Andrew Peller Ltd. has seen demand for its ‘Gretzky Estates’ wine climb in the third quarter. That success has also spurred a double-digit increase in earnings and, now, an expansion of its operations.
ANDREW PELLER LTD. (Toronto symbols ADW.A and ADW.B www.andrewpeller.com) is Canada’s second-largest wine producer, after Constellation Brands. It accounts for 14.2% of the country’s wine sales, and 37.1% of wines produced in Canada.
Peller continues to benefit from strong sales of its premium-priced brands. These include its 2011 deal with hockey star Wayne Gretzky to make and distribute wines under his name. This brand is now one of the best-selling wines in Canada.
To keep up with strong demand for Gretzky wines, the company is building a new winery next to its existing operation in the Niagara region of Southern Ontario. This new facility will open in the spring of 2017.
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In the third quarter of its 2016 fiscal year, which ended December 31, 2015, sales rose 8.4%, to $91.8 million from $84.6 million a year earlier. Earnings jumped 24.4%, to $0.51 a share from $0.41. Without unusual items—mainly gains on foreign exchange hedging contracts—earnings rose 20.1%.
The third quarter of its fiscal year is usually the best performing because it includes greater consumer spending during the holiday season. The stock trades at a reasonable 17.5 times the $1.60 a share that Peller should earn for all of fiscal 2016. As well, the company’s real estate, mainly in Ontario and British Columbia, is an overlooked asset. The $0.45 dividend yields 1.6%.
The class A non-voting shares are more liquid than the closely held class B voting shares.
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