Britvic - Still(s) crazy
Britvic (BVIC) has successfully managed two potential threats – the Soft Drinks Levy (SDIL) and the industry CO2 shortage – to confirm modest earnings growth prospects for FY18. The recent heatwave might otherwise have driven outperformance. But with redirected marketing driving double-digit stills growth, the position was held. Looking forward, as BVIC’s business capability programme completes and benefits start to flow, more meaningful earnings growth may narrow the discount to peers.Britvic operates in the soft drinks manufacturing and distribution industry. Co. manufactures, markets and sells a range of brands in Great Britain (GB), France, Ireland and Brazil. In addition, Co. is the sole bottler for PepsiCo in GB and Ireland, enabling it to sell their range of soft drinks alongside its owned-brands. Co.'s brand categories include: kids, which includes the Fruit Shoot Hydro, Fruit Shoot Hydro Sparkling, and My5 brands; adult, which includes the Purdey's, J2O Spritz, and J2O brands; and family, which includes the Club Orange and MiWadi brands. Co. also has a portfolio of carbonates and still brands including the brands that it bottles and markets on behalf of PepsiCo.
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