Corby Spirit and Wine is a leading Canadian marketer and distributor of spirits and wines. The company owns many of the 25 best-selling brands in the country. Corby’s private label portfolio represents approximately 80% of total annual sales. It is among the top three of the top ten brands in Canada (by volume).

Corby has a large presence across Canada and also exports to the US, Europe and other international markets. The company has a significant share of the Canadian whiskey and gin market.

The company sources more than 90% of its spirits production needs from HWSL and the remainder from third parties. About 90% of the quantities are shipped in Canada and 10% are exported.

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Investment data

Sales growth and market exposure

Corby’s portfolio is heavily weighted in the Canadian whiskey, rum, and vodka categories and together account for approximately 86% of the company’s total retail volume. The portfolio includes some of the best-known brands in Canada, including Canadian whiskeys JP Wiser’s, Pike Creek and Gooderham & Worts, as well as Lamb’s Rum, Polar Ice Vodka and McGuinness liqueurs.

Corby is a subsidiary of Pernod Ricard, a global leader in the spirits and wine industry. The company benefits from its numerous partnerships that have helped expand its portfolio, strengthen its business and capitalize on best international practices.

In addition to generating income from the sale of its own brands, Corby earns commission income from serving selected un-owned brands in Canada. The company represents leading international brands such as Absolut Vodka, Chivas Regal, Glenlivet, Jameson, Malibu, Havana Club, Jacob’s Creek, etc.

Corby renewed its agency agreement with Pernod Ricard last year and will continue to represent well-known premium liquor brands such as Absolut Vodka, Jameson Irish Whiskey and The Glenlivet Single Malt Scotch in Canada, as well as popular wines such as Jacob’s Creek, Stoneleigh. and Campo Viejo.

In addition, income is generated from other sideline activities such as logistic fees and the sale of whiskey in bulk to make up for the maturation stocks from time to time. Corby also benefits from its access to PR North America’s leading manufacturing technology through its HWSL facility in Windsor, Ontario, where most of its products are manufactured.

The COVID-induced lockdowns caused disruption across the hotel industry as restaurants and bars remained closed and important social and sporting events were canceled. However, as a manufacturer and distributor of alcoholic beverages, Corby was seen as a vital business in Canada. Corby’s annual financial results were not negatively impacted by the COVID-19 pandemic.

The company’s own portfolio recorded 20 deliveries of 2.1 million 9-liter cartons in the financial year, with a volume growth of 2.7% year-on-year. Corby earned $ 31.5 million in commission income for the fiscal year 20 through its agency rights. The company posted 4% revenue growth and 4% revenue growth for Corby brands in the first six months.


The company has made regular dividend payments in the past. A diverse brand portfolio ensures profitable organic growth with strong and consistent cash flows. It has an attractive dividend yield of 4.8% but has a high payout ratio of 77%. The company’s most recent dividend was down 4.5%. Corby’s three-year dividend payout is up 5% + CAGR.

Corby aims to gain market share by focusing on prioritizing brands in some segments and markets. The portfolio of own and represented brands offers an excellent platform for future expansions, while its innovative strength should help to gradually take advantage of growth opportunities.

The liquor company is also focused on growing outside of Canada by delivering relevant consumer offerings. The combination of Corby-owned brands and commission income generates consistently strong annual cash flows and supports a generous dividend policy.

Corby is in the consumer defense field, and even the pandemic hasn’t hurt its performance. The younger generation is becoming increasingly recognized for wines and spirits.

In contrast to other consumer-oriented goods, people tend to drink more in times of crisis. In fact, alcohol sales rose during the COVID-19 crisis in North America. Therefore, Corby’s dividend has a good chance due to the improved performance of Corby-supported brands and the better commissions from represented brands.


The global beverage alcohol industry has seen industry consolidation in recent years. The Canadian and international beverage alcohol industry is very competitive.

The company competes with companies such as Andrew Peller Ltd., a leading producer and marketer of quality wines in Canada, Waterloo Brewing, which is involved in the manufacture, distribution and sale of alcohol-based products. Corby’s business is subject to seasonal fluctuations.

Retail sales are also affected by the timing of major holidays and reporting calendars. The global beverage alcohol industry has seen industry consolidation in recent years. The Canadian and international beverage alcohol industry is very competitive.

Bottom line

Corby’s top brands continue to outperform the industry, not just in the Canadian whiskey and super premium gin categories, but also in the highly competitive vodkas category.

With its large international footprint, Corby is well positioned to capitalize on the growth potential of its key strategic brands and continue to leverage new ways to go to market and channeling for long-term growth. In addition, acquisitions can offer access to further growth opportunities.

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