sound money
31 Jan 2017
Re: trading statement Glad I plumped for these over Unilever and Diageo. Now if they can just work on the debt.M
gamesinvestor
31 Jan 2017
trading statement [link] pretty good :-""Britvic today reports first quarter revenue of £351.0m, an increase of 4.3% on the prior year. The strong start to the year was underpinned by volume growth of 3.9%.""Must get on and read the rest now.Games
II Editor
05 Jan 2017
NEW ARTICLE: Stockwatch: A value play with 23% upside "Has a near two-year fall in Mid-250 soft drinks company LSE:BVIC:Britvic finally established an inflection point? As now underlined by a bullish, "reverse head-and-shoulders" pattern?In some respects Britvic's trend has typified the market: on ..."[link]
gamesinvestor
03 Jan 2017
added now just under 2% of my wad.Games - dry January for me -- so at least I can drink J2O or somat!
gamesinvestor
03 Jan 2017
Brazil Expansion FTSE 250 drinks maker Britvic has agreed to buy Brazilian concentrates and juice business Bela Ischia Alimentos for 218m Brazilian reals (£54.5m).The deal, which will be funded from existing debt facilities, is expected to be accretive to earnings per share in the first full year and will generate “substantial” annual cost synergies, primarily from efficiencies in procurement, production, logistics and administration.Britvic said the acquisition strengthens its brand portfolio in Brazil and creates a broader regional footprint by complementing the existing Ebba strengths in Sao Paulo and the north east.Like Brazilian squash manufacturer Ebba, which Britvic bought in 2015, Bela Ischia competes in liquid concentrated and ready-to-drink juice. The company said the consolidation of liquid concentrates and RTD juice will allow it to strengthen its competitive offer, in particular against the larger powders brands.Chief executive Simon Litherland said: "The proposed acquisition of Bela Ischia represents an exciting opportunity to build on our very strong first year in Brazil with further expansion of our presence in a large and growing soft drinks market. Bela Ischia operates in a category where Britvic has proven capability of generating growth, launching new products and establishing brand leadership and is an excellent complementary fit with our existing business.“Our due diligence to date has identified significant cost synergies and potential further revenue benefits arising from a broader brand portfolio and geographical presence. As a result, we are confident that this complementary acquisition should create a fantastic platform to consolidate our strategic position in Brazil and generate additional shareholder value over the coming years."
gamesinvestor
01 Jan 2017
Looking Good """A GROWING thirst for low and no-sugar fizzy drinks and an “excellent” first year in Brazil put sparkle into Britvic’s annual results.The FTSE 250 group, whose own portfolio includes Robinsons and Fruit Shoot, has a licence to produce Pepsi products.Adjusted core earnings were up 8.4 per cent to £186.1million on 10.1 per cent higher revenue of £1.43billion.UK success by Pepsi Max, 7UP and Tango contrasted with a 7 per cent drop in revenue in still drinks after it removed its Robinsons added-sugar range.Shares jumped 23½p to 571½p.""Games -- will add more on dips
gamesinvestor
26 Dec 2016
Borrowings As mentioned in the last post, these are starting to come down in the last 5 years, although it's patchy :-October 2012 to October 2016 these are :-£558.7M ----> £458.3M -----> £539.9M----> £572.4M ---- £491MProbably fine while interest payments are low, but it would be good to see this get lower - perhaps £250M to £300M?Games
gamesinvestor
26 Dec 2016
Analysis This was an article written by John Kingham (UKValueInvestor.com) back in March.[link] highlights the strength of Britvic yet also points out the reasons he would not invest due to the combined size of the debt and pension obligations. At the time Britvic was trading at about 685 and yielding 3.4%. Today we are at 566 and about 4.3% yield -- considerably better for new buyers.The problem he highlighted was that net after tax average profits compared to borrowings was about 6.3X. OK you can argue perhaps net debt might be a better measure which is lower than borrowings, but stick with it for a mo.On top of this he had pension obligations of £714M (not pension surplus or deficit) which shows the size of the pension pot more than anything else. And again he compared average (over 5 years) post tax profit to the pension obligation and got another figure of 7.8What John then did was combined the two figures to get 14.1 which is above his personal safety figure of 10.Looking at things today - the post tax profit has risen quite a lot. Taking last set of post tax profit of 114.5 and the lower borrowings of 491 - the debt ratio is 4.28 -- so this ignores the 5 year average and is arguably more optimistic.On the pension -- sadly the pension has swung from a £17M surplus las year to a deficit of £17M this year. But the obligation is similar size.So if we take post tax profit of £114.5M compared to pension obligation of £714M the ratio is now 6.2Combined number is now 4.28 + 6.2 = 10.48So arguably Britvic is heading in the right direction from a risk perspective. If the trend to reduce debt continues and Britvic refrains from being too ambitious with acquisitions in the next couple of years, the numbers could start to derisk even more.Games -- sticking with this and possibly increasing above 1.43% of my investment pot.
cautiousjon
14 Dec 2016
5% holding declared Prudential recent buyers of Britvic, pushing their holding above 5%. Likely long term holders.
le vin est par
14 Dec 2016
Re: Added Good man. Brave man.Lintons and his up-voting lackey LKH will be less impressed.My recent add to Sainsbury's has just about recovered but I have no plans to jinx BVIC for you. I'll keep with my 6.5% capital uplift and >3% divi so far.
gamesinvestor
14 Dec 2016
Added More at 564
sound money
10 Dec 2016
Re: So far so good Bought in for £5.32 the other day. Game's thanks for the unwitting heads up, I had overlooked this gem. Strong brands at a sensible price, useful yield. Apart from the debt on the high side meets my investment criteria. Good free cash flow yield provides a comfort blanket. M
gamesinvestor
10 Dec 2016
So far so good Locked in the divi of about 3.2% and 4% up on the stock value in a week.Not bad for 1.05% of my wad -- this surely has a potential for a good run up from these low levels.Apart from France which is run by an eejit (soon to be consigned to the history books) the rest of the business, whilst not stellar seems pretty sound.No more Fever Tree in our house over Christmas.Games -- famous last words in the back of the mind as I type!!
philanderer
07 Dec 2016
Ex - dividend thursday xd thursday morning for the 17.5p final
philanderer
07 Dec 2016
UBS UBS cuts target price to 700p from 760p...... 'Buy' retained'That`ll do me 
