The Globe and Mail reports in its Tuesday, July 28, edition that sometimes it can take a long time for the market to recognize fundamental changes to a business, as it has with Corby Spirit and Wine. The Globe's guest columnist Philip MacKellar writes that he first acquired Corby in 2021 at an average price of $14.82. Stock growth, however, at first did not played out. Part of its lacklustre valuation performance may have to do with the acquisition of Ace Beverage Group in June, 2023. The deal was transformative, fundamentally altered the organization's brand assortment and primed it for growth. Fast forward to the present and the purchase of Ace has now paid off. Market share and sales growth have continued, margins have started to improve and debt is coming down, yet the valuations remain low. Corby forecasts a softer current quarter as LCBO ordering normalizes, and the underlying decline in the spirits market persists. Over the longer term, Corby sounds optimistic. The main risks worth bearing in mind are the minuscule cash position, the tepid near-term guidance tied to LCBO disruption and more competition from American brands if future trade agreements with the United States are finalized.