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Corby Spirit&Wn B NV
(TSX:CSW.B)
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Rating:69Neutral
Price Target:
C$17.00
▲(9.68% Upside)
Action:Downgraded
Date:08/28/26
The score is driven primarily by solid underlying financial performance (good cash conversion and manageable leverage) and supportive valuation (moderate P/E with a high dividend yield). Technicals are mixed with muted near-term momentum, while the earnings call was broadly positive on growth and guidance but flagged cash flow and competitive/macro uncertainties.
Positive Factors
RTD-led revenue growth
Record revenue and strong RTD adoption show Corby is gaining share in a growing beverage segment. RTDs now represent a substantial revenue base, supporting future growth, product mix development and broader consumer relevance.
Negative Factors
Uneven revenue durability
Although FY2026 produced record revenue, the pack also shows a sharp latest-period decline and weaker Q4 domestic case goods. Such volatility makes demand and earnings durability less predictable across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
RTD-led revenue growth
Record revenue and strong RTD adoption show Corby is gaining share in a growing beverage segment. RTDs now represent a substantial revenue base, supporting future growth, product mix development and broader consumer relevance.
Read all positive factors
Corby Spirit&Wn B NV (CSW.B) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$442.07M
Dividend Yield6.32%
Average Volume (3M)5.08K
Price to Earnings (P/E)12.9
Beta (1Y)0.13
Revenue Growth10.09%
EPS Growth21.92%
CountryCA
Employees283
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)1.18
Shares Outstanding4,194,536
10 Day Avg. Volume6,346
30 Day Avg. Volume5,085
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)2.40
Price to Sales (P/S)1.66
P/FCF Ratio13.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.2
Revenue Forecast (FY)C$257.40M
Corby Spirit&Wn B NV Business Overview & Revenue Model
Company Description
Corby Spirit & Wine Ltd. engages in manufacturing, marketing, and importation of spirits and wines. It operates through the following segments: Case Goods and Commissions. The Case Goods segment produces and distributes alcoholic beverages. The Co...
How the Company Makes Money
Corby makes money primarily by selling alcoholic beverage products (spirits and wines) into the Canadian market through provincial liquor boards, retailers, and other approved channels. Its revenue model is centered on (1) brand-led case volume sa...
Corby Spirit&Wn B NV Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presents a largely positive picture: Corby delivered a record fiscal year with double-digit revenue growth, strong RTD volume/mix expansion, outsized earnings and EPS growth, improved leverage, and strategic actions (brand sale, increased ABG ownership, Pernod Ricard renewal). Key negatives include a Q4 revenue softness driven by LCBO order phasing, a year-over-year decline in operating cash flow, commission weakness in represented lines, margin pressure from RTD mix and input costs, and notable market uncertainty (especially around Ontario data availability and the potential return of U.S. products). On balance the operational and financial achievements substantially outweigh the near-term challenges and uncertainties.Positive Updates
Record Full-Year Revenue
Corby delivered record FY2026 revenue of $271.6 million, up 10% reported and 11% organic year-over-year.
Negative Updates
Q4 Reported Revenue Softness and LCBO Order Phasing
Q4 revenue was $71.1 million, down 1% reported and flat organically; domestic case goods declined 3% reported and 2% organic in Q4 due to unfavorable LCBO order phasing (orders pulled into Q3 ahead of ERP upgrades).
Read all updates
Q4-2026 Updates
Positive
Negative
Record Full-Year Revenue
Corby delivered record FY2026 revenue of $271.6 million, up 10% reported and 11% organic year-over-year.
Read all positive updates
Company Guidance
Management guided to continued earnings growth in FY‑27 despite a tougher comparison and uncertainty around a potential return of U.S. imports, saying it will protect margins, keep disciplined investments and accelerate RTD expansion while defending spirits share. They pointed to FY‑26 results to support the outlook: record revenue of $271.6M (+10% reported, +11% organic) with RTDs now ~40% of revenue (RTD volume +18% vs category +7%; ABG volume +14.3% vs category −2.7%), adjusted earnings from operations $53.7M (+12%), adjusted EPS $1.23 (+15%) (reported EPS $1.17, +22%), Q4 revenue $71.1M (−1% reported, flat organic) with Q4 adjusted earnings from operations $11.8M (+3%) and Q4 adjusted EPS $0.26, annual cash from operations $37.1M (Q4 cash $17.7M), net debt $88.4M (net debt/adjusted EBITDA 1.3x, down from 1.4x), FY dividends $0.96 per share (quarterly dividend $0.25, up 4% vs prior quarter), a ~72% dividend payout ratio of operating cash flow, the $39.2M sale of Lamb's, and increased ABG ownership to 95%.Corby Spirit&Wn B NV Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 271.65M | 246.79M | 229.66M | 162.96M | 159.39M |
| Gross Profit | 132.90M | 123.00M | 115.77M | 94.11M | 96.04M |
| EBITDA | 67.72M | 63.26M | 57.11M | 44.95M | 47.11M |
| Net Income | 33.42M | 27.43M | 23.91M | 21.96M | 23.40M |
Balance Sheet | |||||
| Total Assets | 415.23M | 402.81M | 420.48M | 362.60M | 253.51M |
| Cash, Cash Equivalents and Short-Term Investments | 853.00K | 179.00K | 32.00M | 155.01M | 52.46M |
| Total Debt | 105.27M | 110.59M | 140.84M | 101.62M | 3.70M |
| Total Liabilities | 227.27M | 219.48M | 238.88M | 182.61M | 70.31M |
| Stockholders Equity | 187.97M | 183.33M | 181.60M | 180.00M | 183.21M |
Cash Flow | |||||
| Free Cash Flow | 33.90M | 42.33M | 28.24M | 30.71M | -14.18M |
| Operating Cash Flow | 37.10M | 44.77M | 31.52M | 35.43M | 45.52M |
| Investing Cash Flow | 2.95M | 9.16M | -23.74M | -107.00M | -17.72M |
| Financing Cash Flow | -39.38M | -58.40M | -3.13M | 71.57M | -27.80M |
Corby Spirit&Wn B NV Technical Analysis
Neutral
15.50
Price Trends
15.45
Negative
14.86
Positive
14.32
Positive
Market Momentum
-0.03
Positive
40.87
Neutral
8.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSW.B, the sentiment is Neutral. The current price of 15.5 is above the 20-day moving average (MA) of 15.49, above the 50-day MA of 15.45, and above the 200-day MA of 14.32, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 40.87 is Neutral, neither overbought nor oversold. The STOCH value of 8.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CSW.B.
Corby Spirit&Wn B NV Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$442.07M | 12.93 | 17.72% | 6.32% | 10.09% | 21.92% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
43 Neutral | C$15.62M | -4.20 | -14.61% | 6.16% | -9.67% | 90.36% | |
37 Underperform | C$3.63M | -1.53 | 319.36% | ― | -52.31% | 64.37% |
* Consumer Defensive Sector Average
TSE:CSW.B
Corby Spirit&Wn B NV
15.20
2.21
16.97%
TSE:BR
Big Rock Brewery
0.64
-0.41
-38.94%
TSE:DWS
Diamond Estates Wines & Spirits
0.14
-0.02
-15.15%
TSE:RUM
Rocky Mountain Liquor
0.07
-0.02
-24.44%
TSE:BKTS
Beckett's
0.01
-0.01
-50.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.