Financials Britvic plc

Equities

BVIC

GB00B0N8QD54

Non-Alcoholic Beverages

Real-time Estimate Cboe Europe 14:32:01 17/06/2024 BST 5-day change 1st Jan Change
956 GBX -0.73% Intraday chart for Britvic plc -0.98% +13.74%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,604 2,186 2,385 1,889 2,197 2,378 - -
Enterprise Value (EV) 1 3,170 2,822 2,893 2,406 2,758 2,976 2,971 2,935
P/E ratio 32.5 x 23.2 x 23.1 x 13.7 x 18.2 x 15.5 x 13.6 x 12.2 x
Yield 3.05% 2.63% 2.71% 4.04% 3.53% 3.44% 3.76% 4.12%
Capitalization / Revenue 1.69 x 1.55 x 1.7 x 1.17 x 1.26 x 1.25 x 1.2 x 1.16 x
EV / Revenue 2.05 x 2 x 2.06 x 1.49 x 1.58 x 1.56 x 1.5 x 1.43 x
EV / EBITDA 11.7 x 12.9 x 12.7 x 9.46 x 9.97 x 9.63 x 8.99 x 8.33 x
EV / FCF 28.7 x 22.6 x 21.8 x 18.7 x 21.2 x 20.8 x 18.8 x 15.9 x
FCF Yield 3.48% 4.43% 4.59% 5.35% 4.71% 4.81% 5.33% 6.29%
Price to Book 6.34 x 5.82 x 5.67 x 3.92 x 5.72 x 5.83 x 5.28 x 4.59 x
Nbr of stocks (in thousands) 264,781 266,311 266,959 263,232 251,988 246,925 - -
Reference price 2 9.835 8.210 8.935 7.175 8.720 9.630 9.630 9.630
Announcement Date 27/11/19 26/11/20 24/11/21 23/11/22 22/11/23 - - -
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 1,908 1,974 2,053
EBITDA 1 270.1 218.9 228.5 254.5 276.7 308.9 330.6 352.3
EBIT 1 214.1 165.8 176.5 206 218.4 244.5 262.5 280.3
Operating Margin 13.86% 11.74% 12.56% 12.73% 12.49% 12.81% 13.3% 13.65%
Earnings before Tax (EBT) 1 110.3 111.2 142.9 175.1 156.8 204.1 224.6 244
Net income 1 80.9 94.6 103.2 140.2 124 155.4 171.1 185.9
Net margin 5.24% 6.7% 7.34% 8.66% 7.09% 8.15% 8.67% 9.05%
EPS 2 0.3030 0.3540 0.3860 0.5250 0.4790 0.6214 0.7066 0.7885
Free Cash Flow 1 110.3 125.1 132.7 128.8 129.8 143.2 158.4 184.8
FCF margin 7.14% 8.86% 9.44% 7.96% 7.42% 7.51% 8.02% 9%
FCF Conversion (EBITDA) 40.84% 57.15% 58.07% 50.61% 46.91% 46.37% 47.9% 52.44%
FCF Conversion (Net income) 136.34% 132.24% 128.59% 91.87% 104.68% 92.16% 92.55% 99.41%
Dividend per Share 2 0.3000 0.2160 0.2420 0.2900 0.3080 0.3312 0.3624 0.3971
Announcement Date 27/11/19 26/11/20 24/11/21 23/11/22 22/11/23 - - -
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 1,033 450.4 447
EBITDA - - - - - - - - - - - - - - - - - -
EBIT 75.7 90.1 60.1 116.4 - 73.5 - 132.5 - 85.3 - 133.1 100.4 - - 149.2 - -
Operating Margin 10.83% 12.63% 9.74% 14.77% - 10.22% - 14.74% - 10.74% - 13.94% 11.41% - - 14.44% - -
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% - - 8.97% - -
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 27/05/20 26/11/20 18/05/21 24/11/21 17/02/22 17/05/22 23/08/22 23/11/22 16/02/23 16/05/23 22/08/23 22/11/23 15/05/24 - - - - -
1GBP in Million
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 566 635 508 518 561 598 593 558
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.096 x 2.902 x 2.223 x 2.034 x 2.026 x 1.937 x 1.793 x 1.582 x
Free Cash Flow 1 110 125 133 129 130 143 158 185
ROE (net income / shareholders' equity) 40.1% 29% 25.9% 31.2% 28.2% 41.9% 43.5% 43.3%
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 1,884 1,909 1,919
Book Value Per Share 2 1.550 1.410 1.580 1.830 1.520 1.650 1.820 2.100
Cash Flow per Share 2 0.6900 0.6300 0.8700 0.9000 0.9200 0.9800 1.130 1.210
Capex 1 74.8 43.7 73.7 84.6 77.9 84.2 89.9 90.5
Capex / Sales 4.84% 3.09% 5.25% 5.23% 4.45% 4.42% 4.56% 4.41%
Announcement Date 27/11/19 26/11/20 24/11/21 23/11/22 22/11/23 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
9.63 GBP
Average target price
10.59 GBP
Spread / Average Target
+9.93%
Consensus
  1. Stock Market
  2. Equities
  3. BVIC Stock
  4. Financials Britvic plc
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