Timberwolf Equity Research
Value, research analyst, growth at reasonable price, consumer non-durables

Pepsi-Bottler Britvic Faces External Challenges

When I looked at Britvic (OTC:BTVCF) (OTCQX:BTVCY) last year, I voiced my opinion that the company was a reliable dividend payer that traded slightly below its fair value. The stock was around 680p at the time and currently sells for roughly 719p, which comes to an annualized return of roughly 9% or so (including a dividend pay-out of 21p). The stock fluctuated quite a bit during the year and sold for as much as 788p in early March of 2015 and for as low as 668p in August. Those are quite spectacular swings if you consider the company's rather predictable and somewhat boring business developments. At a price range between 15 and 16x trailing earnings and

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