Panmure Liberum has reiterated its Buy rating and 75p price target on Artisanal Spirits Company, the AIM-listed whisky group, after a first-half trading update it described as putting the business back on track following a disrupted 2025.
The broker's analyst points to an encouraging shift in the sales mix even though first-half revenue for the 2026 financial year came in flat year-on-year, with branded revenue up by high single digits offsetting lower trade cask revenue that Panmure Liberum attributes mainly to timing.
Group adjusted EBITDA is also expected to be flat year-on-year for the half, but cash generation improved by approximately £1.5m, a shift the broker says supports free cash flow generation and debt reduction across the full year; full-year guidance is unchanged, and the board remains confident on delivery.
Panmure Liberum argues the update should refocus attention on the asset backing behind the shares: the group holds more than 18,000 casks with an estimated market value above £100m, against an enterprise value of roughly £50m.
