June 13

US Wine Market: There Is a Gulf of Valuation Expectations Between…

first_imgAdvertisementA new Rabobank report notes the slow pace of M&A deals with smaller wineries to date in 2021, due to a massive difference in valuation expectations between buyers and sellers. Sellers view the recent IPO of Duckhorn – currently trading at ~20 times EBITDA – as the new standard for valuations in general. Buyers use other recent deals in the market, closed at much more muted valuations, as a reference.May 4th – “This gulf in expectations will eventually narrow, and the ongoing recovery of the on-premise will play an important role in providing greater clarity. Some wineries will find that valuations will improve with time, but others may find that prolonging a sale may erode additional value,” according to Stephen Rannekleiv, Global Strategist – Beverages at Rabobank.The Covid crisis and the recent wildfires have increased the number of small, family-owned wineries interested in selling, but there appears to be a significant gap between the expectations of buyers and sellers in terms of valuations. Part of that divergence stems from that fact that, among the high-profile M&A deals that have closed, there appears to have been some fairly dramatic variation in valuations. The IPO of Duckhorn valued the company at 15 times trailing EBITDA, but the stock price rose immediately and, at the time of writing, reflects a valuation of ~20 times EBITDA. On the other hand, the recent sale of Constellation’s brands to E&J Gallo appears to have been closed (by most industry estimates) at well-below ten times EBITDA.“So while the high levels of liquidity in the market may provide some upward pressure on valuations for specific types of deals… 20 times EBITDA is not the normal,  benchmark metric for wine deals getting done. On the other hand, of course, the Constellation-Gallo deal is also not representative of where most valuations will fall,” says Rannekleiv.Given that the decline in sales to on-premise channels has been one major point of disruption in revenues for small wineries, the pace of recovery of this channel will likely play a role in aligning valuation expectations between buyers and some sellers.Robust growth in sales to the on-premise expected in the second half of 2021The good news is that, as we move into the second half of 2021, the recovery of the on-premise is in full swing. There is pent-up demand, consumers are anxious to begin going out and socializing again, and wholesalers indicate that they are seeing sales in many of the bars and restaurants that have completely reopened reaching levels at or above those seen in 2019.Some important challenges, however, remain and will constrain growth. “In addition to the loss of accounts due to permanent closures, many restaurants are paring down wine lists in order to better manage cash and improve operating efficiency,” explains Rannekleiv. “This is likely to favor larger, better-known brands and create more intense competition for placements among smaller wineries,” he says.The pace of recovery of the on-premise will be felt unevenly across restaurant chains vs. independent restaurants, with the former recovering more quickly and gaining share from the latter. The growing share of chains will be more favorable for larger, more well-established brands.The gap in valuation expectations will eventually resolve itselfThe ongoing recovery of the on-premise is good news for the industry and may provide some wineries with the improved profitability needed to align price expectations with potential buyers. Furthermore, those wineries that were able to effectively shift sales away from on-premise channels to e-commerce/direct-to-consumer channels during the pandemic may find themselves relatively well-positioned.Tech deals taking center stage in wine M&ARetailers and tech companies in the food and beverage space are looking to the alcohol category to buoy their e-commerce growth and investing big money to build out their online alcohol infrastructure.“Despite massive growth in 2020, alcohol remains vastly underpenetrated and underpromoted across most major e-commerce channels,” says Bourcard Nesin, Analyst – Beverages at Rabobank. “Alcohol is perhaps the last of the low-hanging fruit in the online food and beverage world, a bright spot in an otherwise challenging moment for e-commerce players,” he explains.What does all this mean for alcohol brands? These investments into the alcohol category all but guarantee that the alcohol category will continue its strong momentum over the next two to three years even as we move beyond the coronavirus pandemic. As retailers and tech companies start building dedicated e-commerce teams for the alcohol category, they will turn to alcohol brands for support, leadership, and guidance.Advertisement Email Share ReddIt Previous articleSosie Wines Announces Grand Opening of New Sonoma Plaza Tasting RoomNext articleEthica Wines CEO Francesco Ganz Launches “Carpe Vinum,” the First-Ever Italian Wine Tourism TV Series in Chinese, Created Especially for the Chinese Market Press Release Facebook Home Industry News Releases US Wine Market: There Is a Gulf of Valuation Expectations Between Buyers…Industry News ReleasesWine BusinessUS Wine Market: There Is a Gulf of Valuation Expectations Between Buyers and SellersBy Press Release – May 4, 2021 417 0 Pinterest Linkedin Twitter TAGSRabobank last_img read more

October 7

JV announced for Qatar

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

September 17

Nordiques Concepts in “Just Another Job”

first_img hockey SportsLogos.Net I’ve seen this before, but for those who haven’t, maximum ’70s in that opening NFB ident, wooooooow. Go To Topic Listing 253 posts Members 1,585 Forums Home Share this post This topic is now closed to further replies. Sign in to follow this   Sports Logos Nordiques Concepts in “Just Another Job” Nordiques Concepts in “Just Another Job” Share on other sites 26,192 Posted December 17, 2016 173 57,915 posts Share on other sites Sports Logo News Popmart Forgive me if this has been posted on the boards before, but in 1972 the National Film Board of Canada released a film called “Just Another Job.” The film chronicles the first year of the Nordiques and the stories of its players. It’s a fantastic hockey documentary you can watch on YouTube: https://youtu.be/evPkmSAZBdo Recommended Posts Sports Logo News Link to post Nordiques Concepts in “Just Another Job” tigerslionspistonshabs 0 1,585 Forums Home Favourite Logos:North Stars By Popmart, December 16, 2016 in Sports Logo News 5,926 posts Location:DETROITcenter_img the admiral All Activity Followers 1 Share this post I apologize for any decorum Link to post All Activity Link to post 1 the admiral 26,192 Popmart Share on other sites 26,192 SportsLogos.Net Around the 13 minute mark, the designer of the Noriques logo and uniform is interviewed and discusses his orginal concepts.  He explains that he originally developed a blue logo and jersey but was asked instead to do blue, white, and red. He explains that blue, white, and red were more establishment colors of another generation and associated with Montreal, but they work because they make everyone feel connected to the team. 173 Posted December 16, 2016 And listen to that thick Quebec accent on the translator. “But da red his daaarrrker den da one dey’re hyusing now.” 1 Share this post 1,585 Posted December 16, 2016 tigerslionspistonshabs 173 Sports Logos Seeing the color concept I immediately think of the Nordiques’ abandoned ’95 rebrand. Also, this movie has amazing footage of classic WHA jerseys. Sign in to follow this   Pretty cool, thanks for sharing! Followers 1 Members Members Favourite Logos:Detroit Lions, Tampa Bay Buccaneers, Chicago Blackhawks, Detroit Red Wings, Pittsburgh Penguins, Florida Panthers, Chicago Bulls, Minnesota Timberwolves, Detroit Tigerslast_img read more

August 26

Thirty-six ISIS militants killed by ‘mother of all bombs’: Afghan officials

first_img Related Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico iStock/Thinkstock(NEW YORK) —  Thirty-six ISIS militants were killed but no civilians died when the U.S. military dropped the “mother of all bombs” on a cave complex in eastern Afghanistan on Thursday, according to the Afghan Ministry of Defense.The 22,000-pound bomb was used for the first time in combat on Thursday, when it was deployed from an MC-130 aircraft targeting the Achin district near the Pakistan border.According to the Afghan Ministry of Defense, caves and ammunition caches were also destroyed.ABC News has not been able to independently verify the claims.The “earsplitting blast” could be heard on both sides of the border, The Associated Press reported, citing the Afghan Ministry of Defense.USMIL infrared video of #MOAB landing & detonating against #ISIS Khorasan cave complex in E #Afghanistan this week https://t.co/EShp6OJsMU— James Gordon Meek (@meekwire) April 14, 2017The bomb — known officially as GBU-43/B, or massive ordnance air blast (MOAB) bomb — is one of the largest non-nuclear weapons in the U.S. military’s arsenal. It was first developed in 2003.Between 600 and 800 ISIS militants are believed to be in Afghanistan, the AP reported, citing U.S. official estimates.last_img read more