Stock Spirits Group

SSG's employees rose 11.9% to 980 in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group employed 980 persons in 2017, up 11.9% when compared to the previous year. Historically, the firm's workforce hi...

SSG's net profit fell 60.2% to EUR 11.3 mil in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group made a net profit of EUR 11.3 mil under revenues of EUR 275 mil in 2017, down -60.2% and 5.22%, respectively,...

SSG's price/earnings (P/E) rose 251% to 53.2 in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group stock traded at EUR 3.00 per share at the end 2017 translating into a market capitalization of USD 722 mil. ...

Profit Statement 2015 2016 2017
Sales EUR mil 263 261 275
Gross Profit EUR mil 141 132 137
EBITDA EUR mil 51.1 49.9 54.7
EBIT EUR mil 41.7 40.1 44.8
Financing Cost EUR mil 10.3 0.965 2.57
Pre-Tax Profit EUR mil 31.5 39.2 27.3
Net Profit EUR mil 19.4 28.4 11.3
Dividends EUR mil 37.4 15.7 ...
Balance Sheet 2015 2016 2017
Total Assets EUR mil 680 667 683
Non-Current Assets EUR mil 441 437 435
Current Assets EUR mil 238 230 248
Working Capital EUR mil 109 99.7 112
Shareholders' Equity EUR mil 365 349 354
Liabilities EUR mil 315 318 329
Total Debt EUR mil 132 134 114
Net Debt EUR mil 56.5 59.2 52.8
Ratios 2015 2016 2017
ROE % 5.48 7.97 3.22
ROCE % 3.42 5.23 2.09
Gross Margin % 53.5 50.7 50.0
EBITDA Margin % 19.5 19.1 19.9
EBIT Margin % 15.9 15.4 16.3
Net Margin % 7.39 10.9 4.13
Net Debt/EBITDA 1.10 1.19 0.965
Net Debt/Equity % 15.5 17.0 14.9
Cost of Financing % 7.02 0.724 2.07
Valuation 2015 2016 2017
Market Capitalisation USD mil 407 455 722
Enterprise Value (EV) USD mil 469 518 785
Number Of Shares mil 202 200 201
Share Price EUR 1.85 2.15 3.00
EV/EBITDA 8.00 9.68 12.8
EV/Sales 1.56 1.85 2.55
Price/Earnings (P/E) 19.3 15.2 53.2
Price/Book Value (P/BV) 1.03 1.24 1.70
Dividend Yield % 10.0 3.65 ...

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summary Unit 2010 2011 2012 2013 2014 2015 2016 2017
income statement                
Sales EUR mil   295 292 341 293 263    
Gross Profit EUR mil   139 143 174 154 141    
EBIT EUR mil   52.6 41.9 74.4 55.4 41.7    
Net Profit EUR mil   17.3 26.1 8.89 35.8 19.4    
ROE %   22.7 26.8 4.11 10.8 5.48    
EBIT Margin %   17.8 14.3 21.9 18.9 15.9    
Net Margin %   5.85 8.92 2.61 12.2 7.39    
Employees ... ... 898 962 923 875    
balance sheet                
Total Assets EUR mil   670 755 770 729 680    
Non-Current Assets EUR mil   448 450 445 437 441    
Current Assets EUR mil   223 305 325 292 238    
Shareholders' Equity EUR mil   81.0 114 318 344 365    
Liabilities EUR mil   589 641 452 385 315    
Non-Current Liabilities EUR mil   451 490 209 198 180    
Current Liabilities EUR mil   139 151 243 187 135    
Net Debt/EBITDA   1.55 0.484 0.475 1.16 1.10    
Net Debt/Equity %   122 21.9 12.5 22.4 15.5    
Cost of Financing % ... 31.9 35.5 33.8 2.80 7.02    
cash flow                
Total Cash From Operations EUR mil   16.0 39.0 115 -16.9 48.5    
Total Cash From Investing EUR mil   -7.00 38.0 -15.5 -7.60 -7.78    
Total Cash From Financing EUR mil   -18.0 -4.00 -106 -21.1 -49.9    
Net Change In Cash EUR mil   -9.00 73.0 -6.22 -45.6 -9.22    
valuation                
Market Capitalisation USD mil ... ... ... 895 759 407    
Number Of Shares mil ... ... ... 183 204 202    
Share Price EUR ... ... ... 3.54 3.08 1.85    
Earnings Per Share (EPS) EUR ... ... ... 0.048 0.176 0.096    
Book Value Per Share EUR ... ... ... 1.73 1.69 1.81    
Dividend Per Share EUR ... ... ... 0 0.037 0.185   ...
Price/Earnings (P/E) ... ... ... 73.0 17.5 19.3    
Price/Book Value (P/BV) ... ... ... 2.04 1.83 1.03    
Dividend Yield % ... ... ... 0 1.20 10.0   ...
Earnings Per Share Growth % ... ... ... ... 263 -45.4    
Book Value Per Share Growth % ... ... ... ... -2.76 7.08    
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017
income statement                
Sales EUR mil   295 292 341 293 263    
Cost of Goods & Services EUR mil   157 149 167 139 122    
Gross Profit EUR mil   139 143 174 154 141    
Staff Cost EUR mil ... ... 33.5 47.5 33.0 34.7    
Other Cost EUR mil ... ... 58.2 42.4 54.6 54.8    
EBITDA EUR mil   63.8 51.6 83.7 66.4 51.1    
Depreciation EUR mil   11.1 9.69 9.25 11.0 9.42    
EBIT EUR mil   52.6 41.9 74.4 55.4 41.7    
Financing Cost EUR mil   54.7 58.2 56.4 4.61 10.3    
Extraordinary Cost EUR mil   -23.6 -45.3 26.7 1.72 0    
Pre-Tax Profit EUR mil   21.5 28.9 -8.68 49.0 31.5    
Tax EUR mil   4.24 2.85 -17.6 13.2 12.0    
Minorities EUR mil   0 0 0 0 0    
Net Profit EUR mil   17.3 26.1 8.89 35.8 19.4    
Dividends EUR mil ... ... 0 0 7.51 37.4   ...
growth rates                
Total Revenue Growth % ... -2.27 -0.903 16.4 -14.1 -10.3    
Operating Cost Growth % ... ... ... -2.04 -2.60 2.23    
EBITDA Growth % ... 4.29 -19.1 62.1 -20.7 -23.0    
EBIT Growth % ... -0.401 -20.4 77.5 -25.6 -24.7    
Pre-Tax Profit Growth % ... 203 34.5 -130 -665 -35.9    
Net Profit Growth % ... 860 51.1 -65.9 303 -45.8    
ratios                
ROE %   22.7 26.8 4.11 10.8 5.48    
ROCE % ... 2.95 4.62 1.58 6.23 3.42    
Gross Margin %   46.9 49.0 51.0 52.6 53.5    
EBITDA Margin %   21.6 17.6 24.6 22.7 19.5    
EBIT Margin %   17.8 14.3 21.9 18.9 15.9    
Net Margin %   5.85 8.92 2.61 12.2 7.39    
Payout Ratio % ... ... 0 0 21.0 193   ...
Cost of Financing % ... 31.9 35.5 33.8 2.80 7.02    
Net Debt/EBITDA   1.55 0.484 0.475 1.16 1.10    
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                
Non-Current Assets EUR mil   448 450 445 437 441    
Property, Plant & Equipment EUR mil   58.0 58.0 66.4 62.2 59.6    
Intangible Assets EUR mil   375 373 352 349 359    
Goodwill EUR mil ... ... 60.3 60.4 60.4 60.4    
Current Assets EUR mil   223 305 325 292 238    
Inventories EUR mil   27.0 31.0 26.9 27.4 27.7    
Receivables EUR mil   116 115 167 176 131    
Cash & Cash Equivalents EUR mil   65.0 139 130 82.9 75.8    
Total Assets EUR mil   670 755 770 729 680    
Shareholders' Equity EUR mil   81.0 114 318 344 365    
Of Which Minority Interest EUR mil   0 0 0 0 0    
Liabilities EUR mil   589 641 452 385 315    
Non-Current Liabilities EUR mil   451 490 209 198 180    
Long-Term Debt EUR mil   156 156 163 153 132    
Deferred Tax Liabilities EUR mil ... ... 62.7 44.4 44.1 45.8    
Current Liabilities EUR mil   139 151 243 187 135    
Short-Term Debt EUR mil   8.00 8.00 6.06 7.03 0    
Trade Payables EUR mil   24.0 33.0 74.0 53.7 49.6    
Provisions EUR mil ... ... 5.40 4.66 2.93 1.03    
Equity And Liabilities EUR mil   670 755 770 729 680    
growth rates                
Total Asset Growth % ... -7.84 12.7 1.99 -5.35 -6.77    
Shareholders' Equity Growth % ... 14.1 40.7 179 7.92 6.22    
Net Debt Growth % ... -5.71 -74.7 58.9 93.6 -26.6    
Total Debt Growth % ... -8.38 0 3.25 -5.62 -17.2    
ratios                
Total Debt EUR mil   164 164 169 160 132    
Net Debt EUR mil   99.0 25.0 39.7 76.9 56.5    
Working Capital EUR mil   119 113 120 150 109    
Capital Employed EUR mil   567 563 565 587 550    
Net Debt/Equity %   122 21.9 12.5 22.4 15.5    
Cost of Financing % ... 31.9 35.5 33.8 2.80 7.02    
cash flow Unit 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                
Net Profit EUR mil   17.3 26.1 8.89 35.8 19.4    
Depreciation EUR mil   11.1 9.69 9.25 11.0 9.42    
Non-Cash Items EUR mil ... -35.4 -2.79 104 -33.4 -21.0    
Change in Working Capital EUR mil ... 23.0 6.00 -6.70 -30.3 40.7    
Total Cash From Operations EUR mil   16.0 39.0 115 -16.9 48.5    
Capital Expenditures EUR mil   -5.00 -10.0 -20.9 -8.29 -8.64    
Other Investments EUR mil   -2.00 48.0 5.37 0.685 0.863    
Total Cash From Investing EUR mil   -7.00 38.0 -15.5 -7.60 -7.78    
Dividends Paid EUR mil ... ... ... 0 0 -7.51    
Issuance Of Shares EUR mil ... ... ... ... ... -0.713    
Issuance Of Debt EUR mil ... -15.0 0 5.33 -9.52 -27.5    
Total Cash From Financing EUR mil   -18.0 -4.00 -106 -21.1 -49.9    
Net Change In Cash EUR mil   -9.00 73.0 -6.22 -45.6 -9.22    
ratios                
Days Sales Outstanding days   143 144 179 220 182    
Days Sales Of Inventory days   62.9 75.9 58.9 72.1 82.9    
Days Payable Outstanding days   55.9 80.8 162 141 148    
Cash Conversion Cycle days   150 139 75.8 151 117    
Cash Earnings EUR mil   28.4 35.8 18.1 46.8 28.8    
Cash Earnings Per Share EUR ... ... ... 0.099 0.230 0.143    
Price/Cash Earnings (P/CE) ... ... ... 35.8 13.4 13.0    
Free Cash Flow EUR mil   9.00 77.0 100.0 -24.5 40.7    
Free Cash Flow Yield % ... ... ... 14.8 -4.16 11.5    
other data Unit 2010 2011 2012 2013 2014 2015 2016 2017
other data                
ROA %   2.47 3.66 1.17 4.78 2.76    
Gross Margin %   46.9 49.0 51.0 52.6 53.5    
Employees ... ... 898 962 923 875    
Cost Per Employee USD per month ... ... 3,995 5,465 3,840 3,787    
Cost Per Employee (Local Currency) EUR per month ... ... 3,112 4,117 2,979 3,303    
Staff Cost (As % Of Total Cost) % ... ... 13.4 17.9 13.9 15.7    
Effective Tax Rate %   19.7 9.85 202 26.9 38.3    
Enterprise Value (EV) USD mil ... ... ... 949 853 469    
EV/EBITDA ... ... ... 8.55 9.97 8.00    
EV/Capital Employed ... ... ... 1.22 1.20 0.782    
EV/Sales ... ... ... 2.10 2.26 1.56    
EV/EBIT ... ... ... 9.61 11.9 9.80    
Capital Expenditures (As % of Sales) %   1.69 3.42 6.13 2.83 3.29    

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SSG's Capital Expenditures fell 76.4% to EUR 1.38 mil in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group invested total of EUR 1.38 mil in 2017, down 76.4% when compared to the previous year. Historically, company's investments reached an all time high of EUR 20.9 mil in 2013 and an all time low of EUR 1.38 mil in 2017. When compared to...

SSG's Cash & Cash Equivalents fell 18.2% to EUR 61.3 mil in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group's total assets reached EUR 683 mil at the end of 2017, up 8.14% when compared to the previous year. Current assets amounted to EUR 248 mil, or 36.4% of total assets while cash reached EUR 61.3 mil at the end of 2017. On the other hand, total debt reache...

SSG's ROCE fell 60.0% to 2.09% in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group made a net profit of EUR 11.3 mil in 2017, down 60.2% when compared to the previous year. Historically, company's net profit reached an all time high of EUR 35.8 mil in 2014 and an all time low of EUR 8.89 mil in 2013. This implies return on eq...

SSG's Net Margin fell 62.1% to 4.13% in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group made a net profit of CZK EUR 11.3 mil under revenues of EUR 275 mil in 2017, down 60.2% and 5.22%, respectively, when compared to the last year. This translates into a net margin of 4.13%. Historically, the firm’s net margin reached an all tim...

SSG's Net Debt/EBITDA fell 18.8% to 0.965 in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group's net debt reached EUR 52.8 mil and accounted for 14.9% of equity at the end of 2017. The ratio is down 12.4% when compared to the previous year. Historically, the firm’s net debt to equity reached an all time high of 148% in 2010 and an all t...

SSG's Total Cash From Operations fell 13.7% to EUR 46.7 mil in 2017

By Helgi Analytics - November 05, 2019

Stock Spirits Group's operating cash flow reached EUR 46.7 mil in 2017, down 13.7% when compared to the previous year. Historically, the firm’s operating cash flow reached an all time high of EUR 115 mil in 2013 and an all time low of EUR -16.9 mil in 2014. ...

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Stock Spirits Group Plc is a UK-based company which produces and markets a range of established and drinks brands. The Group was created in 2007 with the backing of Oaktree Capital Management and focuses primarrily on the territories in the Central Europe and the USA. The Company's brands include Stock 84 brandy, Fernet Stock bitter, Keglevich and Wodka Zoladkowa. The Company operates two main production and bottling sites in Lublin, Poland and in Plzen, Czech Republic and a small production unit in Drietoma, Slovakia. The Company also operates a small distillery in Pradlo, Czech Republic, and has an ethanol distillery plant in Rostock, Germany