美國居民不適用 XM 服務。

Britvic can swerve Carlsberg dilution



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>BREAKINGVIEWS-Britvic can swerve Carlsberg dilution</title></head><body>

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates to add graphic.

By Aimee Donnellan

LONDON, June 21 (Reuters Breakingviews) -Carlsberg CARLb.CO is finding it hard to quench its thirst for non-alcoholic drinks. The Danish beer giant said on Friday its 3.1 billion pound offer for UK soft drink maker Britvic BVIC.L was rejected by its target’s board. Carlsberg’s growth plan for its booze-free division may prompt CEO Jacob Aarup-Andersen to top up his offer. If he doesn’t, Britvic can still enjoy a fizzy solo future.

Carlsberg is in diversification mode. The maker of Tuborg and Kronenbourg beers hopes to boost the sales of its low and no-alcoholic beverages, including soft drinks to take advantage of a market growing faster than traditional beer. On Friday, the $19 billion Danish brewer said it is “considering its position” after the rejection of its juiced up offer of 12.50 pounds, including a 29% premium to Wednesday’s undisturbed share price.

Britvic’s obstination looks, on the face of it, illogical. After all, the Robinsons fruit squash maker’s shares have never hit Carlsberg’s revised offer. There’s also a case that being scooped up by a larger drink maker would allow it to expand more rapidly in low and no sugar drinks, as well as Brazil, where the company has ambitious plans.

Britvic CEO Simon Litherland can however make a case that his group can manage on its own. Analysts expect sales in Brazil to grow by 23% this year, according to LSEG estimates. Meanwhile, it can hope that its product mix of low and no sugar drinks like Pepsi Max as well as premium cocktail mixers like London Essence will one day allow it to be valued like tonic maker Fevertree FEVR.L.

Assume Britvic can grow the 1.7 billion pounds of sales it delivered in 2023 over the next two years by around 8%, the level analysts have pencilled in for rival Fevertree and below the over 11% it delivered at the half year. Imagine Litherland can also make good on a promise of hiking the operating profit margin to, say, around 14%. In two years, Britvic would deliver 285 million pounds of operating profit. If that is valued on a 14 times multiple, a discount to Fevertree to account for a different mix of products, the business could be worth 4 billion pounds or nearly 16 pounds a share.

Yet Carlsberg investors seem unimpressed. The brewer’s shares fell 8% after the potential deal was announced. Carlsberg’s shareholders may need convincing that low-sugar soft drinks have a bright future. Lucky for Litherland, he has a means of proving them wrong.

Follow @aimeedonnellan on X


CONTEXT NEWS

Britvic rejected a 3.1 billion pound takeover proposal from Danish brewer Carlsberg, the British soft drinks maker said on June 21.

Carlsberg said it is considering its position after Britvic rejected two proposals it had put forth. It added that it sees opportunities in Britvic’s brands in a market segment where it already has a strong track record, it added.

The latest proposed price of 1,250 pence per Britvic share represented a premium of 29% to Britvic’s closing share price on June 19, the day before press speculation began, Carlsberg said.

Britvic shares were up about 11% at 1,125 pence by 0909 GMT. Carlsberg’s stock was down about 8%.


Britvic's share price performance since it listed https://reut.rs/3VRJVjb


Editing by Pierre Briancon, Oliver Taslic and Streisand Neto

</body></html>

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明