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Britvic

DB:B6S
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
B6S
DB
£2B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Britvic plc, together with its subsidiaries, manufactures, markets, and distributes soft drinks in the United Kingdom, the Republic of Ireland, France, Brazil, and internationally. The last earnings update was 121 days ago. More info.


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  • Britvic has significant price volatility in the past 3 months.
B6S Share Price and Events
7 Day Returns
4%
DB:B6S
1.8%
DE Beverage
4.3%
DE Market
1 Year Returns
-29.6%
DB:B6S
-5.7%
DE Beverage
-14.2%
DE Market
B6S Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Britvic (B6S) 4% -20.5% -24.8% -29.6% - -
DE Beverage 1.8% -9.2% -11.7% -5.7% 14.4% 38.3%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • B6S underperformed the Beverage industry which returned -5.7% over the past year.
  • B6S underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
B6S
Industry
5yr Volatility vs Market
Related Companies

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

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

DB:B6S Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.6%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:B6S
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.57
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.568 (1 + (1- 19%) (36.81%))
0.824
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.824 * 6.07%)
4.61%

Discounted Cash Flow Calculation for DB:B6S 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 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:B6S DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 4.61%)
2020 130.75 Analyst x8 124.99
2021 162.74 Analyst x8 148.71
2022 165.10 Analyst x7 144.21
2023 192.00 Analyst x1 160.32
2024 205.00 Analyst x1 163.63
2025 213.39 Est @ 4.09% 162.81
2026 219.25 Est @ 2.75% 159.91
2027 223.21 Est @ 1.81% 155.62
2028 225.77 Est @ 1.15% 150.47
2029 227.32 Est @ 0.69% 144.82
Present value of next 10 years cash flows £1,515.00
DB:B6S DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £227.32 × (1 + -0.39%) ÷ (4.61% – -0.39%)
£4,527.00
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £4,527.00 ÷ (1 + 4.61%)10
£2,884.06
DB:B6S Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £1,515.00 + £2,884.06
£4,399.06
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £4,399.06 / 265.76
£16.55
DB:B6S Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:B6S represents 1.0933x of LSE:BVIC
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.0933x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 16.55 x 1.0933
€18.10
Value per share (EUR) From above. €18.10
Current discount Discount to share price of €7.68
= -1 x (€7.68 - €18.10) / €18.10
57.6%

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
>50%
Share price is €7.68 vs Future cash flow value of €18.1
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, and at a moderate discount (> 20%).
  • Britvic's share price is below the future cash flow value, and 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
DB:B6S PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-29) in GBP £0.31
LSE:BVIC Share Price ** LSE (2020-04-08) in GBP £7.02
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 26.97x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

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

** Primary Listing of Britvic.

DB:B6S PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 7.02 ÷ 0.31

22.95x

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 DE Beverage industry average.
  • Britvic is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Britvic's expected growth come at a high price?
Raw Data
DB:B6S PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
15.8%per year
Europe Beverage Industry PEG Ratio Median Figure of 29 Publicly-Listed Beverage Companies 2.11x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:B6S PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.95x ÷ 15.8%

1.46x

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
DB:B6S PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-29) in GBP £1.56
LSE:BVIC Share Price * LSE (2020-04-08) in GBP £7.02
Germany Beverage Industry PB Ratio Median Figure of 7 Publicly-Listed Beverage Companies 2.21x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:B6S PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 7.02 ÷ 1.56

4.5x

* 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 DE 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 3/6, 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 12 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
15.8%
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 -0.4%.
Growth vs Market Checks
  • Britvic's earnings growth is expected to exceed the Germany market average.
  • Britvic's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:B6S Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:B6S Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 15.8%
DB:B6S Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 1.3%
Europe Beverage Industry Earnings Growth Rate Market Cap Weighted Average 7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
DB:B6S Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:B6S Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 1,645 284 174 2
2023-09-30 1,608 269 164 2
2022-09-30 1,571 252 158 11
2021-09-30 1,525 245 146 12
2020-09-30 1,461 199 116 12
2020-04-09
2019-09-30 1,551 177 126 14
DB:B6S Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-29 1,545 185 81
2019-06-29 1,542 191 100
2019-04-14 1,540 196 119
2019-01-14 1,522 201 118
2018-09-30 1,504 207 117
2018-06-30 1,483 112
2018-04-15 1,462 180 106
2018-01-15 1,446 189 109
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Britvic's earnings are expected to grow by 15.8% yearly, however this is not considered high growth (20% yearly).
  • Britvic's revenue is expected to grow by 1.3% 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
DB:B6S Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Britvic Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B6S Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30 0.64 0.64 0.64 1.00
2023-09-30 0.61 0.61 0.61 1.00
2022-09-30 0.57 0.61 0.53 4.00
2021-09-30 0.54 0.61 0.49 6.00
2020-09-30 0.40 0.46 0.36 5.00
2020-04-09
2019-09-30 0.49 0.57 0.43 9.00
DB:B6S Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-29 0.31
2019-06-29 0.38
2019-04-14 0.45
2019-01-14 0.45
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

*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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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, however the most recent earnings are below average.
  • Britvic's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Britvic's 1-year earnings growth is negative, it can't be compared to the DE Beverage industry average.
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 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:B6S Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-29 1,545.00 80.90 649.80
2019-06-29 1,542.30 99.80 649.20
2019-04-14 1,539.60 118.70 648.60
2019-01-14 1,521.60 117.90 647.80
2018-09-30 1,503.60 117.10 647.00
2018-06-30 1,483.00 111.70 645.10
2018-04-15 1,462.40 106.30 643.20
2018-01-15 1,446.45 108.95 626.35
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

*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.
  • Britvic has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Britvic used its assets more efficiently than the DE 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 2/6, 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 cash and other short term assets cover its long term commitments.
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 0.9x 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 6 months ago.

DB:B6S Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-29 412.00 685.70 76.80
2019-06-29 412.00 685.70 76.80
2019-04-14 344.40 712.40 30.50
2019-01-14 344.40 712.40 30.50
2018-09-30 377.30 771.60 145.80
2018-06-30 377.30 771.60 145.80
2018-04-15 317.60 738.80 71.60
2018-01-15 317.60 738.80 71.60
2017-10-01 339.30 674.30 96.90
2017-07-01 339.30 674.30 96.90
2017-04-16 275.30 733.00 60.20
2017-01-16 275.30 733.00 60.20
2016-10-02 281.00 779.60 266.00
2016-07-02 281.00 779.60 266.00
2016-04-10 220.00 616.90 117.80
2016-01-10 220.00 616.90 117.80
2015-09-27 211.80 575.70 248.70
2015-06-27 211.80 575.70 248.70
2015-04-12 72.20 599.60 56.70
2015-01-12 72.20 599.60 56.70
2014-09-28 83.10 572.60 144.70
2014-06-28 83.10 572.60 144.70
2014-04-13 45.30 566.30 44.80
2014-01-13 45.30 566.30 44.80
2013-09-29 40.90 562.00 105.40
2013-06-29 40.90 562.00 105.40
2013-04-14 0.60 607.90 22.20
  • Britvic's level of debt (166.4%) 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 (691.4% vs 166.4% today).
  • Debt is well covered by operating cash flow (27%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.2x 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 4/6, 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
4.27%
Current annual income from Britvic dividends. Estimated to be 4.35% next year.
If you bought €2,000 of Britvic shares you are expected to receive €85 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 Germany (1.63%).
  • Britvic's dividend is below the markets top 25% of dividend payers in Germany (4.61%).
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
DB:B6S 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 12 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

DB:B6S Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-09-30 0.35 1.00
2023-09-30 0.33 1.00
2022-09-30 0.33 12.00
2021-09-30 0.31 13.00
2020-09-30 0.28 13.00
2020-04-09
2019-09-30 0.30 15.00
DB:B6S Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-01-31 0.300 3.830
2018-11-29 0.282 3.108
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
2012-12-21 0.177 4.079
2012-11-27 0.177 4.465
2011-12-28 0.177 5.089
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

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 not well covered by earnings (1x 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 0.8%) - 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 4/6, 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 £3,452,500
AGE 54
TENURE AS CEO 7.2 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 increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Simon's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Britvic management team in years:

2.6
Average Tenure
  • The tenure for the Britvic management team is about average.
Management Team

Simon Litherland

TITLE
CEO & Director
COMPENSATION
£3M
AGE
54
TENURE
7.2 yrs

Joanne Wilson

TITLE
CFO & Director
COMPENSATION
£1M
TENURE
1.1 yrs

Steve Potts

TITLE
Chief Information
TENURE
2.3 yrs

Steve Nightingale

TITLE
Director of Investor Relations

Jonathan Adelman

TITLE
Acting General Counsel & Company Secretary
TENURE
2.6 yrs

Matt Barwell

TITLE
Chief Marketing Officer

Zareena Brown

TITLE
Chief Human Resources Officer
TENURE
1.8 yrs

Michael Mountford

TITLE
Head of Compensation & Benefits

Paul Graham

TITLE
Managing Director of Great Britain
TENURE
6.8 yrs

Kevin Donnelly

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

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

2.6
Average Tenure
55
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
62
TENURE
2.6 yrs

Simon Litherland

TITLE
CEO & Director
COMPENSATION
£3M
AGE
54
TENURE
7.2 yrs

Joanne Wilson

TITLE
CFO & Director
COMPENSATION
£1M
TENURE
0.6 yrs

Ian McHoul

TITLE
Senior Independent Director
COMPENSATION
£75K
AGE
59
TENURE
2.6 yrs

Sue Clark

TITLE
Independent Non-Executive Director
COMPENSATION
£66K
AGE
55
TENURE
4.2 yrs

Euan Sutherland

TITLE
Independent Non-Executive Director
COMPENSATION
£57K
AGE
50
TENURE
4.2 yrs

Suniti Chauhan

TITLE
Independent Non-Executive Director
COMPENSATION
£57K
TENURE
2.4 yrs

William Eccleshare

TITLE
Independent Non-Executive Director
COMPENSATION
£57K
TENURE
2.4 yrs
Who owns this company?
Recent Insider Trading
  • Britvic individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
14. Feb 20 Sell Olivier Mercier Individual 14. Feb 20 14. Feb 20 -5,451 €11.20 €-61,028
26. Jun 19 Sell Clive Hooper Individual 28. May 19 28. May 19 -9,547 €10.49 €-99,958
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

Company Info

Description

Britvic plc, together with its subsidiaries, manufactures, markets, and distributes 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, energy drinks, and flavored drinks. 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, it supplies water-coolers and bottled water; wholesales soft drinks to the licensed trade; and offers pension funding and financing services. The company was incorporated in 2005 and is headquartered in Hemel Hempstead, the United Kingdom.

Details
Name: Britvic plc
B6S
Exchange: DB
Founded: 2005
£2,130,487,099
265,763,381
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
DB B6S Ordinary Shares Deutsche Boerse AG DE EUR 09. Dec 2005
BST B6S Ordinary Shares Boerse-Stuttgart DE EUR 09. Dec 2005
BMV BVIC N Ordinary Shares Bolsa Mexicana de Valores MX MXN 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
4,602
Britvic employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 00:18
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2019/12/10
Last earnings reported: 2019/09/29
Last annual earnings reported: 2019/09/29


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.