Britvic - A steady start to the year

Edison Investment Research - Consumer Support Services - Britvic: Britvic's Q1 trading was in line with expectations, with organic constant currency revenue growth of 1.5% excluding the soft drinks levies, and reported revenue growth of 4.5%. With five-year EPS CAGR of 9.8%, DPS CAGR of 8.9% (to September 2018) and debt within the target range, this is a textbook consumer staples company. During FY19, the business capability programme is due to be completed, bringing higher capacity and increased flexibility to the company. Trading at 10.1x consensus FY19e EV/EBITDA, the shares offer interesting value.

ISIN: GB00B0N8QD54

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