Fever-Tree: Valuations for Statutory Accounts and IPOs


Founded in 2004, Fever-Tree is a well-known British producer of premium drinks mixers, such as tonic water, lemonade, and ginger ale. A darling of the Stock Market since its successful IPO in 2014, Fever-Tree has enjoyed explosive equity progression during its life as a public company. Pre-IPO however, valuing the company was an exercise that required the significant resources and deep-expertise of CFPro to establish an IFRS valuation.

This is the story of our engagement with Fevertree…

While preparing for an IPO on the London Stock Exchange, the reporting accountant to the company recommended CFPro to Fever-Tree in 2014. Primarily, CFPro’s task was to establish an IFRS valuation (fair valuation) and began by looking at the key valuation drivers and how they interact, working closely with the Finance Director to assess projected growth, underlying cash flows and both perpetual and finite value attributes.


The reporting accountant needed the independent support of CFPro to prepare the valuation for the acquisition of Fever-Tree by its holding company when it floated on the London Stock Exchange. Venture Capital owned Fever-Tree at the time, so the company requested a detailed cash-flow model they could use to calculate both present and future valuations.


CFPro surveyed the balance sheet and business drivers within Fever-Tree and started to build out the brand value undertaking a de-layering exercise, examining the cost of capital deployed versus cash flows and selecting the appropriate revenue-based calculations to achieve an enterprise valuation.

Throughout the process, CFPro were in regular dialogue with the Finance Director of Fever-Tree, understanding the reasoning behind certain business projections, and the roles of the businesses’ different strata.


The valuation was included in the Financial Statements as set out in the AIM Admission Document and Fever-Tree successfully completed its IPO on the London Stock Exchange in 2014.

The CFPro Team stepped in to work in partnership with Fever-Tree and the Auditors at the time. The London Stock Exchange welcomed Fevertree Drinks plc to an opening ceremony, marking the admission of its shares to trading on the AIM market, in November 2014 with an initial share price of 134p.

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