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Britvic

LSE:BVIC
Snowflake Description

Established dividend payer with moderate growth potential.

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

Britvic plc, together with its subsidiaries, manufactures, markets, and distributes soft drinks primarily in the United Kingdom, the Republic of Ireland, France, and Brazil. The last earnings update was 72 days ago. More info.


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BVIC Share Price and Events
7 Day Returns
3.1%
LSE:BVIC
-0.8%
GB Beverage
-0.3%
GB Market
1 Year Returns
33.8%
LSE:BVIC
19.5%
GB Beverage
-2.8%
GB Market
BVIC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Britvic (BVIC) 3.1% 5.6% 15.1% 33.8% 33.3% 19%
GB Beverage -0.8% 8.9% 9.1% 19.5% 67.3% 59.2%
GB Market -0.3% 4% 3.1% -2.8% 17.9% -1.9%
1 Year Return vs Industry and Market
  • BVIC outperformed the Beverage industry which returned 19.5% over the past year.
  • BVIC outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2.8% over the past year.
Price Volatility
BVIC
Industry
5yr Volatility vs Market

Value

 Is Britvic 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 Britvic 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    Our calculation method for this is changing soon.

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

LSE:BVIC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
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 LSE:BVIC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 8.8%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.3
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.297 (1 + (1- 19%) (31.59%))
0.373
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 * 8.77%)
8.25%

Discounted Cash Flow Calculation for LSE:BVIC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Britvic is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:BVIC DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (GBP, Millions) 123.38 161.13 164.53 196.00 209.00
Source Analyst x5 Analyst x6 Analyst x4 Analyst x1 Analyst x1
Present Value
Discounted (@ 8.25%)
113.98 137.52 129.72 142.76 140.64
Present value of next 5 years cash flows £664.62
LSE:BVIC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= £209.00 × (1 + 1.23%) ÷ (8.25% – 1.23%)
£3,014.43
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= £3,014.43 ÷ (1 + 8.25%)5
£2,028.42
LSE:BVIC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= £664.62 + £2,028.42
£2,693.04
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £2,693.04 / 264.44
£10.18
LSE:BVIC Discount to Share Price
Calculation Result
Value per share (GBP) From above. £10.18
Current discount Discount to share price of £9.26
= -1 x (£9.26 - £10.18) / £10.18
9.1%

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

Current Discount
Amount off the current price Britvic is available for.
Intrinsic value
9%
Share price is £9.26 vs Future cash flow value of £10.18
Current Discount Checks
For Britvic to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Britvic's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Britvic's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Britvic's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Britvic's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:BVIC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in GBP £0.44
LSE:BVIC Share Price ** LSE (2019-02-22) in GBP £9.26
United Kingdom of Great Britain and Northern Ireland Beverage Industry PE Ratio Median Figure of 8 Publicly-Listed Beverage Companies 24.48x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 815 Publicly-Listed Companies 16.03x

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

** Primary Listing of Britvic.

LSE:BVIC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:BVIC Share Price ÷ EPS (both in GBP)

= 9.26 ÷ 0.44

20.84x

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

  • Britvic is good value based on earnings compared to the GB Beverage industry average.
  • Britvic is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Britvic's expected growth come at a high price?
Raw Data
LSE:BVIC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
10.8%per year
United Kingdom of Great Britain and Northern Ireland Beverage Industry PEG Ratio Median Figure of 7 Publicly-Listed Beverage Companies 3.93x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 577 Publicly-Listed Companies 1.3x

*Line of best fit is calculated by linear regression .

LSE:BVIC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.84x ÷ 10.8%

1.93x

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

  • Britvic is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Britvic's assets?
Raw Data
LSE:BVIC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in GBP £1.43
LSE:BVIC Share Price * LSE (2019-02-22) in GBP £9.26
United Kingdom of Great Britain and Northern Ireland Beverage Industry PB Ratio Median Figure of 9 Publicly-Listed Beverage Companies 4.25x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,361 Publicly-Listed Companies 1.54x
LSE:BVIC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:BVIC Share Price ÷ Book Value per Share (both in GBP)

= 9.26 ÷ 1.43

6.47x

* Primary Listing of Britvic.

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

  • Britvic is overvalued based on assets compared to the GB Beverage industry average.
X
Value checks
We assess Britvic'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. Britvic 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.

Future Performance

 How is Britvic expected to perform in the next 1 to 3 years based on estimates from 11 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
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Britvic expected to grow at an attractive rate?
  • Britvic's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Britvic's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Britvic'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
LSE:BVIC Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:BVIC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 10.8%
LSE:BVIC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 2.8%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Earnings Growth Rate Market Cap Weighted Average 6.3%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*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
LSE:BVIC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:BVIC Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 1,738 277 192 1
2022-09-30 1,681 263 2
2021-09-30 1,639 239 169 8
2020-09-30 1,608 232 159 10
2019-09-30 1,568 189 141 11
LSE:BVIC Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2018-09-30 1,504 207 117
2018-06-30 1,483 112
2018-04-15 1,573 180 106
2018-01-15 1,557 189 109
2017-10-01 1,431 198 112
2017-07-01 1,443 112
2017-04-16 1,455 179 113
2017-01-16 1,443 156 114
2016-10-02 1,431 133 115
2016-07-02 1,380 145 111
2016-04-10 1,328 157 107
2016-01-10 1,314 162 105

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Britvic's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • Britvic's revenue is expected to grow by 2.8% 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
LSE:BVIC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Britvic Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BVIC Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30 0.64 0.65 0.63 4.00
2020-09-30 0.60 0.62 0.59 5.00
2019-09-30 0.51 0.53 0.46 6.00
LSE:BVIC Past Financials Data
Date (Data in GBP Millions) EPS *
2018-09-30 0.44
2018-06-30 0.42
2018-04-15 0.40
2018-01-15 0.41
2017-10-01 0.42
2017-07-01 0.43
2017-04-16 0.43
2017-01-16 0.43
2016-10-02 0.44
2016-07-02 0.43
2016-04-10 0.42
2016-01-10 0.42

*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.
  • Britvic is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Britvic'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.
Britvic has a total score of 3/6, 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.

Past Performance

  How has Britvic 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 Britvic'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.
  • Britvic's year on year earnings growth rate has been positive over the past 5 years.
  • Britvic's 1-year earnings growth is less than its 5-year average (4.9% vs 9.8%)
  • Britvic's earnings growth has not exceeded the GB Beverage industry average in the past year (4.9% vs 5%).
Earnings and Revenue History
Britvic'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 Britvic Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BVIC Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 1,503.60 117.10 647.00
2018-06-30 1,483.00 111.70 645.10
2018-04-15 1,572.70 106.30 687.20
2018-01-15 1,556.75 108.95 670.35
2017-10-01 1,430.50 111.60 609.50
2017-07-01 1,442.55 112.05 607.75
2017-04-16 1,454.60 112.50 606.00
2017-01-16 1,442.95 113.50 600.80
2016-10-02 1,431.30 114.50 595.60
2016-07-02 1,379.55 110.50 574.45
2016-04-10 1,327.80 106.50 553.30
2016-01-10 1,313.95 105.15 551.95
2015-09-27 1,300.10 103.80 550.60
2015-06-27 1,312.05 101.95 559.75
2015-04-12 1,324.00 100.10 568.90
2015-01-12 1,334.20 94.90 567.85
2014-09-28 1,344.40 89.70 566.80
2014-06-28 1,348.90 77.20 556.80
2014-04-13 1,353.40 64.70 546.80
2014-01-13 1,337.65 63.30 539.95
2013-09-29 1,321.90 61.90 533.10
2013-06-29 1,288.20 62.65 524.95
2013-04-14 1,254.50 63.40 516.80
2013-01-14 1,255.45 60.40 516.90
2012-09-30 1,256.40 57.40 517.00
2012-06-30 1,277.40 59.35 521.45
2012-04-15 1,298.40 61.30 525.90

*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.
  • Whilst Britvic has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Britvic used its assets less efficiently than the GB Beverage industry average last year based on Return on Assets.
  • Britvic's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Britvic'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.
Britvic has a total score of 1/6, 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.

Health

 How is Britvic'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 Britvic's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Britvic's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Britvic's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Britvic'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.8x debt.
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 Britvic Company Filings, last reported 4 months ago.

LSE:BVIC Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 377.30 773.20 145.80
2018-06-30 377.30 773.20 145.80
2018-04-15 317.60 738.80 71.60
2018-01-15 317.60 738.80 71.60
2017-10-01 339.30 677.30 96.90
2017-07-01 339.30 677.30 96.90
2017-04-16 275.30 733.00 60.20
2017-01-16 275.30 733.00 60.20
2016-10-02 281.00 783.40 266.00
2016-07-02 281.00 783.40 266.00
2016-04-10 220.00 616.90 117.80
2016-01-10 220.00 616.90 117.80
2015-09-27 211.80 575.90 248.70
2015-06-27 211.80 575.90 248.70
2015-04-12 72.20 599.60 56.70
2015-01-12 72.20 599.60 56.70
2014-09-28 83.10 572.90 144.70
2014-06-28 83.10 572.90 144.70
2014-04-13 45.30 566.30 44.80
2014-01-13 45.30 566.30 44.80
2013-09-29 40.90 562.50 105.40
2013-06-29 40.90 562.50 105.40
2013-04-14 0.60 607.90 22.20
2013-01-14 0.60 607.90 22.20
2012-09-30 37.10 569.70 49.50
2012-06-30 37.10 569.70 49.50
2012-04-15 -0.90 614.60 2.90
  • Britvic's level of debt (204.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (1372.7% vs 204.9% today).
  • Debt is well covered by operating cash flow (26.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.6x coverage).
X
Financial health checks
We assess Britvic'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. Britvic has a total score of 3/6, 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.

Dividends

 What is Britvic'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
3.05%
Current annual income from Britvic dividends. Estimated to be 3.42% next year.
If you bought £2,000 of Britvic shares you are expected to receive £61 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?
  • Britvic's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.97%).
  • Britvic's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.14%).
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
LSE:BVIC 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 11 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 2.1%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 708 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
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 5.1%

Industry and Market average data is calculated daily.

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

LSE:BVIC Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-09-30 0.37 1.00
2022-09-30 0.35 2.00
2021-09-30 0.33 9.00
2020-09-30 0.31 11.00
2019-09-30 0.30 11.00
LSE:BVIC Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2018-11-29 0.282 3.299
2017-12-22 0.265 3.479
2017-11-29 0.265 3.300
2016-12-23 0.245 3.561
2016-01-27 0.230 3.627
2014-11-26 0.209 2.960
2013-12-23 0.184 2.611
2013-11-26 0.184 2.747
2013-05-22 0.178 3.221
2012-11-27 0.177 4.137
2012-11-26 0.177 4.447
2011-12-28 0.177 5.091
2011-11-30 0.177 5.621
2011-01-04 0.167 4.528
2010-12-02 0.167 3.500
2009-11-25 0.150 3.303
2009-02-24 0.126 4.272

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Britvic's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Britvic's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Britvic afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Britvic has a total score of 5/6, see the detailed checks below.


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

Management

 What is the CEO of Britvic'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
Simon Litherland
COMPENSATION £2,147,400
AGE 53
TENURE AS CEO 6 years
CEO Bio

Mr. Simon Litherland has been the Chief Executive Officer of Britvic Plc since February 13, 2013. Mr. Litherland served as Managing Director of GB at Britvic Soft Drinks Limited since October 4, 2011. He has over 25 years’ experience in finance and leadership roles within the drinks manufacturing and distribution sector. Prior to joining Britvic in 2011, he worked for global drinks manufacturer Diageo plc, spending 20 years running several of its international business units. He served as Managing Director of Great Britain at Diageo plc since July 1, 2009. At Diageo, he held a series of domestic and international roles over 20 years and was responsible for an extensive portfolio of brands including Guinness, Smirnoff, Johnnie Walker, IDV, Grand Metropolitan and Baileys. He served as Managing Director of Brandhouse South Africa, a joint venture between Diageo, Heineken and Namibia Breweries. He served as Managing Director of Great Britain of Diageo Plc since July 1, 2009. He served at Diageo as Finance Director in European operations, before rising to management positions in Eastern Europe, Dublin and South Africa. Mr. Litherland has been a Director of Britvic Plc since February 13, 2013. He has been an Independent Non-Executive Director of Persimmon plc since April 3, 2017. He served as a Director of Namibia Breweries and Rowing BC. Mr. Litherland qualified as a Chartered Accountant with Deloitte in South Africa and holds a business degree from the University of Cape Town.

CEO Compensation
  • Simon's compensation has been consistent with company performance over the past year.
  • Simon's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Britvic management team in years:

2.8
Average Tenure
  • The tenure for the Britvic management team is about average.
Management Team

Simon Litherland

TITLE
CEO & Director
COMPENSATION
£2M
AGE
53
TENURE
6 yrs

Mathew Dunn

TITLE
CFO & Director
COMPENSATION
£1M
AGE
43
TENURE
3.3 yrs

Steve Potts

TITLE
Chief Information
TENURE
1.1 yrs

Steve Nightingale

TITLE
Director of Investor Relations

Jonathan Adelman

TITLE
Acting General Counsel & Company Secretary
TENURE
1.4 yrs

Matt Barwell

TITLE
Chief Marketing Officer

Zareena Brown

TITLE
Chief Human Resources Officer
TENURE
0.7 yrs

Michael Mountford

TITLE
Head of Compensation & Benefits

Paul Graham

TITLE
Managing Director of Great Britain
TENURE
3.8 yrs

Kevin Donnelly

TITLE
Managing Director of Ireland
TENURE
2.8 yrs
Board of Directors Tenure

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

2.2
Average Tenure
53.5
Average Age
  • The average tenure for the Britvic board of directors is less than 3 years, this suggests a new board.
Board of Directors

John Daly

TITLE
Non-Executive Chairman
COMPENSATION
£240K
AGE
61
TENURE
1.4 yrs

Simon Litherland

TITLE
CEO & Director
COMPENSATION
£2M
AGE
53
TENURE
6 yrs

Mathew Dunn

TITLE
CFO & Director
COMPENSATION
£1M
AGE
43
TENURE
3.3 yrs

Ian McHoul

TITLE
Senior Independent Director
COMPENSATION
£74K
AGE
58
TENURE
1.4 yrs

Sue Clark

TITLE
Independent Non-Executive Director
COMPENSATION
£65K
AGE
54
TENURE
3 yrs

Euan Sutherland

TITLE
Independent Non-Executive Director
COMPENSATION
£56K
AGE
49
TENURE
3 yrs

Suniti Chauhan

TITLE
Independent Non-Executive Director
COMPENSATION
£47K
TENURE
1.3 yrs

William Eccleshare

TITLE
Independent Non-Executive Director
COMPENSATION
£47K
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
X
Management checks
We assess Britvic'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. Britvic 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.

News

Simply Wall St News

Is Britvic plc’s (LON:BVIC) 15% Return On Capital Employed Good News?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

How Do Analysts See Britvic plc (LON:BVIC) Performing In The Next Couple Of Years?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Britvic plc's (LON:BVIC) announced its latest earnings update in September 2018, whicha

Simply Wall St -

Why Britvic plc (LON:BVIC) Looks Like A Quality Company

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Britvic has a return on equity of 31% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Estimating The Intrinsic Value Of Britvic plc (LON:BVIC)

Today, I will calculate the stock's intrinsic value. … by projecting its future cash flows and then discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What Are Analysts Saying About Britvic plc's (LON:BVIC) Growth?

On 30 September 2018, Britvic plc (LON:BVIC) announced its earnings update. … with earnings expected to grow by 20% in the upcoming year … the past 5-year average growth rate of 9.8%.

Simply Wall St -

Britvic plc (LON:BVIC) Is An Attractive Dividend Stock, Here's Why

There is a lot to be liked about Britvic plc (LON:BVIC) as an income stock. … The company currently pays out a dividend yield of 3.4% to shareholders, making it a relatively attractive dividend stock. … Here's how I find good dividend stocks

Simply Wall St -

Britvic plc (LON:BVIC) Insiders Increased Their Holdings

So shareholders might well want to know whether insiders have been buying or selling shares in Britvic plc (LON:BVIC). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Britvic insiders bought more than they sold over the last year

Simply Wall St -

Britvic plc (LON:BVIC): Ex-Dividend Is In 3 Days

Britvic plc (LON:BVIC) will be distributing its dividend of UK£0.20 per share on the 04 February 2019, and will start trading ex-dividend in 3 days time on the 06 December 2018. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Britvic's latest financial data to analyse its dividend characteristics. … 5 questions to ask before buying a dividend stock?

Simply Wall St -

Does Britvic plc's (LON:BVIC) CEO Salary Reflect Performance?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Simon Litherland's Compensation Compare With Similar Sized Companies. … According to our data, Britvic plc has a market capitalization of UK£2.2b, and pays its CEO total annual compensation worth UK£2m.

Simply Wall St -

Understanding Your Return On Investment In Britvic plc (LON:BVIC)

and want to better understand how you can grow your money by investing in Britvic plc (LON:BVIC). … Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Thus, to understand how your money can grow by investing in Britvic, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Company Info

Map
Description

Britvic plc, together with its subsidiaries, manufactures, markets, and distributes soft drinks primarily in the United Kingdom, the Republic of Ireland, France, and Brazil. It also provides fruit juices, syrups, liquid concentrates, ready-to-drink nectar drinks, sodas, mixers, energy drinks, and flavored water. The company’s brand portfolio includes 7Up, Aqua Libra, Ballygowan, C&C, Club Mixers, Club Orange, DaFruta, Drench, Energise Sport, Fruit Shoot, Gatorade, J2O, Lipton, Maguary, MiWadi, Mountain Dew, Pepsi Max, Purdey's, R White's, Robinsons, Tango, Teisseire, TK, Fruité, Moulin de Valdonne, and Pressade. In addition, the company supplies water-coolers and bottled water; wholesales soft drinks to the licensed trade; and offers pension funding and financing services. It exports its products to approximately 50 countries. The company was incorporated in 2005 and is headquartered in Hemel Hempstead, the United Kingdom.

Details
Name: Britvic plc
BVIC
Exchange: LSE
Founded: 2005
£2,447,419,465
264,442,946
Website: http://www.britvic.com
Address: Britvic plc
Breakspear Park,
Breakspear Way,
Hemel Hempstead,
Hertfordshire, HP2 4TZ,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE BVIC Ordinary Shares London Stock Exchange GB GBP 09. Dec 2005
OTCPK BTVC.F Ordinary Shares Pink Sheets LLC US USD 09. Dec 2005
BST B6S Ordinary Shares Boerse-Stuttgart DE EUR 09. Dec 2005
BATS-CHIXE BVICL Ordinary Shares BATS 'Chi-X Europe' GB GBP 09. Dec 2005
OTCPK BTVC.Y SPONSORED ADR Pink Sheets LLC US USD 25. Feb 2010
Number of employees
Current staff
Staff numbers
4,697
Britvic employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 21:04
End of day share price update: 2019/02/22 00:00
Last estimates confirmation: 2019/02/12
Last earnings filing: 2018/12/13
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/09/30


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.