C&C Group Share Price (CCR)

For a mature, low-growth, somewhat operationally messy drinks/distribution business:

~£400m mcap ~£100m debt = ~£500m EV Against ~£90m EBITDA puts it around 5.5x EV/EBITDA.

That’s not screamingly cheap if growth weak, cash conversion deteriorating, hospitality exposure challenged, capital returns delayed, and distribution economics uncertain. If anything, 5x is top of range for me. Id be happier at 4x, which would be a mcap of 460, or a 10% reduction.

Why should this command anything above a bog-standard low-growth distribution multiple which is around:

4–5x EBITDA, especially when: cash conversion weakens, end markets deteriorate, and shareholder returns become uncertain.

.wealthoracle.co.uk/company-results

C&C delivered FY26 net revenue down 5.7% to €1,569.8m, dragged by the planned exit of the Budweiser Brewing Group contract in the Republic of Ireland and weak hospitality market conditions hitting Matthew Clark Bibendum. Adjusted EBITDA fell to €104.3m (FY25: €112.0m) with operating profit before exceptionals at €70.5m. Operating margin held broadly flat at 4.5%, demonstrating cost discipline despite operating leverage challenges. Statutory PBT of just €9.1m versus €19.6m last year. Leverage stepped up to 1.6x from 0.9x reflecting earnings profile. Final dividend of 3.67c proposed (vs 4.13c prior year) bringing the total to 5.75c. Strategy refresh announced: moving away from 'One C&C' to two distinct models - C&C Brands (growth focus) and Matthew Clark Bibendum (margin recovery) - with detail at September Capital Markets Day. FY27 trading in line so far. MISS

.wealthoracle.co.uk/company-results

Innes and Gunn make some really good beers. They also took over a company called Inveralmond Brewery, including the purpose built brewing premises, in Perth. IB brewed Thrappledouser, Lia Fail and Ossian beers which you can find in some supermarkets (or used to be, I am out of that sector nowadays).

C&C Group plc announces today that it has acquired the Innis & Gunn brand and associated global intellectual property ('IP') from the administrators

1) iv never heard of it. Dont know what drink they make.

2) so good, it ended in administration.

Get on with the capital return, launch a strategic review. Get it done man.

Just looking at the accounts just in fix assets the company has £240m (converted from euros). Must be worth a punt, I'll do a bit more DD, but tempted. As you say football and hopefully a long hot summer!