Chapel Down Group plc

AQSE Growth Market -
Chapel Down is England’s leading winemaker. We are changing the way the World thinks about English wine forever. We produce truly world-class sparkling and still wines and spirits from grapes grown in the excellent terroir of South East of England.

We currently own, lease and source from 750 acres of vineyards in South East England. We have our own freehold winery in Tenterden, Kent and in 2021 we welcomed an estimated 55,000 visitors.

Chapel Down is the best known brand of English wine. We are members of the exclusive Walpole Group of luxury brands, we are an official “CoolBrand”, official wine partners to the Oxford and Cambridge Boat Races, the London Symphony Orchestra, the Royal Opera House and the Donmar Warehouse theatre, plus Ascot racecourse.

We sell our multi award-winning drinks direct to consumers through our fast growing e-commerce business and to leading retail partners, including Waitrose, M&S, Sainsbury’s, Tesco, Majestic, Selfridges and Harrods, as well as leading bars, restaurants and hotels in the UK and internationally. We export to the USA, Europe, Japan, China, Australia and a growing number of other markets. We also sell direct to consumers through the unique customer experience at our winery in Tenterden.

The highly regarded management team, led by new CEO Andrew Carter, have extensive premium drinks experience at Treasury Wine Estates, Bacardi, Chase Distillery, LVMH amongst others, and have the support of a hugely talented Board led by Martin Glenn. Aside from well-known institutional investors, significant shareholders in Chapel Down include Michael Spencer and Nigel Wray.
Symbol Ccy Code Bid Ask Share Price (Mid) Previous Close Volume Last Traded
CDGP GBX 22 22.6 22.3 22.3 155202 28.06.22

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Key Information

  
Market Cap: £35,513,616
ISIN:GB0032706284
Par:5
Inst Type:Ordinaries
Symbol:CDGP
MIFID Status:MTF
Tradable securities in issue:159,253,885
Sector:Beverages
% daily price change:0.00%

Latest Trades

Date & Time Volume Price
28.06.22  |  16:30:033265022.44
28.06.22  |  16:29:463265022.44
28.06.22  |  16:18:391000022.15
28.06.22  |  15:47:1460622.2
28.06.22  |  15:33:35200022.25
28.06.22  |  15:20:124000022.25
28.06.22  |  15:10:02200022.3
28.06.22  |  14:18:41450022.75
28.06.22  |  12:41:4565722.8
28.06.22  |  12:25:11200022.8

Financial Information

Performance

Earnings per share of -5.51p for 12/2020 has declined from -0.65p in 12/2018 or 748% over the period. Looking at this trend over the last 3 reported periods earnings are showing a decline.

Earnings per share   % growth (1)
   
 12/2018345%
 12/201991%
   
Average over 3 periods+192%
Strength in EPS trend ±
Low
High

(1) % growth is year on year % change in EPS.

Basic earnings per share are earnings from continuing and discontinued operations that are attributable to current equity holders.

Business Insight

Costs to Revenues ratio of 0.45 in 12/2020 has declined from 0.44 in 12/2018. Operating costs over the period have increased at a faster pace than the Revenues have increased.

Cost to Revenue ratio (2)   Multiple to Revenue
   
 12/20170.4x
 12/20180.6x
 12/20190.4x
   
Average multiple over 3 periods+0.5x
Strength of cost to revenue relationship ±
Low
High

(2) Costs include selling and admin, depreciation, amortisation and other operating costs.

Valuation

Financial Metric
Price multiple to metric
Relationship strength between metric and share price ±
  
EBITDA-1727.2x
EBIT-70x
NI-11.9x
FCF-41x
DPS-
Assets2.3x
CE2.8x

The Relationship Strength is statistical measure of how close the data is to a line of best-fit line between share price and the metric shown. It is scaled between zero (no relationship) and 5 (strong relationship).

In this case Net Income has the strongest relationship to share price, with the company's Market Capital value at -11.9x Net Income.

+ In cases of change in accounting period length, the average is for the last 3 periods. In all cases, it is dependent on published available data and may be for periods shorter than 3 years

± The ‘Strength’ bar shows the strength of the statistical linear relationship of the metrics shown in the chart over the last three periods of data.

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All data provided by Fregnan.

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All data provided by Fregnan.

Last results date:     31.12.20
Enterprise Value £102.30m
EV/EBITDA (1,862.12)
EV/EBIT (75.48)
   
PE Ratio (11.81)
PEG (55.76)%
Dividend Yield -
Free Cash Yield (2.46)%

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All data provided by Fregnan.

31.12.18
(£'000)
31.12.19
(£'000)
31.12.20
(£'000)
Income Statement      
Revenue 12,86316,11215,559
Operating Income (EBIT) (830)(2,838)(1,355)
Net Income (914)(4,127)(7,960)
       
Balance Sheet      
Cash 12,8302,4734,861
Total Debt 3,5707,80012,271
Total Liabilities 7,74512,88517,451
Total Equity 35,01731,36323,512
       
Operating Margin (6.45)%(17.61)%(8.71)%
EPS - Basic (0.65)p(2.89)p(5.51)p
EPS - Growth (651.25)%345.08%91.12%
Dividend Per Share ---
Average Shares Outstanding 140.93m143.04m144.35m
       
ROA (2.22%)(9.49%)(18.68%)
ROCE (2.33%)(8.50%)(4.13%)
ROE (2.65%)(12.43%)(29.01%)

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All data provided by Fregnan.

31.12.18
(£'000)
31.12.19
(£'000)
31.12.20
(£'000)
Revenue 12,86316,11215,559
Cost of Revenue 8,0669,7539,959
Depreciation & Amortisation 6211,5631,300
Gross Profit 4,1764,7964,300
Other Operating Expenses 5,0067,6345,656
Operating Income (EBIT) (830)(2,838)(1,355)
Net Interest Expense 32219378
Unusual Expense (incl. Exceptionals) -1,2476,677
Non-Operating Expense 1119551
Profit (pre-tax) (850)(4,285)(7,860)
Taxation (63)158(99)
Other Expenses and Minortity Interest ---
Net Income (914)(4,127)(7,960)

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All data provided by Fregnan.

31.12.18
(£'000)
31.12.19
(£'000)
31.12.20
(£'000)
Cash from Operations (3,136)(2,863)(923)
Cash from Investing (6,786)(11,935)(1,385)
Cash from Financing 3,0354,4424,695
Other Miscellaneous ---
Net Cash Flow (6,887)(10,356)2,387

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All data provided by Fregnan.

31.12.18
(£'000)
31.12.19
(£'000)
31.12.20
(£'000)
Current Assets 24,12016,56119,877
Non-Current Assets 18,64227,68721,086
Total Assets 42,76244,24840,964
Current Liabilities 7,49612,7566,768
Non-Current Liabilities 24912910,683
Total Liabilities 7,74512,88517,451
Net Assets 35,01731,36323,512
Total Equity 35,01731,36323,512

Click here to download a glossary of terms.

All data provided by Fregnan.

Address

Business Address

Chapel Down Group plc, Chapel Down Group plc, Level 2, Civic Centre, Tannery Lane, Ashford, Kent, TN23 1PL, United Kingdom.

Email: sales@chapeldown.com

Phone: 01580 763033

Registered Address

Tenterden Vineyard Park, Small Hythe, Tenterden, Kent, TN30 7NG, United Kingdom.

Contacts

Corporate Adviser

finnCap Ltd., One Bartholomew, Barts Square , London, United Kingdom.

Email: corporatefinance@finncap.com

Phone: 0207 220 0500

Registrar

Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom.

Email: enquiries@linkgroup.co.uk

Phone: (44) 20 8639 3399

Research


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