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1. Company Snapshot

1.a. Company Description

Britvic plc, together with its subsidiaries, manufactures, markets, distributes, and sells soft drinks in the United Kingdom, the Republic of Ireland, France, Brazil, and internationally.It also provides fruit juices, syrups, squash, mineral water, liquid concentrates, ready-to-drink nectar drinks, sodas, mixers, and energy and flavored drinks.The company offers its products under the 7UP, Aqua Libra, Ballygowan, Britvic, drench, Robinsons, Gatorade, J2O, Lipton, London Essence, Mathieu Teisseire, Mountain Dew, Pepsi MAX, Plenish, Purdey's, Rockstar, R.


White's, Tango, Teisseire, Bela Ischia, Britvic, Dafruta, Maguary, Mathieu Teisseire, Pressade, Puro Coco, C&C, Cidona, Club, Edge, Energise Sport, MiWadi, Moulin de Valdonne, and TK brands.In addition, it supplies water-coolers and bottled water; engages in the wholesale of soft drinks to the licensed trade; offers pension funding and financing services; and designs, installs, and maintains integrated tap solutions.The company was incorporated in 2005 and is headquartered in Hemel Hempstead, the United Kingdom.

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1.b. Last Insights on BVIC

The recent stock performance of Britvic plc has been driven by the completion of Carlsberg's £3.3bn takeover. On January 17, 2025, the deal became effective, cancelling Britvic's listing and trading on the London Stock Exchange. This significant event has likely led to increased investor interest and confidence in the company. Additionally, the deal is expected to create a single integrated beverage company in the UK, Carlsberg Britvic, potentially leading to cost savings and synergies. The company's employees, around 4,500, will also benefit from the takeover.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Form 8.3 - Direct Line Insurance Group plc

Jan -17

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Carlsberg’s deal for Britvic finally becomes “effective”

Jan -17

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Form 8.3 - Direct Line Insurance Group plc

Jan -16

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Carlsberg’s £3.3bn takeover of Britvic approved by High Court judge

Jan -15

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Form 8.3 - Hargreaves Lansdown plc

Jan -15

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Form 8.3 - International Distribution Services plc

Jan -14

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Form 8.3 - Hargreaves Lansdown plc

Jan -13

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Form 8.3 - Direct Line Insurance Group plc

Jan -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.79%)

6. Segments

Great Britain

Expected Growth: 3.8%

Britvic plc's 3.8% growth in Great Britain is driven by increasing demand for low-calorie beverages, successful product innovation, and strategic partnerships with major retailers. Additionally, the company's focus on sustainability and eco-friendly packaging resonates with environmentally conscious consumers, contributing to its growth in the region.

France

Expected Growth: 3.5%

Britvic plc's 3.5% growth in France is driven by increasing demand for low-calorie beverages, particularly among health-conscious consumers. Strong brand presence, innovative product offerings, and strategic partnerships with major retailers also contribute to growth. Additionally, France's growing foodservice sector and increasing popularity of online shopping channels provide further opportunities for expansion.

Ireland

Expected Growth: 3.2%

Britvic plc's 3.2% growth in Ireland is driven by increasing demand for low-calorie beverages, particularly among health-conscious consumers. Additionally, the company's strong brand portfolio, including Robinsons and MiWadi, has helped to drive sales. Furthermore, Britvic's strategic partnerships with major retailers and its investment in e-commerce capabilities have also contributed to its growth in the Irish market.

Brazil

Expected Growth: 4.5%

Britvic plc's 4.5% growth in Brazil is driven by increasing demand for low-calorie beverages, particularly among health-conscious consumers. Strong distribution networks and partnerships with local retailers have also contributed to the growth. Furthermore, the company's focus on innovation, such as the launch of new flavors and products, has helped to attract new customers and increase market share.

International

Expected Growth: 4.2%

Britvic plc's 4.2% international growth is driven by increasing demand for low-calorie beverages, expansion into new markets, and strategic partnerships. The company's diversified portfolio, including brands like Robinsons and Fruit Shoot, has also contributed to growth. Additionally, investments in e-commerce and digital marketing have enhanced customer engagement and driven sales.

7. Detailed Products

Pepsi

A popular cola-flavored soft drink

7 Up

A crisp and refreshing lemon-lime flavored soft drink

Robinsons

A range of fruit-flavored soft drinks and juices

J2O

A range of adult soft drinks with a blend of fruit flavors

Fruit Shoot

A range of kids' fruit-flavored soft drinks

Tango

A range of citrus-flavored soft drinks

Drench

A range of still and sparkling water beverages

Purdey's

A range of natural and organic soft drinks

8. Britvic plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Britvic plc faces moderate threat from substitutes, as consumers have various alternatives to soft drinks, such as water, juice, and tea. However, the company's strong brand portfolio and product diversification mitigate this threat.

Bargaining Power Of Customers

Britvic plc's customers, mainly retailers and wholesalers, have limited bargaining power due to the company's strong market position and diversified product offerings.

Bargaining Power Of Suppliers

Britvic plc's suppliers, mainly packaging and ingredient providers, have moderate bargaining power due to the company's dependence on a few large suppliers. However, the company's scale and diversification help mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Britvic plc, as the soft drinks market has high barriers to entry, including significant capital requirements and established distribution networks.

Intensity Of Rivalry

The soft drinks market is highly competitive, with several established players, including multinational corporations. Britvic plc faces intense rivalry from competitors, which can lead to pricing pressures and market share erosion.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.70%
Debt Cost 4.28%
Equity Weight 37.30%
Equity Cost 7.05%
WACC 5.31%
Leverage 168.06%

11. Quality Control: Britvic plc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 4.5

Growth: 6.2

Quality: 5.2

Yield: 4.4

Momentum: 8.0

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BIC

A-Score: 6.0/10

Value: 7.6

Growth: 4.1

Quality: 6.7

Yield: 8.1

Momentum: 1.5

Volatility: 7.7

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Cranswick

A-Score: 5.5/10

Value: 4.4

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Quality: 5.2

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Colruyt

A-Score: 5.2/10

Value: 7.7

Growth: 4.6

Quality: 4.3

Yield: 6.9

Momentum: 1.0

Volatility: 7.0

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SalMar

A-Score: 4.8/10

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Growth: 6.6

Quality: 3.3

Yield: 6.2

Momentum: 4.0

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Britvic

A-Score: 4.8/10

Value: 2.4

Growth: 4.7

Quality: 5.0

Yield: 5.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.13$

Current Price

13.13$

Potential

-0.00%

Expected Cash-Flows