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In FY18 the UK sugar levy (SDIL) and CO2 shortage took the shine off a potentially landmark summer. Nevertheless, Britvic (BVIC) delivered good EPS growth of 6.4% on revenue up 5.1%. A five-year track record of 10% EPS CAGR, with debt within target, indicates earnings quality. Looking ahead, as the business capability programme ends, bringing planned returns, further growth and lower leverage may narrow the wide discount to peers.

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