Interims highlight a resilient top-line performance and further good news on Vimto market outperformance. Investors should also welcome the reinstating of the dividend and a pleasing Middle East update. The other main news is the planned departure of CEO, Marnie Millard, with Andrew Milne the COO stepping up to fill the role. Marnie leaves Nichols in a strong shape and a smooth handover is anticipated. Ongoing OoH, consumer and Africa CV19 uncertainties mean forecast guidance remains withdrawn and thus we are not reintroducing forecasts at this stage. Overall, a positive set of interims today, reinforcing Nichols attractions of brand strength/robust balance-sheet/geographic diversity. The shares trade on an undemanding historical P/E of 16x, EV/EBITDA 11x and 6% FCF yield vs a LR P/E and EV/EBITDA of 20x/14x.
