Stock Spirits Group

Stock Spirit's P/FCF rose 1,392% yoy to 88.3 in 2019

By Helgi Analytics - April 2, 2020

Stock Spirits Group stock traded at EUR 2.59 per share at the end 2019 translating into a market capitalization of USD 580 mil. ...

Stock Spirit's Capital Expenditures fell 257% yoy to EUR 10.2 mil in 2019

By Helgi Analytics - April 3, 2020

Stock Spirits Group invested a total of EUR 10.2 mil in 2019, up 257% compared to the previous year. Historically, betwe...

Stock Spirit's Net Debt/EBITDA rose 55.2% yoy to 0.815 in 2019

By Helgi Analytics - April 2, 2020

Stock Spirits Group's net debt stood at EUR 42.0 mil and accounted for 11.6% of equity at the end of 2019. The ratio is ...

Profit Statement 2017 2018 2019
Sales EUR mil 275 282 312
Gross Profit EUR mil 137 138 148
EBITDA EUR mil 56.3 59.4 51.5
EBIT EUR mil 45.1 48.7 42.8
Financing Cost EUR mil 1.38 3.40 3.50
Pre-Tax Profit EUR mil 27.3 30.7 38.2
Net Profit EUR mil 11.3 13.6 28.3
Dividends EUR mil 40.0 17.0 17.9
Balance Sheet 2017 2018 2019
Total Assets EUR mil 683 628 673
Non-Current Assets EUR mil 435 427 452
Current Assets EUR mil 248 201 221
Working Capital EUR mil 112 77.9 75.6
Shareholders' Equity EUR mil 354 352 361
Liabilities EUR mil 329 276 312
Total Debt EUR mil 117 81.3 105
Net Debt EUR mil 55.4 31.2 42.0
Ratios 2017 2018 2019
ROE % 3.22 3.86 7.94
ROCE % 2.04 2.59 5.49
Gross Margin % 50.0 48.9 47.3
EBITDA Margin % 20.5 21.0 16.5
EBIT Margin % 16.4 17.2 13.7
Net Margin % 4.13 4.83 9.06
Net Debt/EBITDA 0.984 0.525 0.815
Net Debt/Equity % 15.6 8.86 11.6
Cost of Financing % 1.10 3.43 3.75
Valuation 2017 2018 2019
Market Capitalisation USD mil 723 510 580
Enterprise Value (EV) USD mil 790 546 627
Number Of Shares mil 201 200 200
Share Price EUR 3.00 2.23 2.59
EV/EBITDA 12.5 7.85 10.4
EV/Sales 2.56 1.65 1.71
Price/Earnings (P/E) 53.2 32.6 18.3
Price/Book Value (P/BV) 1.70 1.26 1.43
Dividend Yield % 6.73 3.84 3.47

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overview Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                    
Sales EUR mil       341 293 263 261 275    
Gross Profit EUR mil       174 154 141 132 137    
EBIT EUR mil       47.7 53.6 41.7 40.1 45.1    
Net Profit EUR mil       8.89 35.8 19.4 28.4 11.3    
                       
ROE % ...     4.11 10.8 5.48 7.97 3.22    
EBIT Margin %       14.0 18.3 15.9 15.4 16.4    
Net Margin %       2.61 12.2 7.39 10.9 4.13    
Employees       962 923 875 876 980    
balance sheet                    
Total Assets EUR mil       770 729 680 667 683    
Non-Current Assets EUR mil       445 437 441 437 435    
Current Assets EUR mil       325 292 238 230 248    
                       
Shareholders' Equity EUR mil       318 344 365 349 354    
Liabilities EUR mil       452 385 315 318 329    
Non-Current Liabilities EUR mil       209 198 180 181 166    
Current Liabilities EUR mil       243 187 135 137 163    
                       
Net Debt/EBITDA       0.702 1.20 1.08 1.16 0.984    
Net Debt/Equity %       12.6 22.5 15.6 17.1 15.6    
Cost of Financing % ...     18.3 4.80 3.81 1.33 1.10    
cash flow                    
Total Cash From Operations EUR mil       102 -27.3 41.7 51.7 44.2    
Total Cash From Investing EUR mil       -16.7 -8.29 -8.16 -12.6 -20.0    
Total Cash From Financing EUR mil       -91.5 -9.97 -42.8 -34.7 -36.0    
Net Change In Cash EUR mil       -9.11 -46.7 -7.11 -0.850 -13.6    
valuation                    
Market Capitalisation USD mil ... ... ... 892 759 406 453 723    
Enterprise Value (EV) USD mil ... ... ... 947 853 468 516 790    
Number Of Shares mil ... ... ... 183 204 202 200 201    
Share Price EUR ... ... ... 3.54 3.08 1.85 2.15 3.00    
Price/Earnings (P/E) ... ... ... 73.0 17.5 19.3 15.2 53.2    
Price/Cash Earnings (P/CE) ... ... ... 39.5 14.0 13.0 11.3 28.4    
EV/EBITDA ... ... ... 12.5 10.2 7.75 9.37 12.5    
Price/Book Value (P/BV) ... ... ... 2.04 1.83 1.03 1.24 1.70    
Dividend Yield % ... ... ... 0 1.20 3.13 9.13 6.73    
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                    
Sales EUR mil       341 293 263 261 275    
Cost of Goods & Services EUR mil       167 139 122 129 137    
Gross Profit EUR mil       174 154 141 132 137    
Selling, General & Admin EUR mil       111 99.2 63.0 ... ...    
Research & Development EUR mil       0 0 0 0 0 ... ...
Other Operating Expense EUR mil       15.1 1.11 35.9 30.8 31.3    
Staff Cost EUR mil       38.6 33.5 33.9 34.8 39.9    
Other Operating Cost (Income) EUR mil       0 0 0 0 0    
EBITDA EUR mil       56.9 64.6 52.7 51.4 56.3    
Depreciation EUR mil       7.56 9.06 9.42 9.74 9.89    
EBIT EUR mil       47.7 53.6 41.7 40.1 45.1    
Net Financing Cost EUR mil       29.4 7.23 5.21 1.56 0.703    
Financing Cost EUR mil       30.6 7.92 5.59 1.78 1.38    
Financing Income EUR mil       1.17 0.685 0.380 0.220 0.681    
FX (Gain) Loss EUR mil       -0.419 -5.50 -0.729 -1.48 0.084    
(Income) / Loss from Affiliates EUR mil       0 0 0 0 0.331    
Extraordinary Cost EUR mil       0 0 0 0 0    
Pre-Tax Profit EUR mil       -8.68 49.0 31.5 39.2 27.3    
Tax EUR mil       -17.6 13.2 12.0 10.7 16.0    
Minorities EUR mil       0 0 0 0 0    
Net Profit EUR mil       8.89 35.8 19.4 28.4 11.3    
Net Profit Avail. to Common EUR mil       8.89 35.8 19.4 28.4 11.3    
Dividends EUR mil ... ... ... 0 7.39 11.6 39.2 40.0    
growth rates                    
Total Revenue Growth % ...     16.4 -14.1 -10.3 -0.638 5.22    
Operating Cost Growth % ...     117 -20.3 -1.33 -6.89 -0.031    
Staff Cost Growth % ...     22.2 -13.3 1.25 2.76 14.4    
EBITDA Growth % ...     -49.7 13.5 -18.5 -2.56 9.67    
EBIT Growth % ...     -44.2 12.5 -22.3 -3.76 12.4    
Pre-Tax Profit Growth % ...     -130 -665 -35.9 24.5 -30.3    
Net Profit Growth % ...     -66.0 303 -45.8 46.4 -60.2    
ratios                    
ROE % ...     4.11 10.8 5.48 7.97 3.22    
ROA % ...     1.17 4.78 2.76 4.22 1.68    
ROCE % ...     1.57 6.08 3.29 5.04 2.04    
Gross Margin %       51.0 52.6 53.5 50.7 50.0    
EBITDA Margin %       16.7 22.1 20.1 19.7 20.5    
EBIT Margin %       14.0 18.3 15.9 15.4 16.4    
Net Margin %       2.61 12.2 7.39 10.9 4.13    
Payout Ratio % ... ... ... 0 20.6 59.7 138 353    
Cost of Financing % ...     18.3 4.80 3.81 1.33 1.10    
Net Debt/EBITDA       0.702 1.20 1.08 1.16 0.984    
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                    
Cash & Cash Equivalents EUR mil       130 82.9 75.8 75.0 61.3    
Receivables EUR mil       132 170 122 123 163    
Inventories EUR mil       26.9 27.4 27.7 21.7 23.1    
Other ST Assets EUR mil       36.2 12.3 13.3 10.3 0.715    
Current Assets EUR mil       325 292 238 230 248    
Property, Plant & Equipment EUR mil       66.4 62.2 59.6 55.7 50.9    
LT Investments & Receivables EUR mil       0 0 0 0 0    
Intangible Assets EUR mil       352 349 359 364 358    
Goodwill EUR mil       60.4 60.4 60.4 60.8 45.9    
Non-Current Assets EUR mil       445 437 441 437 435    
Total Assets EUR mil       770 729 680 667 683    
                       
Trade Payables EUR mil       37.1 21.1 22.7 20.6 73.9    
Short-Term Debt EUR mil       6.06 7.25 0.212 0.207 0.131    
Other ST Liabilities EUR mil       154 114 72.5 0.534 1.20    
Current Liabilities EUR mil       243 187 135 137 163    
Long-Term Debt EUR mil       164 153 133 134 117    
Other LT Liabilities EUR mil       45.5 45.5 47.5 46.9 49.0    
Non-Current Liabilities EUR mil       209 198 180 181 166    
Liabilities EUR mil       452 385 315 318 329    
Preferred Equity and Hybrid Capital EUR mil       0 0 0 0 0    
Share Capital EUR mil       207 207 207 207 207    
Treasury Stock EUR mil       0 0 0.635 0.356 0.306    
Equity Before Minority Interest EUR mil       318 344 365 349 354    
Minority Interest EUR mil       0 0 0 0 0    
Equity EUR mil       318 344 365 349 354    
growth rates                    
Total Asset Growth % ...     1.96 -5.35 -6.77 -1.85 2.37    
Shareholders' Equity Growth % ...     179 7.92 6.22 -4.46 1.64    
Net Debt Growth % ...     54.9 93.4 -26.3 4.49 -6.88    
Total Debt Growth % ...     3.07 -5.53 -17.1 1.29 -13.2    
ratios                    
Total Debt EUR mil       170 160 133 134 117    
Net Debt EUR mil       39.9 77.3 57.0 59.5 55.4    
Working Capital EUR mil       122 176 127 124 112    
Capital Employed EUR mil       567 613 568 561 547    
Net Debt/Equity %       12.6 22.5 15.6 17.1 15.6    
Current Ratio       1.34 1.56 1.77 1.68 1.52    
Quick Ratio       1.08 1.35 1.47 1.44 1.38    
cash flow Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                    
Net Profit EUR mil       8.89 35.8 19.4 28.4 11.3    
Depreciation EUR mil       7.56 9.06 9.42 9.74 9.89    
Non-Cash Items EUR mil       21.2 -6.19 10.9 2.46 27.6    
Change in Working Capital EUR mil       62.6 -68.0 0.430 9.60 -5.96    
Total Cash From Operations EUR mil       102 -27.3 41.7 51.7 44.2    
                       
Capital Expenditures EUR mil       -20.9 -8.29 -8.64 -12.6 -5.09    
Net Change in LT Investment EUR mil       0 0 0 0 0    
Net Cash From Acquisitions EUR mil       0 0 0 0 -15.0    
Other Investing Activities EUR mil       4.20 0 0.483 0 0.098    
Total Cash From Investing EUR mil       -16.7 -8.29 -8.16 -12.6 -20.0    
                       
Dividends Paid EUR mil       0 -2.51 -7.51 -37.4 -15.7    
Issuance Of Shares EUR mil       57.8 0 -0.713 0 -0.116    
Issuance Of Debt EUR mil       -149 -7.46 -34.3 2.71 -20.1    
Other Financing Activities EUR mil       -0.055 0 -0.300 0 0    
Total Cash From Financing EUR mil       -91.5 -9.97 -42.8 -34.7 -36.0    
                       
Effect of FX Rates EUR mil       -2.89 -1.10 2.11 -5.29 -1.85    
Net Change In Cash EUR mil       -9.11 -46.7 -7.11 -0.850 -13.6    
ratios                    
Days Sales Outstanding days       142 211 169 172 217    
Days Sales Of Inventory days       58.9 72.1 82.9 61.4 61.4    
Days Payable Outstanding days       81.2 55.6 67.9 58.4 196    
Cash Conversion Cycle days       120 228 184 175 81.9    
Cash Earnings EUR mil       16.5 44.9 28.8 38.2 21.2    
Free Cash Flow EUR mil       85.3 -35.6 33.6 39.2 24.2    
Capital Expenditures (As % of Sales) %       6.13 2.83 3.29 4.81 1.85    
other ratios Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                     
Employees       962 923 875 876 980    
Cost Per Employee USD per month       4,443 3,897 3,701 3,553 3,806    
Cost Per Employee (Local Currency) EUR per month       3,347 3,023 3,229 3,314 3,390    
Operating Cost (As % of Sales) %       37.0 34.3 37.7 35.3 33.5    
Research & Development (As % of Sales) %       0 0 0 0 0 ... ...
Staff Cost (As % of Sales) %       11.3 11.4 12.9 13.3 14.5    
Effective Tax Rate %       202 26.9 38.3 27.4 58.5    
Total Revenue Growth (5-year average) % ... ... ... ... ... -2.75 -2.43 -1.25    
valuation Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                     
Market Capitalisation USD mil ... ... ... 892 759 406 453 723    
Enterprise Value (EV) USD mil ... ... ... 947 853 468 516 790    
Number Of Shares mil ... ... ... 183 204 202 200 201    
Share Price EUR ... ... ... 3.54 3.08 1.85 2.15 3.00    
EV/EBITDA ... ... ... 12.5 10.2 7.75 9.37 12.5    
Price/Earnings (P/E) ... ... ... 73.0 17.5 19.3 15.2 53.2    
Price/Cash Earnings (P/CE) ... ... ... 39.5 14.0 13.0 11.3 28.4    
P/FCF ... ... ... 7.61 -17.6 11.1 11.0 24.9    
Price/Book Value (P/BV) ... ... ... 2.04 1.83 1.03 1.24 1.70    
Dividend Yield % ... ... ... 0 1.20 3.13 9.13 6.73    
Free Cash Flow Yield % ... ... ... 12.7 -6.05 9.48 9.26 3.76    
Earnings Per Share (EPS) EUR ... ... ... 0.048 0.176 0.096 0.142 0.056    
Cash Earnings Per Share EUR ... ... ... 0.090 0.220 0.143 0.191 0.106    
Free Cash Flow Per Share EUR ... ... ... 0.465 -0.175 0.166 0.195 0.121    
Book Value Per Share EUR ... ... ... 1.73 1.69 1.81 1.74 1.76    
Dividend Per Share EUR ... ... ... 0 0.037 0.058 0.196 0.202    
EV/Sales ... ... ... 2.09 2.26 1.55 1.84 2.56    
EV/EBIT ... ... ... 15.0 12.3 9.79 12.0 15.6    
EV/Free Cash Flow ... ... ... 8.36 -18.6 12.2 12.3 29.1    
EV/Capital Employed ... ... ... 1.21 1.15 0.759 0.874 1.20    
Earnings Per Share Growth % ... ... ... ... 263 -45.4 47.6 -60.2    
Cash Earnings Per Share Growth % ... ... ... ... 146 -35.2 33.4 -44.5    
Book Value Per Share Growth % ... ... ... ... -2.76 7.08 -3.70 1.45    

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Stock Spirit's Cash & Cash Equivalents rose 26.5% yoy to EUR 63.4 mil in 2019

By Helgi Analytics - April 2, 2020

Stock Spirits Group's total assets reached EUR 673 mil at the end of 2019, up 7.25% compared to the previous year. Current assets amounted to EUR 221 mil, or 32.8% of total assets while cash stood at EUR 63.4 mil at the end of 2019. By contrast, tot...

Stock Spirit's P/FCF rose 654% yoy to 87.6 in 3Q2019

By Helgi Analytics - April 2, 2020

Stock Spirits Group stock traded at EUR 2.59 per share at the end 3Q2019 translating into a market capitalization of USD 564 mil. Since the end of 3Q2014, the stock has depreciated by 18.9% representing an annual average growth of -4.10%. At the end of 3...

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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