The Duckhorn Portfolio, Inc. (NAPA) | Investment Case

1. Company Snapshot

1.a. Company Description

The Duckhorn Portfolio, Inc.produces and sells wines in North America.It offers wines under a portfolio of brands, including Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing, and Postmark.

The company sells wines to distributors, and directly to retail accounts and consumers.The company was formerly known as Mallard Intermediate, Inc.and changed its name to The Duckhorn Portfolio, Inc.

in February 2021.The Duckhorn Portfolio, Inc.was founded in 1976 and is headquartered in Saint Helena, California.

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1.b. Last Insights on NAPA

The Duckhorn Portfolio, Inc.'s recent performance was driven by a 19.9% increase in net sales to $122.9 million in Q1 2025, primarily due to the acquisition of Sonoma-Cutrer. Excluding Sonoma-Cutrer, net sales declined 8.2%. The company's focus on innovation, premiumization, and advanced technology platforms, as well as its well-positioned leadership in the beverages-alcohol industry, bode well for its future growth. Additionally, the recent acquisition of a NAPA Auto Parts property by Four Corners Continues for $2.0 million may indicate a potential new business opportunity for the company.

1.c. Company Highlights

Last Price	11.09
Change Percentage	-0.18%
Open	11.09
Previous Close	11.11
Market Cap ( Millions)	1632
Volume	590372
Year High	11.11
Year Low	5.38
M A 50	11.02
M A 200	8.41

FCF Yield	0.84%
Dividend Yield	0.00%
ROE	1.76%
Debt / Equity	9.05%
Net Debt / EBIDTA	222.75%
Price To Book	1.27
Price Earnings Ratio	72.65
Price To FCF	118.75
Price To sales	7.09
EV / EBITDA	35.02

2. Transcript Summary

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3. NewsRoom

The Duckhorn Portfolio Launches New Employee Ownership Program

Oct -13

Source: businesswire.com

BPAS Earns Top Spots in NAPA Advisor Choice Awards

Sep -10

Source: prnewswire.com

The Duckhorn Portfolio Enhances Executive Team with Appointment of Wine and Spirits Veteran Enrique Morgan as Chief Sales Officer

Aug -01

Source: businesswire.com

The Duckhorn Portfolio Announces Strategic Partnership with Provi to Deliver Best-In-Class B2B Online Ordering Throughout California

May -15

Source: businesswire.com

The Duckhorn Portfolio Expands Executive Team with Additions of CPG Executives Nihar Bhatt and Jeff Ngo

Apr -14

Source: businesswire.com

Veteran CPG Executives David Klein and Tom Flocco Join The Duckhorn Portfolio's Board of Directors

Mar -05

Source: businesswire.com

Granite/Lehman-Roberts Leader Pat Nelson Elected 2025 NAPA Chairman

Feb -03

Source: businesswire.com

Butterfly Completes $1.95 Billion Acquisition of The Duckhorn Portfolio

Dec -24

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Luxury Wines

Expected Growth: 8%

The 8% growth of Luxury Wines from The Duckhorn Portfolio, Inc. is driven by increasing demand for premium wine experiences, expanding distribution channels, and strategic marketing efforts. Additionally, the rising popularity of wine-based gifting, growing interest in wine tourism, and increasing disposable income among affluent consumers contribute to the segment's growth.

7. Detailed Products

Duckhorn Vineyards

Luxury Cabernet Sauvignon and Merlot wines from Napa Valley

Decoy

Approachable and affordable luxury wines from Sonoma County

Canvasback

High-end Cabernet Sauvignon and Merlot wines from Washington State

Greenwing

Luxury Pinot Noir wines from Oregon's Willamette Valley

Calera

Single-vineyard Pinot Noir wines from California's Central Coast

Kosta Browne

High-end Pinot Noir wines from Sonoma County

8. The Duckhorn Portfolio, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for The Duckhorn Portfolio, Inc. is medium due to the presence of alternative wine brands and products in the market.

Bargaining Power Of Customers

The bargaining power of customers for The Duckhorn Portfolio, Inc. is low due to the premium nature of their wine products and the lack of price sensitivity among their target market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for The Duckhorn Portfolio, Inc. is medium due to the availability of grape suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for The Duckhorn Portfolio, Inc. is high due to the growing demand for wine and the relatively low barriers to entry in the wine industry.

Intensity Of Rivalry

The intensity of rivalry for The Duckhorn Portfolio, Inc. is high due to the competitive nature of the wine industry and the presence of established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	21.22%
Debt Cost	5.36%
Equity Weight	78.78%
Equity Cost	5.36%
WACC	5.36%
Leverage	26.93%

11. Quality Control: The Duckhorn Portfolio, Inc. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Seneca Foods

A-Score: 6.1/10

Value: 7.1

Growth: 7.2

Quality: 4.4

Yield: 0.0

Momentum: 10.0

Volatility: 7.7

1-Year Total Return ->

Ingles Markets

A-Score: 5.4/10

Value: 5.7

Growth: 4.8

Quality: 4.2

Yield: 2.0

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

Lifeway Foods

A-Score: 4.2/10

Value: 2.2

Growth: 8.2

Quality: 6.2

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

Duckhorn Portfolio

A-Score: 4.0/10

Value: 2.7

Growth: 4.1

Quality: 6.1

Yield: 0.0

Momentum: 7.0

Volatility: 4.0

1-Year Total Return ->

Willamette Valley Vineyards

A-Score: 4.0/10

Value: 8.3

Growth: 1.2

Quality: 4.6

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

MGP Ingredients

A-Score: 3.8/10

Value: 6.9

Growth: 5.0

Quality: 3.2

Yield: 2.0

Momentum: 0.0

Volatility: 5.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

37.01%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.36%

The Duckhorn Portfolio, Inc. - US26414D1063

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NAPA

1.c. Company Highlights

Weak Momentum

Average Growth

Average Yield

Revenues Miss

Earnings Miss

Higher Growth

Earnings Beats

More Volatile

Strong Momentum

Stable Momentum

Medium Volatility

Lower Yield

Expensive

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Luxury Wines

Expected Growth: 8%

7. Detailed Products

Duckhorn Vineyards

Decoy

Canvasback

Greenwing

Calera

Kosta Browne

8. The Duckhorn Portfolio, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: The Duckhorn Portfolio, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.09$

Current Price

11.09$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA