Carlsberg Britvic

LSE:BVIC Stock Report

Market Cap: UK£3.3b

Carlsberg Britvic Valuation

Is BVIC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BVIC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
UK£19.62
Fair Value
33.1% undervalued intrinsic discount
8
Number of Analysts

Below Fair Value: BVIC (£13.13) is trading below our estimate of fair value (£19.62)

Significantly Below Fair Value: BVIC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BVIC?

Key metric: As BVIC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BVIC. This is calculated by dividing BVIC's market cap by their current earnings.
What is BVIC's PE Ratio?
PE Ratio26.1x
EarningsUK£125.80m
Market CapUK£3.28b

Price to Earnings Ratio vs Peers

How does BVIC's PE Ratio compare to its peers?

The above table shows the PE ratio for BVIC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.1x
CCH Coca-Cola HBC
19x12.7%UK£10.1b
FEVR Fevertree Drinks
34.7x29.2%UK£759.4m
BAG A.G. BARR
17.9x15.5%UK£649.6m
NICL Nichols
24.9x12.0%UK£465.8m
BVIC Carlsberg Britvic
26.1x17.7%UK£3.3b

Price-To-Earnings vs Peers: BVIC is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the peer average (24.1x).

Price to Earnings Ratio vs Industry

How does BVIC's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BVIC 26.1xIndustry Avg. 17.0xNo. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BVIC is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the European Beverage industry average (17x).

Price to Earnings Ratio vs Fair Ratio

What is BVIC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BVIC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.1x
Fair PE Ratio19x

Price-To-Earnings vs Fair Ratio: BVIC is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the estimated Fair Price-To-Earnings Ratio (19x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BVIC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£13.13
UK£12.21
-7.0%
10.2%UK£13.50UK£10.00n/a8
Jan ’26UK£13.09
UK£12.21
-6.7%
10.2%UK£13.50UK£10.00n/a8
Dec ’25UK£12.90
UK£12.21
-5.3%
10.2%UK£13.50UK£10.00n/a8
Nov ’25UK£12.80
UK£12.21
-4.6%
10.2%UK£13.50UK£10.00n/a8
Oct ’25UK£12.76
UK£11.95
-6.4%
13.2%UK£13.50UK£8.70n/a10
Sep ’25UK£12.75
UK£11.79
-7.6%
13.4%UK£13.50UK£8.70n/a11
Aug ’25UK£12.67
UK£11.68
-7.8%
13.2%UK£13.50UK£8.70n/a11
Jul ’25UK£11.75
UK£10.75
-8.6%
10.9%UK£13.50UK£8.70n/a12
Jun ’25UK£9.66
UK£10.49
+8.6%
7.9%UK£11.70UK£8.70n/a15
May ’25UK£8.84
UK£9.79
+10.8%
7.8%UK£11.00UK£8.70n/a14
Apr ’25UK£8.22
UK£9.75
+18.6%
7.8%UK£11.00UK£8.70n/a14
Mar ’25UK£8.57
UK£9.82
+14.6%
8.2%UK£11.00UK£8.70n/a15
Feb ’25UK£8.79
UK£9.74
+10.9%
8.5%UK£11.00UK£8.70n/a16
Jan ’25UK£8.41
UK£9.80
+16.6%
8.4%UK£11.00UK£8.70UK£13.0916
Dec ’24UK£8.32
UK£9.84
+18.4%
8.3%UK£11.00UK£8.70UK£12.9017
Nov ’24UK£8.43
UK£10.00
+18.7%
6.9%UK£11.00UK£8.75UK£12.8015
Oct ’24UK£8.72
UK£9.96
+14.2%
7.6%UK£11.00UK£8.70UK£12.7616
Sep ’24UK£8.77
UK£9.90
+13.0%
7.9%UK£11.00UK£8.65UK£12.7516
Aug ’24UK£8.64
UK£9.84
+13.9%
7.5%UK£11.00UK£8.65UK£12.6716
Jul ’24UK£8.56
UK£9.75
+14.0%
8.8%UK£11.00UK£7.60UK£11.7516
Jun ’24UK£8.85
UK£9.69
+9.5%
8.7%UK£11.00UK£7.60UK£9.6616
May ’24UK£9.14
UK£9.21
+0.8%
8.4%UK£10.50UK£7.60UK£8.8414
Apr ’24UK£8.91
UK£9.13
+2.5%
9.0%UK£10.50UK£7.60UK£8.2215
Mar ’24UK£8.18
UK£9.21
+12.5%
9.2%UK£10.50UK£7.60UK£8.5716
Feb ’24UK£7.79
UK£9.20
+18.1%
9.3%UK£10.50UK£7.50UK£8.7916
Jan ’24UK£7.77
UK£9.22
+18.7%
8.9%UK£10.50UK£7.80UK£8.4117
Analyst Price Target
Consensus Narrative from 8 Analysts
UK£12.21
Fair Value
7.5% overvalued intrinsic discount
8
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/19 06:47
End of Day Share Price 2025/01/16 00:00
Earnings2024/09/30
Annual Earnings2024/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Carlsberg Britvic is covered by 33 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mandeep SanghaBarclays
Michael BrancaBarclays
Robert ChantryBerenberg