Valuation BRITVIC

Equities

Delayed London S.E. Other stock markets 02:30:00 2025-01-17 am EST			5-day change	1st Jan Change
1,313.00 ^GBX	-.--%		+0.23%	+0.31%

Jan. 20	Britvic Delists from London Bourse	MT
Jan. 17	Carlsberg completes GBP3.3 billion takeover of Britvic	AN

Data adjusted to current consolidation scope

Fiscal Period: September	2019	2020	2021	2022	2023	2024
Capitalization ¹	2,604	2,186	2,385	1,889	2,197	3,146
Change	-	-16.04%	9.1%	-20.82%	16.34%	43.17%
Enterprise Value (EV) ¹	3,214	2,816	2,968	2,469	2,815	3,833
Change	-	-12.38%	5.4%	-16.8%	14%	36.14%
P/E ratio	32.5x	23.2x	23.1x	13.7x	18.2x	25.4x
PBR	6.31x	5.83x	5.68x	3.86x	5.61x	9.19x
PEG	-	1.4x	2.56x	0.4x	-2.08x	5.29x
Capitalization / Revenue	1.69x	1.55x	1.7x	1.17x	1.26x	1.66x
EV / Revenue	2.08x	1.99x	2.11x	1.53x	1.61x	2.02x
EV / EBITDA	14.4x	14.8x	14x	10.2x	12x	14.5x
EV / EBIT	19.9x	20.3x	18.5x	12.8x	15.5x	18.8x
EV / FCF	40.7x	32.6x	27.2x	33x	24.5x	32.6x
FCF Yield	2.46%	3.07%	3.68%	3.03%	4.08%	3.07%
Dividend per Share ²	0.3	0.216	0.242	0.29	0.308	0.095
Rate of return	3.05%	2.63%	2.71%	4.04%	3.53%	0.75%
EPS ²	0.303	0.354	0.386	0.525	0.479	0.502
Distribution rate	99%	61%	62.7%	55.2%	64.3%	18.9%
Net sales ¹	1,545	1,412	1,405	1,618	1,749	1,899
EBITDA ¹	223.4	190.6	211.6	241.7	234.6	263.5
EBIT ¹	161.2	138.8	160.7	192.4	181.5	204
Net income ¹	80.9	94.6	103.2	140.2	124	125.8
Net Debt ¹	609.9	629.6	582.8	580.8	618	686.8
Reference price ²	9.84	8.21	8.94	7.18	8.72	12.75
Nbr of stocks (in thousands)	264,781	266,311	266,959	263,232	251,988	246,737
Announcement Date	12/10/19	11/26/20	12/10/21	11/29/22	12/5/23	12/10/24