Chapel Down Group plc
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 | 26 | 26.2 | 26.1 | 26.1 | 23011 | 24.06.22 |
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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)
12/2018 345% 12/2019 91% Average over 3 periods+ 192%
LowHigh
(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.
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) | |
|---|---|---|
| 12/2018 | 345% | |
| 12/2019 | 91% | |
| Average over 3 periods+ | 192% | |
(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
12/2017 0.4x 12/2018 0.6x 12/2019 0.4x Average multiple over 3 periods+ 0.5x
LowHigh
(2) Costs include selling and admin, depreciation, amortisation and other operating costs.
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 | |
|---|---|---|
| 12/2017 | 0.4x | |
| 12/2018 | 0.6x | |
| 12/2019 | 0.4x | |
| Average multiple over 3 periods+ | 0.5x | |
(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 - Assets 2.3x CE 2.8x
| Financial Metric | ||
|---|---|---|
| EBITDA | -1727.2x | |
| EBIT | -70x | |
| NI | -11.9x | |
| FCF | -41x | |
| DPS | - | |
| Assets | 2.3x | |
| CE | 2.8x | |
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.
| 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 | 12,863 | 16,112 | 15,559 |
| Operating Income (EBIT) | (830) | (2,838) | (1,355) |
| Net Income | (914) | (4,127) | (7,960) |
| Balance Sheet | |||
| Cash | 12,830 | 2,473 | 4,861 |
| Total Debt | 3,570 | 7,800 | 12,271 |
| Total Liabilities | 7,745 | 12,885 | 17,451 |
| Total Equity | 35,017 | 31,363 | 23,512 |
| 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 | 140.93m | 143.04m | 144.35m |
| ROA | (2.22%) | (9.49%) | (18.68%) |
| ROCE | (2.33%) | (8.50%) | (4.13%) |
| ROE | (2.65%) | (12.43%) | (29.01%) |
Click here to download a glossary of terms.
All data provided by Fregnan.
| 31.12.18 (£'000) |
31.12.19 (£'000) |
31.12.20 (£'000) |
|
|---|---|---|---|
| Revenue | 12,863 | 16,112 | 15,559 |
| Cost of Revenue | 8,066 | 9,753 | 9,959 |
| Depreciation & Amortisation | 621 | 1,563 | 1,300 |
| Gross Profit | 4,176 | 4,796 | 4,300 |
| Other Operating Expenses | 5,006 | 7,634 | 5,656 |
| Operating Income (EBIT) | (830) | (2,838) | (1,355) |
| Net Interest Expense | 32 | 219 | 378 |
| Unusual Expense (incl. Exceptionals) | - | 1,247 | 6,677 |
| Non-Operating Expense | 11 | 19 | 551 |
| Profit (pre-tax) | (850) | (4,285) | (7,860) |
| Taxation | (63) | 158 | (99) |
| Other Expenses and Minortity Interest | - | - | - |
| Net Income | (914) | (4,127) | (7,960) |
Click here to download a glossary of terms.
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 | 3,035 | 4,442 | 4,695 |
| Other Miscellaneous | - | - | - |
| Net Cash Flow | (6,887) | (10,356) | 2,387 |
Click here to download a glossary of terms.
All data provided by Fregnan.
| 31.12.18 (£'000) |
31.12.19 (£'000) |
31.12.20 (£'000) |
|
|---|---|---|---|
| Current Assets | 24,120 | 16,561 | 19,877 |
| Non-Current Assets | 18,642 | 27,687 | 21,086 |
| Total Assets | 42,762 | 44,248 | 40,964 |
| Current Liabilities | 7,496 | 12,756 | 6,768 |
| Non-Current Liabilities | 249 | 129 | 10,683 |
| Total Liabilities | 7,745 | 12,885 | 17,451 |
| Net Assets | 35,017 | 31,363 | 23,512 |
| Total Equity | 35,017 | 31,363 | 23,512 |
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
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