Sales rose by 8%, largely on an organic basis, to $4.2 billion. This is a remarkable feat, given that the previous year was exceptional, due to the pandemic and the stay-at-home period, with alcohol sales soaring as a result.

As we have seen, Diageo is recovering from the euphoria with a bit of a hangover. Its results in the United States were disappointing, leading to a fall in its stock market valuation. Brown-Forman, on the other hand, is coping better with the return to reality. Good point.

Its consolidated performance is, of course, driven by the incredible strength of the Jack Daniel's franchise, whose sales are up 11% despite its already overwhelming dominance. The bourbon category was impressive in general, with 23% growth for the Woodford Reserve and Old Forester brands.

The year was also marked by a major offensive in the gin category, with $1.2 billion invested in the acquisitions of super-premium brand Gin Mare and blockbuster Diplomatico.In the tequila segment, which has been so successful for Diageo since the acquisition of Casamigo, sales are up 10% thanks to the el Jimador and Herradura brands.

In short, Brown is positioned in the three fastest-growing spirits categories - bourbon, gin and tequila - in both the mass-retail and on-trade segments.

Another major asset in its strategic positioning is its presence in emerging markets, such as Brazil and the United Arab Emirates. Sales there are growing by 10%, helping to absorb the anaemia of the American and European markets, where growth has not exceeded inflation this year.

Brown remains a formidable cash machine. With a net margin firmly anchored at 20% - all other things being equal - and sales expected to reach $4.5 billion next year, we can expect free cash flow of at least $900 million, which should exceed $1 billion by 2025.

In terms of management, we particularly appreciate the jealously guarded status of "dividend aristocrat"; the insignificant level of debt; and the fact that management has eased up on share buy-backs since the valuation has been hovering around x30 earnings.