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Nichols

AIM:NICL
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NICL
AIM
£620M
Market Cap
  1. Home
  2. GB
  3. Food, Beverage & Tobacco
Company description

Nichols plc, together with its subsidiaries, supplies soft drinks to the retail, wholesale, catering, licensed, and leisure industries in the United Kingdom. The last earnings update was 2 days ago. More info.


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NICL Share Price and Events
7 Day Returns
-1.2%
AIM:NICL
-1.1%
GB Beverage
0.1%
GB Market
1 Year Returns
13.3%
AIM:NICL
13.1%
GB Beverage
-2.2%
GB Market
NICL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nichols (NICL) -1.2% -6.1% -2.6% 13.3% 17.9% 67%
GB Beverage -1.1% -1.2% 5.6% 13.1% 62.9% 82.4%
GB Market 0.1% 0.6% -0% -2.2% 11.2% 6.1%
1 Year Return vs Industry and Market
  • NICL matched the Beverage industry (13.1%) over the past year.
  • NICL outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2.2% over the past year.
Price Volatility
NICL
Industry
5yr Volatility vs Market

NICL Value

 Is Nichols undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nichols to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nichols.

AIM:NICL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AIM:NICL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.56 (1 + (1- 19%) (0%))
0.706
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%)
6.55%

Discounted Cash Flow Calculation for AIM:NICL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nichols is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

AIM:NICL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 6.55%)
2020 23.23 Analyst x3 21.81
2021 24.63 Analyst x3 21.70
2022 28.80 Analyst x1 23.81
2023 29.70 Analyst x1 23.05
2024 30.45 Est @ 2.52% 22.18
2025 31.10 Est @ 2.13% 21.26
2026 31.68 Est @ 1.86% 20.32
2027 32.21 Est @ 1.67% 19.39
2028 32.70 Est @ 1.54% 18.48
2029 33.18 Est @ 1.44% 17.60
Present value of next 10 years cash flows £209.59
AIM:NICL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £33.18 × (1 + 1.23%) ÷ (6.55% – 1.23%)
£631.26
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £631.26 ÷ (1 + 6.55%)10
£334.81
AIM:NICL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £209.59 + £334.81
£544.39
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £544.39 / 36.90
£14.75
AIM:NICL Discount to Share Price
Calculation Result
Value per share (GBP) From above. £14.75
Current discount Discount to share price of £16.80
= -1 x (£16.80 - £14.75) / £14.75
-13.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Nichols is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nichols's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nichols's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AIM:NICL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in GBP £0.70
AIM:NICL Share Price ** AIM (2019-07-19) in GBP £16.8
United Kingdom of Great Britain and Northern Ireland Beverage Industry PE Ratio Median Figure of 8 Publicly-Listed Beverage Companies 24.16x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 791 Publicly-Listed Companies 16.38x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nichols.

AIM:NICL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AIM:NICL Share Price ÷ EPS (both in GBP)

= 16.8 ÷ 0.70

24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nichols is good value based on earnings compared to the GB Beverage industry average.
  • Nichols is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Nichols's expected growth come at a high price?
Raw Data
AIM:NICL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
4.4%per year
United Kingdom of Great Britain and Northern Ireland Beverage Industry PEG Ratio Median Figure of 7 Publicly-Listed Beverage Companies 3.38x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 573 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

AIM:NICL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24x ÷ 4.4%

5.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nichols is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Nichols's assets?
Raw Data
AIM:NICL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in GBP £3.07
AIM:NICL Share Price * AIM (2019-07-19) in GBP £16.8
United Kingdom of Great Britain and Northern Ireland Beverage Industry PB Ratio Median Figure of 9 Publicly-Listed Beverage Companies 3.6x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,377 Publicly-Listed Companies 1.5x
AIM:NICL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AIM:NICL Share Price ÷ Book Value per Share (both in GBP)

= 16.8 ÷ 3.07

5.47x

* Primary Listing of Nichols.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nichols is overvalued based on assets compared to the GB Beverage industry average.
X
Value checks
We assess Nichols's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Nichols has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NICL Future Performance

 How is Nichols expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nichols expected to grow at an attractive rate?
  • Nichols's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Nichols's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Nichols's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
AIM:NICL Future Growth Rates Data Sources
Data Point Source Value (per year)
AIM:NICL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 4.4%
AIM:NICL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.9%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AIM:NICL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AIM:NICL Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 167 1
2022-12-31 163 29 1
2021-12-31 160 31 30 5
2020-12-31 154 29 29 6
2019-12-31 149 30 27 3
AIM:NICL Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-06-30 149 19 26
2019-03-31 145 21 26
2018-12-31 142 23 26
2018-09-30 138 25 25
2018-06-30 134 27 24
2018-03-31 134 22 23
2017-12-31 133 18 23
2017-09-30 129 17 24
2017-06-30 124 16 25
2017-03-31 121 18 25
2016-12-31 117 20 25
2016-09-30 114 21 25

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nichols's earnings are expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
  • Nichols's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AIM:NICL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Nichols Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:NICL Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.79 0.83 0.78 5.00
2020-12-31 0.76 0.80 0.75 5.00
2019-12-31 0.73 0.73 0.72 5.00
AIM:NICL Past Financials Data
Date (Data in GBP Millions) EPS *
2019-06-30 0.70
2019-03-31 0.70
2018-12-31 0.69
2018-09-30 0.67
2018-06-30 0.64
2018-03-31 0.63
2017-12-31 0.63
2017-09-30 0.66
2017-06-30 0.69
2017-03-31 0.69
2016-12-31 0.69
2016-09-30 0.67

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nichols is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Nichols's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nichols has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NICL Past Performance

  How has Nichols performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nichols's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nichols's year on year earnings growth rate has been positive over the past 5 years.
  • Nichols's 1-year earnings growth is less than its 5-year average (9.2% vs 11.1%)
  • Nichols's earnings growth has exceeded the GB Beverage industry average in the past year (9.2% vs 7.1%).
Earnings and Revenue History
Nichols's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nichols Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AIM:NICL Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 148.66 25.80 33.05
2019-03-31 145.35 25.66 33.05
2018-12-31 142.04 25.52 33.05
2018-09-30 138.16 24.57 31.64
2018-06-30 134.27 23.61 30.24
2018-03-31 133.53 23.39 30.24
2017-12-31 132.79 23.17 30.24
2017-09-30 128.56 24.24 29.56
2017-06-30 124.33 25.31 28.89
2017-03-31 120.84 25.39 28.89
2016-12-31 117.35 25.48 28.89
2016-09-30 114.22 24.68 27.12
2016-06-30 111.08 23.88 25.35
2016-03-31 110.18 23.06 25.35
2015-12-31 109.28 22.23 25.35
2015-09-30 109.27 21.77 25.04
2015-06-30 109.25 21.30 24.74
2015-03-31 109.23 17.72 24.74
2014-12-31 109.21 14.15 24.74
2014-09-30 107.12 11.45 25.34
2014-06-30 105.04 8.76 25.94
2014-03-31 105.29 11.43 25.94
2013-12-31 105.53 14.11 25.94
2013-09-30 106.56 15.03 26.94
2013-06-30 107.59 15.95 27.94
2013-03-31 107.69 15.61 27.94
2012-12-31 107.79 15.26 27.94
2012-09-30 105.78 14.72 28.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Nichols has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Nichols used its assets more efficiently than the GB Beverage industry average last year based on Return on Assets.
  • Nichols's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nichols's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nichols has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NICL Health

 How is Nichols's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nichols's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nichols is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nichols's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nichols's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Nichols has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nichols Company Filings, last reported 2 weeks ago.

AIM:NICL Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 113.14 0.00 29.50
2019-03-31 113.14 0.00 29.50
2018-12-31 112.11 0.00 38.90
2018-09-30 112.11 0.00 38.90
2018-06-30 101.53 0.00 37.15
2018-03-31 101.53 0.00 37.15
2017-12-31 99.32 0.00 36.06
2017-09-30 99.32 0.00 36.06
2017-06-30 88.76 0.00 29.28
2017-03-31 88.76 0.00 29.28
2016-12-31 85.97 0.00 39.75
2016-09-30 85.97 0.00 39.75
2016-06-30 76.48 0.00 32.78
2016-03-31 76.48 0.00 32.78
2015-12-31 73.01 0.00 35.44
2015-09-30 73.01 0.00 35.44
2015-06-30 61.16 0.00 31.81
2015-03-31 61.16 0.00 31.81
2014-12-31 58.08 0.00 34.48
2014-09-30 58.08 0.00 34.48
2014-06-30 50.60 0.00 32.90
2014-03-31 50.60 0.00 32.90
2013-12-31 53.94 0.00 34.29
2013-09-30 53.94 0.00 34.29
2013-06-30 47.60 0.00 31.21
2013-03-31 47.60 0.00 31.21
2012-12-31 45.00 0.00 24.75
2012-09-30 45.00 0.00 24.75
  • Nichols has no debt.
  • Nichols has not taken on any debt in the past 5 years.
  • Nichols has no debt, it does not need to be covered by operating cash flow.
  • Nichols has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Nichols's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nichols has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NICL Dividends

 What is Nichols's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.27%
Current annual income from Nichols dividends. Estimated to be 2.58% next year.
If you bought £2,000 of Nichols shares you are expected to receive £45 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nichols's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.95%).
  • Nichols's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.45%).
Upcoming dividend payment

Purchase Nichols before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AIM:NICL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Beverage Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 1.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AIM:NICL Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.52 1.00
2021-12-31 0.46 5.00
2020-12-31 0.42 6.00
2019-12-31 0.40 4.00
AIM:NICL Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-04-01 0.381 2.206
2019-02-27 0.381 2.424
2018-03-27 0.335 2.287
2018-03-01 0.335 2.197
2017-03-02 0.293 1.704
2017-03-01 0.293 1.720
2016-04-04 0.256 1.768
2016-03-02 0.256 1.989
2015-03-26 0.224 1.713
2015-03-05 0.224 1.933
2014-03-13 0.196 1.979
2013-07-25 0.180 1.543
2013-03-07 0.173 1.814
2012-04-04 0.306 3.985
2012-03-08 0.153 2.396
2011-04-11 0.136 2.475
2011-03-10 0.136 2.966
2010-04-26 0.122 2.800
2010-03-24 0.122 3.390
2009-03-25 0.112 4.036
2008-08-06 0.107 4.872

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Nichols's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Nichols's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nichols afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nichols has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NICL Management

 What is the CEO of Nichols's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Marnie-Jane Millard
COMPENSATION £502,000
AGE 54
TENURE AS CEO 6.2 years
CEO Bio

Ms. Marnie-Jane Millard, OBE has been Chief Executive Officer of Nichols plc since May 1, 2013 and also has been its Executive Director since March 7, 2013. Ms. Millard served as Managing Director of Vimto Soft Drinks at Nichols plc from October 2012 to May 1, 2013. She joined Nichols in October 2012. She has worked in the soft drinks industry for the last 20 years in a number of senior roles with Macaw Soft Drinks, Refresco Ltd and Gerber Soft Drinks. Ms. Millard's experience spans both branded and own label ranges across all product categories of the soft drinks market. she has been Independent Non-Executive Director at Finsbury Food Group plc since February 1, 2016.

CEO Compensation
  • Marnie-Jane's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Marnie-Jane's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team

Marnie-Jane Millard

TITLE
CEO & Executive Director
COMPENSATION
£502K
AGE
54
TENURE
6.2 yrs

Tim Croston

TITLE
Group CFO
COMPENSATION
£371K
AGE
56
TENURE
9.5 yrs

Andrew Milne

TITLE
Group Chief Operating Officer & Director
COMPENSATION
£344K
AGE
46
Board of Directors Tenure

Average tenure and age of the Nichols board of directors in years:

4
Average Tenure
55
Average Age
  • The tenure for the Nichols board of directors is about average.
Board of Directors

Peter Nichols

TITLE
Non Executive Chairman
COMPENSATION
£102K
AGE
69
TENURE
12.5 yrs

Marnie-Jane Millard

TITLE
CEO & Executive Director
COMPENSATION
£502K
AGE
54
TENURE
6.3 yrs

Tim Croston

TITLE
Group CFO
COMPENSATION
£371K
AGE
56

Andrew Milne

TITLE
Group Chief Operating Officer & Director
COMPENSATION
£344K
AGE
46
TENURE
3.5 yrs

John Gittins

TITLE
Independent Non-Executive Director
COMPENSATION
£40K
AGE
59
TENURE
4 yrs

Helen Keays

TITLE
Independent Non-Executive Director
COMPENSATION
£40K
AGE
54
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • Nichols individual insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
09. May 19 Sell Andrew Milne Individual 08. May 19 08. May 19 -1,136 £0.18 £-204
12. Apr 19 Sell Nick Yates Individual 05. Apr 19 05. Apr 19 -2,898 £16.09 £-46,629
13. Mar 19 Sell Timothy Croston Individual 11. Mar 19 11. Mar 19 -2,249 £15.50 £-34,860
12. Nov 18 Sell Justine Doyle Individual 12. Nov 18 12. Nov 18 -500 £14.00 £-7,000
12. Nov 18 Sell Allan Doyle Individual 12. Nov 18 12. Nov 18 -1,088 £14.00 £-15,232
X
Management checks
We assess Nichols's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nichols has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NICL News

Simply Wall St News

How Good Is Nichols plc (LON:NICL), When It Comes To ROE?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Nichols: 23% = UK£26m ÷ UK£112m (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … The Bottom Line On ROE Return on equity is one way we can compare the business quality of different companies. … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

Calculating The Intrinsic Value Of Nichols plc (LON:NICL)

Today we will run through one way of estimating the intrinsic value of Nichols plc (LON:NICL) by estimating the company's future cash flows and discounting them to their present value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (£, Millions) £23.2m £24.6m £28.8m £29.7m £30.4m £31.1m £31.7m £32.2m £32.7m £33.2m Growth Rate Estimate Source Analyst x3 Analyst x3 Analyst x1 Analyst x1 Est @ 2.52% Est @ 2.13% Est @ 1.86% Est @ 1.67% Est @ 1.54% Est @ 1.44% Present Value (£, Millions) Discounted @ 6.55% £21.8 £21.7 £23.8 £23.0 £22.2 £21.3 £20.3 £19.4 £18.5 £17.6 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= £209.6m We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.5%.

Simply Wall St -

What Are Analysts Saying About Nichols plc's (LON:NICL) Growth?

Looking at Nichols plc's (LON:NICL) earnings update in December 2018, analyst consensus outlook seem conservative, with earnings growth rate expected to be 13% next year, which is within range of the past five-year average earnings growth of 14%. … I've plotted out each year's earnings expectations and inserted a line of best fit to calculate an annual growth rate from the slope in order to understand the overall trajectory of NICL's earnings growth over these next few years. … AIM:NICL Past and Future Earnings, July 2nd 2019 By 2022, NICL's earnings should reach UK£32m, from current levels of UK£26m, resulting in an annual growth rate of 4.3%.

Simply Wall St -

How Should Investors React To Nichols plc's (LON:NICL) CEO Pay?

Check out our latest analysis for Nichols How Does Marnie-Jane Millard's Compensation Compare With Similar Sized Companies? … Most shareholders would consider it a positive that Marnie-Jane Millard takes less total compensation than the CEOs of most similar size companies, leaving more for shareholders. … Marnie-Jane Millard is paid less than what is normal at similar size companies, and the total shareholder return has been pleasing over the last three years.

Simply Wall St -

How Should Investors Feel About Nichols plc's (LON:NICL) CEO Pay?

See our latest analysis for Nichols How Does Marnie-Jane Millard's Compensation Compare With Similar Sized Companies? … A first glance this seems like a real positive for shareholders, since Marnie-Jane Millard is paid less than the average total compensation paid by similar sized companies. … Marnie-Jane Millard is paid less than what is normal at similar size companies, and the total shareholder return has been pleasing over the last three years.

Simply Wall St -

Is Nichols plc (LON:NICL) Potentially Underrated?

NICL has plenty of financial flexibility, without debt obligations to meet in the short term, as well as the headroom to raise debt should it need to in the future. … Take a look at our free research report of analyst consensus for NICL’s outlook. … The intrinsic value infographic in our free research report helps visualize whether NICL is currently mispriced by the market.

Simply Wall St -

Do Insiders Own Shares In Nichols plc (LON:NICL)?

But other times, private equity is selling out, having taking the company public. … Private Company Ownership We can see that Private Companies own 9.5%, of the shares on issue. … Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual.

Simply Wall St -

Can You Imagine How Nichols's (LON:NICL) Shareholders Feel About The 68% Share Price Increase?

To wit, the Nichols share price has climbed 68% in five years, easily topping the market return of 1.0% (ignoring dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Nichols achieved compound earnings per share (EPS) growth of 13% per year.

Simply Wall St -

Why You Should Like Nichols plc’s (LON:NICL) ROCE

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Nichols: 0.27 = UK£32m ÷ (UK£142m - UK£25m) (Based on the trailing twelve months to December 2018.) Therefore, Nichols has an ROCE of 27%. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise. … Our Take On Nichols's ROCE Low current liabilities and high ROCE is a good combination, making Nichols look quite interesting.

Simply Wall St -

What Do Analysts Think About Nichols plc's (LON:NICL) Earnings Trend?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings update Nichols plc's (LON:NICL) released in December 2018a

Simply Wall St -

NICL Company Info

Description

Nichols plc, together with its subsidiaries, supplies soft drinks to the retail, wholesale, catering, licensed, and leisure industries in the United Kingdom. The company operates through Still and Carbonate segments. It offers till, carbonated, post-mix, and frozen drinks categories under the Vimto, Feel Good, Levi Roots, Starslush, ICEE, Panda, and Sunkist brands. The company offers its products through supermarkets, discount retailers, cash and carries, pubs, clubs, bars, restaurants, and leisure outlets. It also exports its products to the Middle East, Africa, and internationally. The company was incorporated in 1929 and is headquartered in Newton-le-Willows, the United Kingdom.

Details
Name: Nichols plc
NICL
Exchange: AIM
Founded: 1929
£619,993,029
36,904,347
Website: http://www.nicholsplc.co.uk
Address: Nichols plc
Laurel House,
5 Woodlands Park,
Newton-le-Willows,
Merseyside, WA12 0HH,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AIM NICL Ordinary Shares London Stock Exchange AIM Market GB GBP 07. Oct 1993
BST NRV Ordinary Shares Boerse-Stuttgart DE EUR 07. Oct 1993
Number of employees
Current staff
Staff numbers
286
Nichols employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 20:39
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/18
Last earnings filing: 2019/07/17
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.