/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2025-04-23T14:00:00", "LastModifiedDateTime": "2025-04-25T13:31:21.887", "NumOfViewsToday": 0, "NumOfViewsYesterday": 1, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 5, "NumOfViewsAllTime": 307 }, { "Id": "media-20578", "ContentId": "20578", "Headline": "Proactive - 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Artisanal Spirits Company targets new markets as it expands global experience for afficionados", "Synopsis": "", "ProviderName": "Proactive", "Url": "https://www.research-tree.com/media/referrer/20585", "ThumbnailUrl": "https://img.youtube.com/vi/ysfpBbnHiDA/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2024-04-11T10:26:00", "LastModifiedDateTime": "2024-04-11T15:11:59.087", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 6, "NumOfViewsAllTime": 357 }, { "Id": "research-17_8be83f97-4241-4d66-b084-6de7f6d33376", "ContentId": "17_8be83f97-4241-4d66-b084-6de7f6d33376", "Headline": "Equity Development - Single Cask Nation acquisition uplifts US prospects", "Synopsis": "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.\n\nASC 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.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/single-cask-nation-acquisition-uplifts-us-prospects/17_8be83f97-4241-4d66-b084-6de7f6d33376?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/43f48465-a4f1-4142-ab29-8e5ec1f4f3fa-food-wholesale-retail-7-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2024-01-04T07:36:42.737", "LastModifiedDateTime": "2024-01-04T07:36:42.707", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 49 }, { "Id": "research-17_cae8ec9d-8032-4165-8693-fad90103877f", "ContentId": "17_cae8ec9d-8032-4165-8693-fad90103877f", "Headline": "Equity Development - A year is a short time in Scotch malt whisky", "Synopsis": "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.\n\nDespite 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.\n\nWe revise our fair value down from 150p a share to 100p, which still stands well above the current share price.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/a-year-is-a-short-time-in-scotch-malt-whisky/17_cae8ec9d-8032-4165-8693-fad90103877f?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/43f48465-a4f1-4142-ab29-8e5ec1f4f3fa-food-wholesale-retail-7-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-12-11T07:43:14.793", "LastModifiedDateTime": "2023-12-11T07:43:14.777", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 32 }, { "Id": "media-18856", "ContentId": "18856", "Headline": "Equity Development - The Artisanal Spirits Company - investor presentation (Interim Results) - September 2023", "Synopsis": "", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/media/referrer/18856", "ThumbnailUrl": "https://img.youtube.com/vi/PKTlF_NFF9s/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-09-20T00:00:00", "LastModifiedDateTime": "2023-09-20T16:15:11.547", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 2, "NumOfViewsAllTime": 302 }, { "Id": "research-17_84c0940a-d0d5-4d86-8cd8-bed6940bb3c1", "ContentId": "17_84c0940a-d0d5-4d86-8cd8-bed6940bb3c1", "Headline": "Equity Development - Western growth enhanced by Eastern promise", "Synopsis": "The Artisanal Spirits Company (ASC)’s FY2023 H1 results reconfirmed a strong Q2 as well as showing potential for sustained sales growth both domestically and overseas. Profits at EBITDA level remain on track to be positive in FY2023. With further membership expansion, resilient demand for ultra-premium Scotch and important Asian developments in place, we reiterate our view that fair value for the shares is 150p.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/western-growth-enhanced-by-eastern-promise/17_84c0940a-d0d5-4d86-8cd8-bed6940bb3c1?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/8c2c5ac4-24ca-4914-afff-89751c0ffa9d-food-wholesale-retail-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-09-18T07:36:28.77", "LastModifiedDateTime": "2023-09-18T07:36:28.77", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 27 }, { "Id": "research-17_9319dbd3-06f8-4813-85e0-f57ab3a314cc", "ContentId": "17_9319dbd3-06f8-4813-85e0-f57ab3a314cc", "Headline": "Equity Development - Taiwan subsidiary uplifts Asian growth outlook", "Synopsis": "Today’s announcement by The Artisanal Spirits Company that it has successfully launched a new subsidiary in Taiwan is important. The country is the world’s third largest market for Ultra-Premium Scotch Whisky globally, and thus one which should welcome the ASC’s unique offering of single cask malt whiskies. Moreover, the action is consistent with the ASC enjoying significant headroom for incremental revenue growth – notably through Asian expansion. We continue to argue that fair value for the shares is 150p, and Asian strength supports this view.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/taiwan-subsidiary-uplifts-asian-growth-outlook/17_9319dbd3-06f8-4813-85e0-f57ab3a314cc?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9719a90b-4d3a-482b-9c1c-eeac4e5c8026-food-wholesale-retail-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-08-22T16:21:53.173", "LastModifiedDateTime": "2023-08-22T16:21:53.157", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 15 }, { "Id": "research-17_43cd1db5-190c-4ac6-8e2d-51c57fe83060", "ContentId": "17_43cd1db5-190c-4ac6-8e2d-51c57fe83060", "Headline": "Equity Development - Investing in ultra-premium Scotch’s global growth", "Synopsis": "The Artisanal Spirits Company (ASC) FY2023 H1 trading update reported 1% sales growth with 7% growth in the second quarter and, importantly, a 9% increase in membership numbers to above 38,000. In addition, the statement reconfirmed the benefits of the company’s ultra-premium distilled spirits positioning, its focus on Scotch whisky, and the benefits of not only being international but also in control of its supply chain and distribution system.\n\nWhile the ASC’s H1 sales growth was beneath our full year expectation of 14%, the company was lapping a particularly strong growth in the same period a year earlier when sales advanced by 25%. The company itself remains confident that full year market expectations for sales and adjusted EBITDA will be met. We leave our own forecasts unchanged at £24.7m and £1.3m respectively for these two measures.\n\nWe draw a positive read-across from Diageo PLC's investor presentation in Edinburgh on 1st June (“Delivering sustainable long-term growth – our vibrant Scotch portfolio.”) Diageo’s central investment messages focused on premium Scotch as a growth category and its value creating qualities relative to other distilled spirits categories. In our view ASC is already a clear beneficiary from these trends and opportunities.\n\nWe base our 150p fair value/share, which implies a 4.8x FY2023 EV/sales ratio, on a relative valuation comparison with other international distilled spirits companies and luxury providers.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/investing-in-ultra-premium-scotch-s-global-growth/17_43cd1db5-190c-4ac6-8e2d-51c57fe83060?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/8c2c5ac4-24ca-4914-afff-89751c0ffa9d-food-wholesale-retail-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-07-18T07:29:52.61", "LastModifiedDateTime": "2023-07-18T07:29:52.593", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 16 }, { "Id": "research-17_f6c11491-931e-444c-8847-0e9cbe331d12", "ContentId": "17_f6c11491-931e-444c-8847-0e9cbe331d12", "Headline": "Equity Development - AGM statement confirms growth momentum", "Synopsis": "Today’s Annual General Meeting trading update from The Artisanal Spirits Company (ASC) confirms that the positive underlying sales momentum enjoyed in FY2022 has continued into the current year. The group remains confident of delivering both sales growth and EBITDA in line with expectations. Moreover, sales growth is expected to be at least double digit % in the second quarter after a relatively flat Q1. \n\nWe base our 150p fair value/share, which implies a 4.9x FY2023 EV/sales ratio, on a relative valuation when compared with leading listed distilled spirits companies and luxury goods providers. ASC is simultaneously exposed to both these categories given its emphasis on ultra-premium-and-above Scotch malt whiskies.\n\nFurthermore, the £493m updated notional retail value of the company’s maturing whisky stocks is currently over 6 times today’s market capitalisation.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/agm-statement-confirms-growth-momentum/17_f6c11491-931e-444c-8847-0e9cbe331d12?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/8c2c5ac4-24ca-4914-afff-89751c0ffa9d-food-wholesale-retail-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-05-24T09:57:01.27", "LastModifiedDateTime": "2023-05-24T09:57:01.253", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 13 }, { "Id": "media-17793", "ContentId": "17793", "Headline": "Equity Development - The Artisanal Spirits Company plc - investor presentation (March 2023) - FY Results", "Synopsis": "", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/media/referrer/17793", "ThumbnailUrl": "https://img.youtube.com/vi/aZosthnjCn8/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-04-05T00:00:00", "LastModifiedDateTime": "2023-04-05T09:45:06.977", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 4, "NumOfViewsAllTime": 325 }, { "Id": "research-17_7b23f9a0-03ae-48fb-95ef-b5f4862d2c67", "ContentId": "17_7b23f9a0-03ae-48fb-95ef-b5f4862d2c67", "Headline": "Equity Development - Delivering robust profitable growth", "Synopsis": "19% revenue growth, a 12% increase in membership numbers and a £1.0m favourable swing in adjusted EBITDA were key features of today’s FY2022 results statement. With the Masterton Bond facility fully operational and group trading having started well in the current year, ASC appears well placed to deliver medium term sustainable profitable growth. As a membership organization which boasts substantial invested facilities and valuable whisky stocks, we reiterate our 150p fair value for the shares.\n \nThis implies a 4.9x FY2023 EV/sales ratio, largely on a relative valuation when compared with leading listed distilled spirits companies and luxury goods providers. ASC is simultaneously exposed to both these categories given its emphasis on ultra-premium-and-above Scotch malt whiskies. Furthermore, the £493m updated notional retail value of the company’s maturing whisky stocks (mentioned above) is currently over 7 times today’s market capitalisation.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/delivering-robust-profitable-growth/17_7b23f9a0-03ae-48fb-95ef-b5f4862d2c67?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9719a90b-4d3a-482b-9c1c-eeac4e5c8026-food-wholesale-retail-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-03-28T19:53:08", "LastModifiedDateTime": "2023-03-29T11:42:08.277", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 21 }, { "Id": "research-17_2c919c68-ef68-4b73-85bd-e48e6c93752b", "ContentId": "17_2c919c68-ef68-4b73-85bd-e48e6c93752b", "Headline": "Equity Development - Sales and membership growth drives momentum, new CEO appointment", "Synopsis": "Sustained growth in both sales revenue and membership numbers drove overall momentum for the Artisanal Spirits Company (ASC) in FY2022. The company is well placed to deliver results in line with expectations and achieve further growth in FY2023, under the new leadership of Andrew Dane as CEO, announced today.\n\nSales revenue for the year ended 31st December 2022 increased by approximately 20% from £18.2m in FY2021 and is expected to be slightly ahead of our £21.6m forecast when the full audited numbers are announced in March 2023. A 12% increase in global membership numbers to around 37,000 drove the business forward. \n\nIn our view, ASC’s valuation continues to look attractive, especially considering the amount of owned maturing whisky stock (i.e. £445m at nominal value). We reiterate our 150p Fair Value for the shares.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/sales-and-membership-growth-drives-momentum-new-ceo-appointment/17_2c919c68-ef68-4b73-85bd-e48e6c93752b?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/3136a87d-b3dd-4009-a899-9dbe8440d4da-food-wholesale-retail-6-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2023-01-24T07:31:08.717", "LastModifiedDateTime": "2023-01-24T07:31:08.717", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 22 }, { "Id": "research-17_9a4dc510-7ff2-4b92-ba97-0fd2ffdb9978", "ContentId": "17_9a4dc510-7ff2-4b92-ba97-0fd2ffdb9978", "Headline": "Equity Development - New supply chain facility progressing as planned", "Synopsis": "The Artisanal Spirits Company (ASC) continues to execute its plans to take advantage of the sizeable and fast-growing global premium whisky market, as detailed to investors at the time of its IPO in 2021.\n\nASC has announced today that good progress continues to be made in relation to the Group’s new multi-purpose supply chain facility at Masterton Bond, near Glasgow. Masterton represents an important focal point of business expansion and efficiency improvement for the group and the steady progress of the project throughout the year should be welcomed by investors.\n\nASC’s stock-market valuation represents a discount on EV/sales ratio to both its publicly listed distilled spirits and luxury goods peer groups, which we regard as the most relevant comparators. In addition, the £455m notional value of the company’s whisky stock at retail is around 9 times the current market capitalisation of £50m. These analyses were detailed in our recent note Successfully following a clear route to growth which followed a strong set of interim results from ASC.\n\nWe reiterate our 150p per share fair value, which on our estimates implies ratings of just 5.5x EV/sales in FY2022 and 4.1x sales in FY2024.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/new-supply-chain-facility-progressing-as-planned/17_9a4dc510-7ff2-4b92-ba97-0fd2ffdb9978?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/8c2c5ac4-24ca-4914-afff-89751c0ffa9d-food-wholesale-retail-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-11-15T15:37:33.857", "LastModifiedDateTime": "2022-11-15T15:37:33.373", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 13 }, { "Id": "media-15261", "ContentId": "15261", "Headline": "Equity Development - The Artisanal Spirits Company - investor presentation (September 2022)", "Synopsis": "", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/media/referrer/15261", "ThumbnailUrl": "https://img.youtube.com/vi/2GKTdGmnBAc/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-09-15T00:00:00", "LastModifiedDateTime": "2022-09-16T14:25:38.427", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 1, "NumOfViewsAllTime": 242 }, { "Id": "research-17_035d022e-504b-40a2-91b1-a26043db11c1", "ContentId": "17_035d022e-504b-40a2-91b1-a26043db11c1", "Headline": "Equity Development - Successfully following a clear route to growth", "Synopsis": "The Artisanal Spirits Company (ASC) continues to deliver on its strategy to take advantage of the sizable and fast growing global premium whisky market. Interim results released today reconfirmed robust growth in both revenue and membership in the first half of FY2022, and trading so far in the second half also appears strong. As a result, we maintain our confidence in close to 20% sales growth this financial year and reiterate our 150p fair value for the shares.\n\nMembership numbers grew in all of ASC’s seven operating regions with the strongest increases being recorded in the UK (+31%), Europe (+33%) and Australia (+28%). Since half year end, membership increased further to 36,000 as growth in China resumed.\n\nThe notional retail value of ASC’s cask inventory, which we believe should be a focus in relation to the market capitalisation of the group, increased from £430m at end-December 2021 to £455m at this year’s interim stage. The retail value of this inventory should grow further as the company’s whisky stocks mature. Moreover, the ongoing purchase of whisky by ASC at earlier stages of the maturation process augurs positively for future gross margins.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/successfully-following-a-clear-route-to-growth/17_035d022e-504b-40a2-91b1-a26043db11c1?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/ba9fc741-7828-4c0d-a335-0cae6c1fe30e-food-wholesale-retail-2-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-09-14T09:43:02.843", "LastModifiedDateTime": "2022-09-14T09:43:02.267", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 19 }, { "Id": "research-17_b88d3fcb-7f1a-43dc-9c24-ec9cbd9980f5", "ContentId": "17_b88d3fcb-7f1a-43dc-9c24-ec9cbd9980f5", "Headline": "Equity Development - Premium positioning underpins growth", "Synopsis": "Strong 25% sales growth, a further 24% advance in membership numbers and important progress at the Masterton Bond facility were key features of a trading update released by The Artisanal Spirits Company (ASC) today.  Furthermore, the company reiterated its ambition to double sales revenue between FY2020 and FY2024. With a focus on the ultra-premium category, a fast-growing global membership base and embedded value in its maturing whisky stocks - £430m at retail - we continue to argue that fair value for the shares is 150p.\n\nThe Artisanal Spirits Company’s clear and resilient route to growth, which is discussed in more detail in this report, is not reflected in the company’s share price. Putting those strengths to one side though, investors should recognise that the company’s maturing stock of Scotch whisky has an estimated value of £430m. This is more than 10 times the entire market cap of the company. The current share price shows no recognition of the intrinsic value that underpins it.\n\nIn addition to this, there are strong arguments for the shares to trade higher on revenue growth considerations. We reiterate our 150p per share fair value at which price the shares would trade on 5.5x EV/sales in FY2022 and 4.1x sales in FY2024, based on our estimates.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/premium-positioning-underpins-growth/17_b88d3fcb-7f1a-43dc-9c24-ec9cbd9980f5?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9719a90b-4d3a-482b-9c1c-eeac4e5c8026-food-wholesale-retail-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-07-20T07:37:11.46", "LastModifiedDateTime": "2022-07-20T07:37:11.447", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 37 }, { "Id": "research-17_4ca93309-c93c-45d0-af23-a9664983bcf2", "ContentId": "17_4ca93309-c93c-45d0-af23-a9664983bcf2", "Headline": "Equity Development - Strong trading start to the year – cheers!", "Synopsis": "Today’s AGM statement from the Artisanal Spirits Company (ASC) reports a strong start to the 2022 financial year for both sales revenue and global membership numbers, which grew by above 30% and by 25% year-on-year respectively. While the second half of the year will face tougher comparisons, the company expects full year sales revenue to match current consensus expectations. We leave our revenue forecasts unchanged at £21.6m in FY2022\n\nRevenue increased by 30% in the four months to end-April compared with a year earlier.\nRapid growth in membership numbers underpins the longer-term value of the business.\nASC also reports good progress at the company’s multi-purpose supply chain facility Masterton Bond.\nArtisanal Spirits will face a tougher year-on-year comparison in the second half of FY2022.\nDespite the strong start, we leave our FY2022 forecasts unchanged at this stage of the year for all of sales revenue, gross profits, and EBITDA.\nWe continue to argue that fair value for the business is 150p per share.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/strong-trading-start-to-the-year-cheers-/17_4ca93309-c93c-45d0-af23-a9664983bcf2?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/43f48465-a4f1-4142-ab29-8e5ec1f4f3fa-food-wholesale-retail-7-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-05-24T08:14:54.76", "LastModifiedDateTime": "2022-05-24T08:14:54.197", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 17 }, { "Id": "media-14731", "ContentId": "14731", "Headline": "Equity Development - The Artisanal Spirits Company - Investor Presentation (30 March 2022)", "Synopsis": "", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/media/referrer/14731", "ThumbnailUrl": "https://img.youtube.com/vi/zq7VbQ5WyS4/mqdefault.jpg", "ProviderLogoUrl": null, "ContentType": "Media", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-03-31T00:00:00", "LastModifiedDateTime": "2022-04-04T12:48:40.617", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 2, "NumOfViewsAllTime": 297 }, { "Id": "research-17_a65d2b0b-b8a7-49c9-acb2-4372e7ce1b8c", "ContentId": "17_a65d2b0b-b8a7-49c9-acb2-4372e7ce1b8c", "Headline": "Equity Development - Serving up a strong growth outlook in 2022", "Synopsis": "Full year FY2021 results for The Artisanal’s Spirits Company (ASC) delivered both sales revenue growth and member numbers ahead of market expectations. Moreover, a sharp rise in membership towards the end of FY2021 gave the company the “best possible start” to the current year and raises our confidence in the group’s ability to deliver another year of around 20% higher net sales revenue. \n\nWe leave our expectations for sales revenue, gross profits, and EBITDA unchanged. And we continue to argue that fair value for the business is 150p per share – i.e. considerably more than the most recent close. At 150p the FY2022 EV/sales ratio would still be only 5.5x, remaining well beneath that of the Artisanal Spirits Company’s two identifiable peer groups: distilled spirits and luxury goods.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/serving-up-a-strong-growth-outlook-in-2022/17_a65d2b0b-b8a7-49c9-acb2-4372e7ce1b8c?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9719a90b-4d3a-482b-9c1c-eeac4e5c8026-food-wholesale-retail-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-03-28T21:22:59", "LastModifiedDateTime": "2022-03-29T09:33:22.893", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 36 }, { "Id": "research-17_equitydevelopment-20220120-equitydevelopment-1239", "ContentId": "17_equitydevelopment-20220120-equitydevelopment-1239", "Headline": "Equity Development - Well positioned for strong sales growth in FY2022", "Synopsis": "ASC announced around 20% sales growth in a FY2021 trading update released today. Sales growth was similar both in the UK and internationally, which tends to confirm the efficacy of the company’s global approach to business development as well as the strength of its online offering.\r\n \r\nStrong membership growth is important - not just as a driver for current growth, but also for future sales. While UK and International member numbers increased by 20% and 15% respectively in FY2021 as a whole, it should be noted that the bulk of this growth occurred in the second half of the fiscal year to end-December. As a result, the company may be expected to continue to record robust sales revenue growth into the first half of the current fiscal year. Implied revenue per member growth was 3% in the year as a whole, with the underlying number stronger due to a late surge in the year. Between end-June and end-December 2021 members increased from 28,700 to above 33,000.\r\n \r\nFurthermore, ASC is laying down significant foundations which not only supports future growth, but also augur well for margin expansion The company continues to invest in both maturing whisky and wooden casks to meet expectations of future demand growth. Importantly, as the company increasingly purchases younger whisky stock, future profit margins should improve.\r\n \r\nElsewhere, the company highlights some important areas of progress in FY2021. It has signed a 10-year lease on a new supply chain facility, launched J G Thomson to diversify its distilled spirits offering with the launch of complementary new brands, and restructured its joint-venture agreements in both China and Japan so as to capture more of the value creation in these markets. Senior leadership has also been bolstered by new strategic hires.\r\n \r\nThe core ASC investment case is its ability to grow membership numbers both domestically and internationally while benefiting from the observable trend within alcoholic drinks of customers “drinking less but better.” Today’s trading statement tends to confirm that the company is on track to achieve these objectives. However, the current stock market valuation remains, in our view, materially shy of what we consider fair value based on comparable distilled spirits and luxury valuations.\r\n \r\nWe reiterate our fair value of 150p per share, which would imply a 5.5x EV/sales ratio.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/well-positioned-for-strong-sales-growth-in-fy2022/17_equitydevelopment-20220120-equitydevelopment-1239?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/b579ca8e-bcca-466a-9b40-4c340fdc48b0-financial-ticker-board-1-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "International", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2022-01-20T07:24:24.707", "LastModifiedDateTime": "2022-01-20T12:41:06.017", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 72 }, { "Id": "research-b6874f22-0b0e-4d34-9017-46683f7a72ee", "ContentId": "b6874f22-0b0e-4d34-9017-46683f7a72ee", "Headline": "Equity Development - Unique heritage and global opportunity", "Synopsis": "The Artisanal Spirits Company, through its ownership of the Scotch Malt Whisky Society is well positioned to enjoy sustainable growth. The company boasts growing membership numbers, rising spend per member and a unique approach to sourcing some of the world’s most cherished super-premium malt whiskies. In our view, these qualities are not reflected in the current share price which implies scope for a rerating of the shares as the growth proposition becomes better understood.", "ProviderName": "Equity Development", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/equity-development/unique-heritage-and-global-opportunity/b6874f22-0b0e-4d34-9017-46683f7a72ee?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/9719a90b-4d3a-482b-9c1c-eeac4e5c8026-food-wholesale-retail-4-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/ed-logo-final-rgb.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "International", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2021-09-16T15:12:04.277", "LastModifiedDateTime": "2021-09-16T15:12:54.553", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 51 }, { "Id": "research-3_29512xxx-f751-0c7e-bbc6-6ef7450d48d1", "ContentId": "3_29512xxx-f751-0c7e-bbc6-6ef7450d48d1", "Headline": "Edison - The Artisanal Spirits Company - The spirit to grow", "Synopsis": "The Artisanal Spirits Company (ASC) is the owner of The Scotch Malt Whisky Society, which curates unique ultra-premium single cask Scotch malt whiskies and other spirits, with a focus on distinct flavour profiles. Sales are made exclusively to its global subscription-paying members and are mostly made direct to consumer (D2C), namely its own online websites and venues, and with remaining sales via partner bars around the world. ASC has a loyal customer base and a significant inventory of maturing whiskies. Future growth opportunities include continued growth of its membership and geographic and virtual presence, as well as moves into adjacent product markets such as blended whiskies, with the potential to improve profitability.", "ProviderName": "Edison", "Url": "https://www.research-tree.com/companies/uk/food-wholesale-retail/artisanal-spirits-company-plc/research/referral/edison/the-artisanal-spirits-company-the-spirit-to-grow/3_29512xxx-f751-0c7e-bbc6-6ef7450d48d1?partner=llms", "ThumbnailUrl": "https://rtfilesprod.blob.core.windows.net/publicimages/2b94e920-8ff3-46a1-9b19-29e37aa47977-food-wholesale-retail-3-21x6_m.jpg", "ProviderLogoUrl": "https://rtfilesprod.blob.core.windows.net/logos/edison logo lockup rgb 2000px.png", "ContentType": "Research", "SubType": null, "Companies": [ { "CompanyName": "Artisanal Spirits Company PLC", "CompanyUrl": "https://www.research-tree.com/companies/uk/staple-retail/artisanal-spirits-company-plc/ART/LON/id/NHN62C-R", "CurrentPrice": 0.0, "CustomSectors": [], "Id": "NHN62C-R", "InternalId": "51f7186d-747e-4653-b5a7-b45064e608f8", "Isin": "GB00BNXM3P96", "LastDateContentWasAdded": "0001-01-01T00:00:00", "LastDateContentWasChanged": "0001-01-01T00:00:00", "LastDateContentWasRemoved": "0001-01-01T00:00:00", "LatestRating": null, "LatestRatingDate": "0001-01-01T00:00:00", "Location": "Not Set", "MarketCap": 0.0, "PriceChg": 0.0, "PriceChgPercent": 0.0, "Sector": "Food Wholesale & Retail", "Ticker": "ART:LON", "TIDM": "ART", "BBTicker": "ART", "AltTicker": "ART", "AltExchange": "LN", "Exchange": "LON", "TotalBlogCount": 0, "TotalEventCount": 3, "TotalMediaCount": 7, "TotalResearchCount": 20, "TotalRnsCount": 278 } ], "Location": "Not Set", "CanDirectDownload": false, "LoggedInUserHasAccess": true, "IsPremiumOnly": false, "OnlyAvailableToPayingClients": false, "DirectDownloadUrl": null, "DirectDownloadViewerUrl": null, "PartnerViewerUrl": null, "PublishedDate": "2021-07-19T13:43:22.097", "LastModifiedDateTime": "2021-07-19T13:43:21.893", "NumOfViewsToday": 0, "NumOfViewsYesterday": 0, "NumOfViewsThisWeek": 0, "NumOfViewsThisMonth": 0, "NumOfViewsAllTime": 68 }, { "Id": "research-83ba58f2-fcb3-4474-b383-1ccdf48b0a13", "ContentId": "83ba58f2-fcb3-4474-b383-1ccdf48b0a13", "Headline": "Edison - Advertising growth remains key", "Synopsis": "

H116 group revenues were slightly ahead of the prior year in both US dollar and euro terms, helped by continued growth in artnet News, where revenues were up 17% despite weaker Q2 advertising performance. Reduced losses from Auctions and the benefit of lower costs within the Price Database segment helped drive an 11% uplift in group contribution margin, partially offset by increased central expenses. Stronger operating cash flow drove higher net cash, which at end June was €0.9m, from €0.5m at the year-end. Our FY16e and FY17e forecasts are unchanged.

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Following a year of investment and reorientation in FY14, artnet had good success in FY15 in turning its Gallery segment back into growth and in building strong web traffic – and hence group advertising revenues – with artnet News. In US dollar terms, FY15 group revenues were up 4% y-o-y, with currency swelling this to a 24% rise in euro terms. This implies a strong Q4, following top-line reported growth of 1% for Q1-Q3. The shift in mix is helping gross margins and with stable operating costs in US dollars, artnet has marched forward into profitability, with further progress forecast for FY16 and FY17.

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artnet’s nine-month figures show revenues stable in US$, with the uplift in the € numbers reflecting currency movements. Good progress is being made in the reach of artnet News, driving traffic to all parts of the artnet website and increasing advertising revenues. The upcoming mobile app launch and Amazon co-operation should help continue momentum, lifting the top line and starting to deliver more meaningful returns, allowing the rating to move closer to online B2B and B2C operators and art businesses.

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Q215 results showed good progress expressed in euros, with the currency translation restraining reported performance in US dollars. artnet News is becoming well established as a prime source of market information, with monthly unique visits averaging 1.3 million over the first six months. It is expected to become self-sustaining by the year end. The higher traffic is helping drive advertising revenues from vendors of luxury goods, lifting the performance of the Gallery segment in both revenue and margin. Costs in H115 have been kept well under control and full-year guidance remains consistent with our projections.

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