Financials Britvic plc

Equities

BVIC

GB00B0N8QD54

Non-Alcoholic Beverages

Market Closed - London S.E. Other stock markets 11:35:04 2024-05-17 am EDT			5-day change	1st Jan Change
1,004 ^GBX	+0.10%		+10.09%	+19.45%

May. 16	Everlasting momentum
May. 16	Deutsche Bank Downgrades Britvic to Hold from Buy, Raises PT	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,604	2,186	2,385	1,889	2,197	2,483	-	-
Enterprise Value (EV) ¹	3,170	2,822	2,893	2,406	2,758	3,075	3,061	3,023
P/E ratio	32.5 x	23.2 x	23.1 x	13.7 x	18.2 x	16.2 x	14.7 x	13.4 x
Yield	3.05%	2.63%	2.71%	4.04%	3.53%	3.3%	3.54%	3.87%
Capitalization / Revenue	1.69 x	1.55 x	1.7 x	1.17 x	1.26 x	1.3 x	1.27 x	1.22 x
EV / Revenue	2.05 x	2 x	2.06 x	1.49 x	1.58 x	1.62 x	1.56 x	1.49 x
EV / EBITDA	11.7 x	12.9 x	12.7 x	9.46 x	9.97 x	10 x	9.32 x	8.65 x
EV / FCF	28.7 x	22.6 x	21.8 x	18.7 x	21.2 x	21.6 x	20 x	16.9 x
FCF Yield	3.48%	4.43%	4.59%	5.35%	4.71%	4.63%	5.01%	5.92%
Price to Book	6.34 x	5.82 x	5.67 x	3.92 x	5.72 x	5.96 x	5.38 x	4.66 x
Nbr of stocks (in thousands)	264,781	266,311	266,959	263,232	251,988	247,310	-	-
Reference price ²	9.835	8.210	8.935	7.175	8.720	10.04	10.04	10.04
Announcement Date	11/27/19	11/26/20	11/24/21	11/23/22	11/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,545	1,412	1,405	1,618	1,749	1,904	1,957	2,029
EBITDA ¹	270.1	218.9	228.5	254.5	276.7	307.2	328.5	349.5
EBIT ¹	214.1	165.8	176.5	206	218.4	240.7	258.2	275.1
Operating Margin	13.86%	11.74%	12.56%	12.73%	12.49%	12.64%	13.2%	13.55%
Earnings before Tax (EBT) ¹	110.3	111.2	142.9	175.1	156.8	202.5	219.6	236.6
Net income ¹	80.9	94.6	103.2	140.2	124	153.7	167.4	180.2
Net margin	5.24%	6.7%	7.34%	8.66%	7.09%	8.07%	8.55%	8.88%
EPS ²	0.3030	0.3540	0.3860	0.5250	0.4790	0.6201	0.6831	0.7516
Free Cash Flow ¹	110.3	125.1	132.7	128.8	129.8	142.2	153.2	179.1
FCF margin	7.14%	8.86%	9.44%	7.96%	7.42%	7.47%	7.83%	8.82%
FCF Conversion (EBITDA)	40.84%	57.15%	58.07%	50.61%	46.91%	46.3%	46.65%	51.23%
FCF Conversion (Net income)	136.34%	132.24%	128.59%	91.87%	104.68%	92.54%	91.56%	99.37%
Dividend per Share ²	0.3000	0.2160	0.2420	0.2900	0.3080	0.3311	0.3550	0.3881
Announcement Date	11/27/19	11/26/20	11/24/21	11/23/22	11/22/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 S1	2022 Q3	2022 S2	2023 Q1	2023 S1	2023 Q3	2023 S2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	698.8	713.6	617.1	788	359.6	719.3	431.1	899	411	794	476.7	954.6	880.3	516.4	520.8	1,037	450.4	447
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	75.7	90.1	60.1	116.4	-	73.5	-	132.5	-	85.3	-	133.1	100.4	-	-	149.7	-	-
Operating Margin	10.83%	12.63%	9.74%	14.77%	-	10.22%	-	14.74%	-	10.74%	-	13.94%	11.41%	-	-	14.43%	-	-
Earnings before Tax (EBT)	53.6	57.6	42.7	100.2	-	59.3	-	115.8	-	69.3	-	87.5	78.2	-	-	125.9	-	-
Net income	38.9	55.7	33.2	70	-	45.9	-	94.3	-	54.4	-	69.6	59.9	-	-	92.7	-	-
Net margin	5.57%	7.81%	5.38%	8.88%	-	6.38%	-	10.49%	-	6.85%	-	7.29%	6.8%	-	-	8.94%	-	-
EPS	0.1460	0.2080	0.1240	0.2620	-	0.1710	-	0.3540	-	0.2090	-	0.2700	0.2390	-	-	0.3770	-	-
Dividend per Share	-	0.2160	0.0650	0.1770	-	0.0780	-	0.2120	-	0.0820	-	0.2260	0.0950	-	-	0.2510	-	-
Announcement Date	5/27/20	11/26/20	5/18/21	11/24/21	2/17/22	5/17/22	8/23/22	11/23/22	2/16/23	5/16/23	8/22/23	11/22/23	5/15/24	-	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	566	635	508	518	561	592	578	540
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.096 x	2.902 x	2.223 x	2.034 x	2.026 x	1.927 x	1.76 x	1.544 x
Free Cash Flow ¹	110	125	133	129	130	142	153	179
ROE (net income / shareholders' equity)	40.1%	29%	25.9%	31.2%	28.2%	41.1%	42.8%	42.6%
ROA (Net income/ Total Assets)	9.04%	6.65%	5.99%	7.57%	8.08%	8.25%	8.96%	9.68%
Assets ¹	894.9	1,423	1,723	1,851	1,534	1,863	1,868	1,861
Book Value Per Share ²	1.550	1.410	1.580	1.830	1.520	1.680	1.860	2.150
Cash Flow per Share ²	0.6900	0.6300	0.8700	0.9000	0.9200	0.8700	1.090	1.160
Capex ¹	74.8	43.7	73.7	84.6	77.9	85	91.1	92.2
Capex / Sales	4.84%	3.09%	5.25%	5.23%	4.45%	4.46%	4.66%	4.54%
Announcement Date	11/27/19	11/26/20	11/24/21	11/23/22	11/22/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Britvic plc

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.04 GBP

Average target price

10.26 GBP

Spread / Average Target

+2.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
BRITVIC PLC	+19.45%	3.15B
THE COCA-COLA COMPANY	+6.97%	272B
KEURIG DR PEPPER INC.	+1.29%	45.75B
VARUN BEVERAGES LIMITED	+21.86%	23.64B
CELSIUS HOLDINGS, INC.	+70.62%	21.68B
ARCA CONTINENTAL, S.A.B. DE C.V.	-10.02%	17.08B
COCA-COLA HELLENIC	+20.78%	12.92B
SWIRE PACIFIC LIMITED	+4.08%	11.35B
SUNTORY BEVERAGE & FOOD LIMITED	+22.34%	11.31B
COCA-COLA CONSOLIDATED, INC.	+0.93%	8.78B

Other Non-Alcoholic Beverages