The alcohol industry has been under fire in Canada after the media gave significant exposure to a report that took aim at the long-term health effects of casual consumption. Indeed, alcohol consumption habits have become increasingly demographically divergent. Beer has seen its market share dip sharply among millennials and generation Z drinkers, while spirits and wine are on the rise.

Grand View Research last reported that the global alcoholic drinks market was valued at $1.44 trillion in 2021. It projects that this market will deliver a compound annual growth rate (CAGR) of 10% from 2022 through to 2028.

Corby Spirit and Wine (TSX:CSW.A) is a Toronto-based company that manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and around the world. I’m looking to snatch up this undervalued dividend stock in late April. Its shares are down 5.2% so far in 2023 as of close on April 25. The stock is down 20% year over year.

Investors can expect to see this company’s next batch of earnings in early May. In the second quarter of fiscal 2023, Corby delivered revenue growth of 3% for the first half of the year. Moreover, it posted net earnings growth of 3%.

Shares of this dividend stock currently possess a favourable price-to-earnings ratio of 18. Corby offers a quarterly distribution of $0.21 per share. That represents a strong 5.4% yield. This is a dividend stock I’m looking to buy on the dip ahead of its next earnings report in May.