Fevara
Website:
Fevara
Index:
Main Market
EPIC: FVA
Supersector:
Food, Beverage and Tobacco
Sector:
Food Producers
Subsector:
Food Producers
Market Cap:
£71.44M
Payout Frequency: Semi-Annual
Fevara Dividend Analysis and Summary
Dividend Summary (ex-dividend 22/01/2026)
- Final dividend: 1.2p per share (FY24 final: 2.85p)
- Total FY25 dividend: 2.4p per share (FY24: 5.2p)
- Ex-dividend date: 22/01/2026
- Record date: 23/01/2026
- Payment date: 13/03/2026
- Policy: Board moving to a progressive dividend with =2x cover (announced 09/12/2025)
Coverage and Cash Backing
- Earnings cover: DPS 2.4p vs adjusted EPS (continuing) 4.4p ? c.1.8x cover (vs policy target =2x). On statutory continuing EPS 3.5p, cover is c.1.5x.
- Cash generation: Operating cash (continuing) £3.9m, capex £1.3m ? broadly adequate free cash flow to fund FY25 dividend; future cash cost is reduced by the ~45% share count reduction from the £70m tender.
- Balance sheet/liquidity: Year-end net cash £2.6m (plus £20m committed RCF and £10m uncommitted facility with HSBC). Restricted cash of £4.6m held in escrow for pension de-risking.
Dividend Sustainability and Trajectory
- Near-term sustainability: The reset FY25 dividend (down >50% YoY) looks reasonably covered by continuing earnings and cash flow, aided by lower share count.
- Growth prospects: Board has signalled a progressive policy with =2x cover; current cover is slightly below target on continuing adjusted EPS, implying cautious growth until earnings expand.
- Earnings momentum: Adjusted PBT up 67% to £4.2m; margin initiatives and stronger UK performance support medium-term dividend headroom. The Brazil acquisition (“Macal”) is guided to be earnings and margin accretive in FY26, potentially improving cover.
Structural/Policy Changes Relevant to Dividends
- Disposal and refocus: Sold majority of Engineering Division (April 2025) and rebranded to Fevara plc, concentrating on livestock supplements.
- Capital return: £70m tender offer (June 2025) cancelling ~45% of shares; reduces ongoing dividend cash outlay per penny of DPS.
- Dividend policy update: Move to progressive dividends with =2x cover (9 Dec 2025).
- New facilities: £20m committed RCF (+£10m uncommitted) with HSBC (Nov 2025) to support growth and M&A.
- M&A: Agreed acquisition of Macal in Brazil (expected to complete by end-Jan 2026); signals reinvestment alongside distributions.
Risks and Flags for Dividend Stability
- Pension: Scheme moved to buy-in, but year-end £2.9m deficit and £4.6m escrowed restricted cash reduce financial flexibility until fully resolved.
- Execution risk: Integration of Macal and expansion into new geographies; potential for short-term cash deployment to growth over distributions.
- End-market exposure: Livestock cycles (e.g., US beef herd declines), FX and raw material volatility could pressure margins and cash flow.
- Policy discretion: Going-concern stress tests note the Board could reduce or cancel dividends under adverse scenarios.
Read more
Fevara Annual Dividend Yield - 2.98%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 23/01/2025 |
10/03/2025 |
Final |
2.8500p |
GBX |
| 15/05/2025 |
20/06/2025 |
Interim |
1.2000p |
GBX |
Total (Annual Dividends Per Share):
4.05p
Dividend Yield =
Annual Dividends Per Share (4.05p)
÷ Share Price (136p)
= 2.98%
Fevara Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 22/01/2026 |
13/03/2026 |
Final |
1.2000p |
GBX |
| 15/05/2025 |
20/06/2025 |
Interim |
1.2000p |
GBX |
| 23/01/2025 |
10/03/2025 |
Final |
2.8500p |
GBX |
| 02/05/2024 |
05/06/2024 |
Interim |
2.3500p |
GBX |
| 25/01/2024 |
01/03/2024 |
Final |
2.8500p |
GBX |
| 24/08/2023 |
29/09/2023 |
2nd Interim |
1.1750p |
GBX |
| 11/05/2023 |
19/06/2023 |
1st Interim |
1.1750p |
GBX |
| 13/04/2023 |
12/05/2023 |
Final |
2.8500p |
GBX |
| 25/08/2022 |
30/09/2022 |
2nd Interim |
1.1750p |
GBX |
| 28/04/2022 |
07/06/2022 |
1st Interim |
1.1750p |
GBX |
Fevara Dividend Calculator
Fevara Dividend Growth
| Dividend Growth (1Y) |
-53.85%
|
| Dividend CAGR (5Y) |
-16.53%
|
| Years of Growth |
–
|
| Payout Ratio |
19.19%
|
| Buyback Yield |
7.46%
|
| Shareholder Yield |
9.2%
|
| P/E Ratio (TTM) | 39.43 |
|---|
| Forward P/E | 17.21 |
|---|
| P/FCF | 11.05 |
|---|
| Earnings Yield | 27.9% |
|---|
| FCF Yield | 9.05% |
|---|
| ROE | 4.57% |
|---|
| ROCE | 2.49% |
|---|
| Profit Margin | 25.28% |
|---|
| Operating Margin | 1.41% |
|---|
| Gross Margin | 21.68% |
|---|