Research on A.G. BARR p.l.c. (BAG:LON) from Equity Development
H127 revenue rose 8.5% to £247m, driven by recent acquisitions and strong innovation across Boost, Rubicon and IRN-BRU Zero. Distribution points increased 15% and earlier stock availability issues have now been resolved. Investment in brands, people, systems and manufacturing is driving market share gains and helping reposition the portfolio towards higher-growth categories. Management remains on track to deliver FY27E Adj. PBT in line with expectations. Pricing headroom, integration synergies and operational efficiencies support further margin progression. AG Barr trades on only c.11x CY27 PER versus an ED Fair Value of 800p. We forecast 9.2% Adj. PBT CAGR FY26-FY29E and £123m of cumulative free cash flow pre-M&A
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