Fevertree Drinks Share Price (FEVR)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Fevertree Drinks Plc	LSE:FEVR	London	Ordinary Share	GB00BRJ9BJ26	ORD 0.25P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	-75.00p	-2.49%	2,940.00p	299,664	16:35:29

Bid Price		Offer Price	High Price	Low Price	Open Price
2,943.00p		2,947.00p	3,023.00p	2,916.00p	3,012.00p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Beverages	237.45	75.58	53.38	55.1	3,413.7

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Fevertree Drinks (FEVR) Latest News

Fevertree Drinks News

Date	Time	Source	Headline
23/4/2019	07:01	UKREG	Fevertree Drinks PLC 2018 Annual Report and Notice of AGM
03/4/2019	14:36	ALNC	TAKING AIM: Fevertree Still Has Room To Grow As Global Momentum Builds
29/3/2019	08:31	UKREG	Fevertree Drinks PLC Notification of Major Holdings
26/3/2019	12:32	ITALNC	LONDON MARKET MIDDAY: FTSE 100 sale con Ocado nonostante Ferguson
26/3/2019	08:34	ALNC	Fevertree Drinks Annual Sales Boosted By Hot, Event-Packed UK Summer
26/3/2019	07:00	UKREG	Fevertree Drinks PLC Preliminary Results
24/1/2019	12:31	ITALNC	LONDON MARKET MIDDAY: PMI Eurozona potrebbero rendere prudente la BCE
24/1/2019	08:35	ALNC	Fevertree Expects 2018 Results "Comfortably" Ahead Of Board Forecasts
24/1/2019	07:00	UKREG	Fevertree Drinks PLC Trading Update
18/1/2019	13:48	ALNC	TAKING AIM: Fevertree Sales Expected To Sparkle - Deutsche Bank

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Fevertree Drinks Forums and Chat

Date	Time	Title	Posts
17/5/2019	17:55	FEVER TREE with chart	5,494
05/5/2019	10:30	Fevertree	96
26/3/2019	10:54	Fevertree Drinks FY Results 26.03.19 Preview	5
29/1/2019	21:16	Fevertree - private investor	69
19/11/2018	10:40	Fevertree Drinks PLC (Fever-Tree)	1,839

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19/5/2019 09:20	Fevertree Drinks Daily Update: Fevertree Drinks Plc is listed in the Beverages sector of the London Stock Exchange with ticker FEVR. The last closing price for Fevertree Drinks was 3,015p. Fevertree Drinks Plc has a 4 week average price of 2,916p and a 12 week average price of 2,323p. The 1 year high share price is 4,120p while the 1 year low share price is currently 2,106p. There are currently 116,111,983 shares in issue and the average daily traded volume is 431,689 shares. The market capitalisation of Fevertree Drinks Plc is £3,413,692,300.20. Read Full Thread Reply
10/5/2019 17:50	deduce101: How did Fever-Tree’s share price grow 20x in five years? "This year, Fever-Tree (or Fevertree Drinks plc as the company is named) became the largest firm on the AIM segment of the London Stock Exchange. It was one of our most popular stock requests 5 and the first AIM stock we added to Freetrade. Not too surprising: Fever-Tree has performed exceptionally across its short time as a public company, with its share price multiplying nearly 20 times. However, though a popular stock, it’s also a highly valued one with a PE ratio of around 50-60 as of 08/05/19. So with a current market cap of nearly £4b, can Fever-Tree continue to fizz?" "Financials :dollar: Diving into their most recent financials, Fever-Tree had a strong 2018. Across 2018, Fever-Tree delivered these figures: Revenue: £237m Operating profit: £75m Post-tax profit: £62m Revenue growth: 40% That hefty revenue growth was supported by continued strong performance in the UK (53% sales growth) and further inroads into the huge US market. The company carries bank and other creditor debt of around £6m - relatively insignificant for a firm of this size. The company achieved a healthy gross profit margin of 51.8% and EBITDA margin of 33.1% in 2018. That compares nicely to an industry average of 45% and 14% respectively." "Is Fever-Tree simply overvalued? :money_with_wings: This is the crux. Fever-Tree has a lot going for it as a business: a quality brand, few rivals, high consumer appeal and favourable market dynamics. But by traditional industry standards and metrics, the company is pretty expensive and there is a fear that the stock has already tipped into a bubbly valuation - even with the company having fallen from its mid-2018 peak. A lot of sceptics might say: “hey, they just sell sugar and water - why pay so much for that company (or a gin and tonic)?” However, Fever-Tree created a strong enough brand to successfully charge a big premium on sugar and water (plus a few flavourings). They’ve also managed to sustain revenue and earnings growth. And in fact, the oldest of soft drinks companies, Coca Cola, is rocking a relatively expensive PE ratio of 30 (the S&P average is around 15), at a massive market cap of $200b and revenues of $32b. Their operating margin hovers around 20-25%. So Fever-Tree are achieving superior margins to the world’s biggest oldest soft drinks company at a much smaller size, and without an insanely higher PE ratio. Fever-Tree’s revenues are less than 1% of Coca Cola’s. So there’s still a lot of market left to go after. If you view Fever-Tree as a beverage company, you might decide it deserves the same valuation as any equivalent food and drinks. However, if you see it as almost akin to a growth startup in its field and a potential major brand of the future, that punchy valuation may matter much less to you." hTTps://community.freetrade.io/t/how-did-fever-tree-s-share-price-grow-20x-in-five-years/8587 Read Full Thread Follow Reply
02/2/2019 16:00	sogoesit: Sorry about that. Here's all of it, bamboo (The EPV bit is the last but one paragraph): "There can be no disputing that Fevertree Drinks' (FEVR) products and its share price are a phenomenon. Over the last few years its drinks – particularly its variety of premium tonics – have become deeply entrenched among Britain’s increasing number of gin and tonic drinkers. Its success is not only down to the taste and provenance of its products but is also a triumph of marketing and branding. If you walk into supermarkets you can quickly see that Fevertree totally dominates the shelf space allocated to tonic water. Many bars I have visited over the last year no longer stock Schweppes, only Fevertree. Not so long ago Schweppes was the go-to tonic of choice – in a very short space of time Fevertree has taken its place. The company has also proved itself to be a smart operator. It has no drinks manufacturing factories or bottling plants – these have been outsourced to third parties – and so hasn’t needed to tie up a lot of money in assets. When combined with the premium prices it can command for its drinks, the result has been one of the most outstandingly profitable businesses listed on the London Stock Exchange. Last year its profit margin was 33 per cent and its profits as a percentage of the money it had invested a whopping 48 per cent. Throw in rapid levels of sales growth and it’s not surprising that its share price has gone through the roof over the last few years. 2018 has been another very good year for the business as evidenced by this week’s trading update. Shareholders will have been delighted to have been told that profits “will be comfortably ahead of the board’s expectations”. We can only assume that these expectations are similar to those of City analysts who were expecting Fevertree to make pre-tax profits of £70.8m and earnings per share (EPS) of 49.8p. FEVR sales (£m) TABLE OMITTED Source: Company reports/my calculations Sales growth for the year was 39 per cent, which is an excellent result following growth of 66 per cent in 2017. The UK market continues to lead the way with impressive growth of 52 per cent. Based on the information the company has given in its trading statement, it is possible to look at the trend rates of growth in the second half of 2018 compared with the first half of the year. These are shown in the table above. UK sales growth has slowed – it had to – but is still pretty good, whereas growth in Europe and the US has accelerated, which is encouraging, because arguably they need to. If you were to constructively look for areas of potential weakness in Fevertree it is that its sales growth looks as though it is coming from too narrow a base – namely the UK and from tonic. For the company to meet the high expectations that continue to be reflected in the value of its shares, it needs to start growing significantly in the US, Europe and across different mixer drinks categories such as ginger ale and cola. The company still has a lot to prove here. The US market is key to achieving this goal as it is the biggest spirits market in the world. Here, as with other major markets, the shift to premium spirits is a strong and growing trend. The company has signed an exclusive distribution agreement with Southern Glazer’s Wines & Spirits in an attempt to get more of its mixers into US bars. It’s worth noting that Fevertree currently has sales of just £35m in the US compared with £55m in Europe and £134m in the UK. The potential to build a very big and profitable business clearly exists on paper, but the challenge is a tough one. Will American drinkers of premium bourbon mix it with Fevertree cola or stick with the iconic Coca-Cola and Pepsi brands? If they switch then the upside potential in Fevertree’s profits – and possibly its share price – is immense. In some ways, Fevertree has had some luck on its side in the UK. It is difficult not to see the response of Schweppes – still the market leader in terms of volumes sold – as anything other than slow and complacent. Its 1783 premium tonic is actually a very nice drink – possibly better than Fevertree’s – but it is virtually invisible in the shops and bars. Will Coca-Cola and Pepsi be as complacent in the US? Fevertree’s share price has unsurprisingly reacted well to its trading update. The shares peaked at over £40 in September last year, but fell back in the general market decline which saw highly valued shares suffer more than most. Despite the pullback, the shares are still richly valued. Let’s say that analysts upgrade 2018 and 2019 profit forecasts by 15 per cent. That would give EPS of 56.6p for 2018 and 65.9p for 2019. At 2,980p at the time of writing, that would put the shares on a trailing PE ratio of 52.6 times, falling to 45.2 times in 2019. I always try to get a feeling of how much of a company’s share price is explained by its current profits and how much is reliant on future profits growth. Ideally, you don’t want to pay too much for future growth – if you are a long-term rather than a momentum investor – and if more than half of the share price is dependent on it, I generally tread carefully. Taking my revised estimate of Fevertree’s 2018 operating profits of £81.2m, taxing them at 19 per cent, dividing that by my required return of 8 per cent and adding an estimate of cash balances gives an earnings power value – the value of a share if its current profits stayed unchanged forever – of 780p per share. This explains just over a quarter of the current share price with three-quarters of it explained on future profits growth. This leaves me with a view of the business and its shares that I have held for a while. Fevertree is an outstanding business but its share price requires it to keep on over delivering for many years to come. It has been very good at doing this, but it now faces a tougher challenge. Read Full Thread Follow Reply
01/2/2019 08:22	villarich: I've done some backtesting on the CVI and can confirm there is a strong negative correlation between the CVI and the share price. The only time this correlation reverses is when the share price nears the Latest Christh Price Guess or the LCPG. At that point the CVI goes into overdrive with posts such along the lines of "I told you so!" Read Full Thread Follow Reply
29/1/2019 21:16	christh: llama1978 the share price will recover in March because the figures will show how Fever tree progress and how the earnings and the growth has come from. The fall is totaly unjustified, totally uncalled for but it was the shortes who launced an attack on growth stocks. KWS,PRSM FEVR and many high growth stocks had big drops today. The share price should be £35 and higher than the stupid current price. I am optimist that the price will recover to £30 soon Read Full Thread Follow Reply
14/1/2019 13:17	llama1978: Looking through the links on that Australia post - the four pillars gin website pours the perfect gin with fever tree Mediterranean tonic. Pretty much all videos I’ve seen show fever tree being poured to be honest. My guess is the results will shift the price up £10. The share price only went down in line with many other shares on AIM and the smaller cap FTSE. Nothing to do with a P/E revision. Prices already recovering from no real news from FEVR, as are other shares which kind of proves it. Let’s see and be confident in the management of this great company, which is truly starting to take on the big boys. Read Full Thread Follow Reply
07/1/2019 18:07	llama1978: I think it’s a great time to launch non-alcoholic spirits with more people seeming to be tee-total than ever before but I’d never pay £20 a bottle for a non-alcoholic spirit! May as well buy a bottle of elderflower cordial for about £18 less for about 4 times the volume... Good to see as all rally in the FEVR share price over the last few days. No idea why. Maybe people are realising that it’s the best time to snap up a bargain in various shares like these. Read Full Thread Follow Reply
11/12/2018 10:36	llama1978: Not sure I trust broker prices much. Another one had it at £30 more recently than the £42. They say what we they want to maximise their own profits in my opinion. Take BP for example. 9 out of 11 brokers on strong buy, 2 on buy for quite a while yet share price has been in free fall since May. Maybe it’ll go up after brexit. More likely they all just change their target prices after the results come out. So for FEVR I don’t listen much but will wait for Jan and trust my instinct that it will do well in the US. They love thei JD and coke. I just hope they see FEVR as a superior mixer than Coca Cola. Speaking to a rum drinker, drinkers of decent rum don’t tend to mix and drinkers of cheap rum will mix with cheap mixer. So I’m not 100% convinced the US will succeed quite as much as the UK where gin is he main focus but let’s see, hearsay says it’s doing well. Read Full Thread Follow Reply
14/10/2018 01:24	sogoesit: Excerpt from the 12 October Phil Oakley article re FEVR that i mentioned in my previous post: "Let’s see how Fevertree measures up against these tests. Fevertree cash conversion: 2013 2014 2015 2016 2017 Adjusted operating profit 5.0 9.2 17.3 34.4 56.4 Adjusted Ebitda 5.6 10.0 18.2 35.8 58.7 Cash generated from operations -0.5 6.2 12.9 25.0 43.4 Exceptional cash items 2.3 1.1 Adjusted cash generated from operations 1.8 7.3 12.9 25.0 43.4 Op cash as % of op profit 36.3% 79.2% 74.6% 72.6% 76.9% Op cash as % of Ebitda 32.4% 72.9% 70.9% 69.7% 73.9% Free cash flow -2.9 3.1 9.7 19.0 32.7 Exceptional cash items 2.3 1.1 0.0 0.0 0.0 Adjusted free cash flow -0.5 4.3 9.7 19.0 32.7 Adjusted profit after tax 7.4 13.9 28.0 46.1 Free cash flow as % of profit after tax 57% 70% 68% 71% Not great seems to be the answer. Its operating and free cash flows are significantly lower than its profits. So what is going on here? Are investors to think that Fevertree’s profits are not as high as it says they are? Fevertree working capital cash flows (£m) 2013 2014 2015 2016 2017 Change in trade and other receivables -3.3 -2.4 -8.4 -13.6 -26.4 Change in inventories -1.0 -1.8 -2.0 -4.1 -2.7 Change in trade and other payables 0.4 1.5 5.1 7.6 13.8 working capital cash flow -3.8 -2.7 -5.3 -10.2 -15.3 2013 2014 2015 2016 2017 Trade & other receivables 6.0 8.4 16.8 30.4 55.6 Revenue 20.6 34.7 59.3 102.2 170.2 % of revenue 29.1% 24.2% 28.3% 29.7% 32.7% Going back and looking at the cash flow statement, the reason for Fevertree’s poor cash conversion is due to significant cash outflows from working capital – mainly an increase in receivables; invoices unpaid at the end of the year. These receivables represent sales – and the profits from them – that have been booked in the income statement but where the cash has not been received from customers. Fevertree is a very fast-growing business where it is quite normal to offer customers credit terms in order to grow sales. The question is whether the company is becoming too reliant on credit in order to grow and meet the expectations of investors. The company is clearly not overtrading – this is when the increases in sales are too fast and put a strain on the company’s finances – but the growth in receivables has been growing faster than sales and now accounts for nearly a third of sales, which is higher than other quoted soft drinks companies (Vimto owner Nichols is the next highest with receivables at 26 per cent of sales). As long as these receivables turn into cash – and bad debts are not a problem for Fevertree – there is no reason to question Fevertree’s profits in my opinion. That said, for me, it is something that needs watching as extending credit can only go so far in driving a company’s sales growth. How much is a company investing? Fevertree capex ratios 2013 2014 2015 2016 2017 Capex 0.2 0.3 0.4 0.8 1.2 Depreciation & Amortisation 0.6 0.8 0.8 1.0 1.1 Operating cash flow -0.5 6.2 12.9 25.0 43.4 Capex/Depreciation 28.5% 33.4% 42.9% 84.9% 110.0% Capex as % of operating cash flow -33.4% 4.3% 2.8% 3.3% 2.9% Most companies need to invest in their assets in order to keep their business running smoothly. There are two checks on how much or how little a company is investing that can be worked out from a cash flow statement. The first one is comparing capex with depreciation. Investing less than depreciation for a period of time can be a sign of underinvestment in a business that will eventually damage its sales and profits. In rarer cases, it can also be a sign of very prudent depreciation policies – and conservatively stated profits. Fevertree’s investment levels are about in line with its depreciation expense. Given its low investment needs, this is nothing to worry about. The other measure of investment rate is looking at capex as a percentage of operating cash flow – how much money is reinvested as a percentage of the cash generated from trading. Fevertree has a very low investment rate. One of the reasons why Fevertree has been such a good investment in recent years is because it hasn’t needed to spend a lot of money on new assets in order to grow. Looking for growing companies with low ongoing investment requirements can be a happy hunting ground for investors. A check on dividend safety The biggest reason for a dividend to be cut is a lack of free cash flow to pay it. A very quick and powerful test of dividend safety is comparing a company’s free cash flow with the cost of its annual dividend – known as free cash flow dividend cover. Cover of less than one for a prolonged period of time could be a sign of a company borrowing to pay its dividend, which can’t go on indefinitely. Fevertree free cash dividend cover (times) 2013 2014 2015 2016 2017 Free cash flow -2.9 3.1 9.7 19.0 32.7 Dividends paid 0.0 0.0 -1.2 -4.4 -8.9 Free cash dividend cover (times) n/a n/a 7.8 4.3 3.7 Fevertree’s current dividend looks very safe and has scope to grow If you come across a share with a very high dividend yield (say more than 6 per cent) it might be a good idea to check out the free cash dividend cover. High yields usually occur because there are lots of doubts as to whether the dividend can be maintained. If there isn’t enough free cash flow to pay it you might be better off investing your money elsewhere. Using cash flow to measure financial performance Fevertree free cash flow margin: 2013 2014 2015 2016 2017 Revenue 20.6 34.7 59.3 102.2 170.2 Free cash flow -2.9 3.1 9.7 19.0 32.7 Free cash flow margin -14.0% 9.0% 16.4% 18.6% 19.2% A free cash flow margin shows the percentage of a company’s revenues that turns into free cash flow. Fevertree is impressive on this measure with a high and growing free cash flow margin. Anything consistently higher than 15 per cent should be seen as a sign of a very good business. Another option of calculating cash returns that doesn’t come entirely from numbers in a cash flow statement is something known as the cash return on cash capital invested (CROCCI). It compares a company’s Ebitda with the cash capital invested in the business. It can be used as an alternative to calculating return on capital employed (ROCE), which uses operating profits and capital employed that have both been reduced by a non-cash depreciation expense. The calculation for Fevertree is shown in the table below. On this basis, its financial performance is very impressive indeed. Fevertree CROCCI 2013 2014 2015 2016 2017 Adj Ebitda 5.6 10.0 18.2 35.8 58.7 Total assets 57.4 67.3 85.3 118.2 171.8 Accumulated depreciation & amortisation 0.6 1.4 2.8 3.2 4.3 Less: Non-interest-bearing current liabilities (NIBCL) -3.7 -5.0 -11.2 -20.9 -35.6 Cash capital invested 54.3 63.6 76.9 100.5 140.5 CROCCI 10.4% 15.7% 23.6% 35.7% 41.8% NIBCL is calculated by taking current liabilities from the balance sheet and taking away any short-term borrowing in that number. The sources and uses of cash This isn’t used much, but is a useful way of understanding where a company gets its cash from and what it does with it. It is just another way of looking at cash flows and involves rejigging the cash flow statement. The difference between cash coming in and going out shows the change in the cash during the year. Fevertree sources & uses of cash (£m) 2013 2014 2015 2016 2017 Sources of cash: Cash from operations -0.5 6.2 12.9 25.7 43.4 Interest received 0.0 0.0 0.0 0.1 0.1 New loans 50.1 0.0 0.0 0.0 0.0 New equity 0.5 53.4 0.0 0.0 0.2 Total cash in 50.0 59.6 12.9 25.8 43.6 Uses of cash: Income taxes paid -0.7 -1.3 -2.5 -5.0 -9.4 Capex -0.2 -0.3 -0.4 -0.8 -1.2 Acquisitions -44.2 0.0 0.0 0.0 0.0 Interest paid -1.5 -1.5 -0.3 -0.1 -0.1 Loans repaid -0.2 -50.3 -0.4 0.0 0.0 Share repurchases Dividends paid -1.2 -4.4 -8.9 Other Total cash out -46.7 -53.4 -4.9 -10.4 -19.6 Change in cash 3.4 6.2 8.1 15.3 24.0 We can see that since 2013 Fevertree has moved from being a company that got most of its cash from loans and spent it on buying a company to one that gets most of its cash from selling products and using it to pay taxes and dividends. Using free cash flow to value shares The free cash flow yield is often used as a way of measuring how cheap or expensive a share is. High yields are seen as a sign of cheapness and vice versa. You can calculate it by comparing the free cash flow with the company’s market capitalisation or by calculating the free cash flow share and dividing that number by the current share price. Fevertree free cash flow yield 2017 2018F 2019F 2020F FCF per share(p) 28.2 37.8 48.3 57 Share price(p) 2954 2954 2954 2954 Free cash flow yield 0.95% 1.28% 1.64% 1.93% Source: SharePad High quality, fast-growing businesses such as Fevertree are rarely available for a cheap price. Yet, even after a significant share price fall over the past few weeks, Fevertree shares look very expensive on the basis of their current and expected free cash flow yield. Free cash flow per share is expected to double between 2017 and 2020, but the shares still only offer a free cash flow yield of less than 2 per cent based on 2020 forecasts. In a world of rising interest rates on bonds, that doesn’t look great value unless free cash flow forecasts increase significantly as they have done in the past. Free cash flow yield is also a popular way of screening for undervalued takeover targets. A free cash flow yield of 10 per cent or more might attract the attention of bargain hunters, providing the free cash flow is sustainable." Read Full Thread Follow Reply
13/10/2018 09:42	christh: Growth stock A growth stock is a share in a company that is anticipated to grow at a rate significantly above the average for the market. These stocks generally do not pay dividends, as the companies usually want to reinvest any earnings in order to accelerate growth in the short term. What defines a growth stock? In finance, a growth stock is a stock of a company that generates substantial and sustainable positive cash flow and whose revenues and earnings are expected to increase at a faster rate than the average company within the same industry. How do growth stocks work? Income, Value, and Growth Stocks. Investors who buy stocks typically do so for one of two reasons: They believe that the price will rise and allow them to sell the stock at a profit, or they intend to collect the dividends paid on the stock as investment income. What is growth and value stock? Growth and value are two fundamental approaches in stock and stock mutual fund investing. Many growth stock mutual fund managers look for stocks of companies that they believe offer strong earnings growth potential, while value fund managers look for stocks that appear undervalued by the marketplace. Why do growth stocks have high PE? Growth stocks tend to grow faster than the share price and have a higher P/E than that of the share price Unlike value investors, growth investors look for stocks with high growth potential. They often buy stocks with high P/E ratios or even negative earnings. What does PE ratio tell you? The P/E ratio helps investors determine the market value of a stock as compared to the company's earnings. ... A higher P/E ratio shows that investors are willing to pay a higher share price today because of growth expectations in the future. What is growth investing strategy? Growth investing is an investment style and strategy that is focused on the growth of an investor's capital. Growth investors typically invest in growth stocks or companies whose earnings are expected to grow at an above-average rate compared to its industry or the overall market. What is a growth company? A growth company is any company whose business generates significant positive cash flows or earnings, which increase at significantly faster rates than the overall economy. A growth company tends to have very profitable reinvestment opportunities for its own retained earnings. What is a good growth rate for a company? The acceptable rate of growth is what you accept until you have bosses or owners or investors that establish something else. Industry overall grows about the same rate as the economy, which is 2-3% in a good year. How do you calculate a company's growth rate? These numbers can all be found at the top of the company's income statement, reported quarterly and annually. Next, divide that difference by the revenue number from the prior period. Multiply that by 100, and you'll have the percentage growth rate of total revenue between the two periods. How do you calculate growth rate? Apply the growth rate formula. Simply insert your past and present values into the following formula: (Present) - (Past) / (Past) . You'll get a fraction as an answer - divide this fraction to get a decimal value. Express your decimal answer as a percentage. How do you calculate growth over last year? Here's how to calculate the year-over-year growth rate. Subtract 130.021 million from 131.017 million. The difference is 0.996 million or 996,000. Divide 0.996 million by 130.021 million, last year's employment number. The answer is 0.00766 or 0.766 percent. That's the year-over-year growth rate. Read Full Thread Follow Reply
12/10/2018 20:01	christh: 5 Top AIM Stocks Held by Fund Managers ------------------------------------------------------------------------- Fevertree, ASOS and boohoo.com have been just three AIM success stories in recent years. Here are the companies that top UK smaller company fund managers like right now David Brenchley 7 February, 2018 \| 8:52AM Fevertree tonic mixer, gin, top AIM stocks, fund managers While they come with plenty of risk, smaller companies can offer investors better growth opportunities than their larger counterparts. The better performing funds of 2017 had growth mandates, meaning the UK funds that did best were looking for opportunities in indices with smaller constituents than the blue-chip FTSE 100. The Alternative Investment Market (AIM) was launched in 1995, as a place for smaller UK companies to float on. It offers investors willing to take on an extra level of risk in return for the potential of greater returns some cracking companies. The likes of ASOS (ASC), boohoo.com (BOO) and FeverTree (FEVR) all have market capitalisations of over £2 billion – more than some FTSE 250 firms. Despite their high profiles, they are still happily holding onto their AIM listing. They, and many others, have helped the AIM All-Share outpace the FTSE 100 fivefold and the FTSE 250 by two times over the past three years. We screened the five funds in the Investment Association UK Smaller Companies sector that are rated Gold or Silver by Morningstar analysts to check out which stocks they are holding using the Morningstar X-Ray Tool. Fevertree Unsurprisingly, Fevertree is top of the pops among smaller company funds given its stellar success and accounts for a good amount of three of the five portfolios. Old Mutual UK Smaller Companies, the only Gold-rated fund in our list, has a position of more than 4%. Old Mutual is the largest institutional holder of the stock, owning almost 10% and second only to Charles Rolls, who founded the company with Tim Warrillow. It floated on the stock market back in November 2014 and has surged 1,770% since to trade at a shade over £25 today. The firm makes premium carbonated mixers for alcoholic beverages, including tonic water for use with gin – a fast-growing drink for Britons. While the valuation has run away with itself, both revenues and sales have grown consistently by around 70% year-on-year since 2014. Fevertree said in a trading update 12 days ago that results for full-year 2017, due out in March, will be “comfortably ahead of market expectations”, so expect some further juice in the share price in the short term. SLI UK Smaller Companies has 3% of its portfolio in Fevertree, while River & Mercantile UK Equity Smaller Companies has 2.5%. ------------------------------------------------------------------------- Smart Metering Systems (SMS) Another “ten-bagger”, Smart Metering Systems floated in 2011 at 60p per share. It currently trades hands at 740p – growth of 1,133%. The market cap stands at £669 million. This time, Old Mutual is the largest shareholder, having got in at the initial public offering and Dan Nickols’ fund has recently upped its stake. It currently represents 2.88% of his portfolio, 4.23% of the River & Mercantile fund and 2.29% of the Standard Life offering. The Glasgow-based company owns and operates gas and electricity meters on behalf of major energy companies like Centrica, E.ON, Gazprom and SSE. Results for the six months to June 30 2017 saw SMS increase revenue by 14% to £36.8 million with a slight improvement in pre-tax profits but decrease in earnings per share of 10%. ------------------------------------------------------------------------- First Derivatives (FDP) Capitalised at just over £1 billion, First Derivatives is a more seasoned listed company. Its share price has doubled since the start of 2017 and is the largest holding in the Standard Life fund at 5% of assets. The Old Mutual offering has a small position. It’s not widely owned by institutions, with chief executive and founder Brian Conlon still hanging on to around a third of shares. It’s also the second largest holding in the Bronze-rated Slater Growth Fund. First Derivatives provides software products and consulting services to institutions in the finance, technology and energy sectors. It also supplies technology to enable the Red Bull racing team to analyse data during Formula 1 Grand Prix races. Its results for the six months to 31 August 2017 showed revenue up 21% and adjusted pre-tax profits up 13%. Chairman Seamus Keating said full-year performance is expected to be ahead of the board’s expectations. ------------------------------------------------------------------------- GB Group (GBG) Cyber security firm GB Group has been a listed company for more than 25 years, but moved to AIM in August 2010. Then trading at 25p, it’s now up to 429p. GB provides identity verification services to prevent fraud to blue-chip names such as carmaker Ford, apparel seller Nike and global banking giant HSBC. The share price had a wobble late last year, falling 40% in the space five weeks to trade at 210p after the election of Donald Trump as President of the United States in November. It’s bounced back since, though, more than doubling. GB is highly cash generative with an experienced and incentivised management team, according to sellside broker finnCap. It has seen long-term double-digit organic growth and has recurring revenue streams. A forecast yield of 1% for 2018 is decent for a growing company, especially considering the dividend is growing at 10%-plus every year and is well covered by earnings. ------------------------------------------------------------------------- Octopus Investments, a provider of venture capital trusts, is the largest shareholder at over 10% with Standard Life Aberdeen and Canaccord Genuity next. The SLI fund has a 2.5% position in GB and Artemis UK Smaller Companies has 1.3%. ------------------------------------------------------------------------- Blue Prism (PRSM) Blue Prism is another success story for AIM’s tech sector. The company provides robotics software that enables large companies to automate many mundane back-office tasks, freeing their employees to carry out more important activities. The firm debuted on AIM in March 2016 at 78p. In almost two years, its share price has shot up over 1,500% to £13 today. But with that stellar share price growth comes questions over valuations, and some fund managers have recently taken profits on their holdings in Blue Prism. One of those is James Baker, manager of Chelverton UK Growth. Baker told Morningstar recently that he exited his position in mid-2017 at around 800p – “much too early” despite having made eight times his money. His reasoning, though, was that Blue Prism’s “market capitalisation to sales ratio was becoming unsustainable fast”. Although some board members have been taking profits in recent months, management still own significant portions of the stock. Old Mutual owns a fifth of the company and Nickols’ fund has 2.58% of its assets invested. hTtp://www.morningstar.co.uk/uk/news/164887/5-top-aim-stocks-held-by-fund-managers.aspx/ Read Full Thread Follow Reply

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