olivLaw · European equity research
Fevara plc FVA.L
United Kingdom · London Stock Exchange · ISIN GB00BRK01058 · Vertical: Listed companies from United Kingdom
Fevara plc is an international specialist in supplements for animals in extensive grazing systems, with operations in the UK, the US and New Zealand. After disposing of most of its Engineering Division in April 2025, the company is focused solely on agriculture, and its acquisition in Brazil could open a new growth market.
At the close of 05 Nov 2026, Fevara plc (FVA.L) stock was 1.43 GBP (−5.92% on the day), with market capitalisation 123.4 m GBP, P/E 6.2 on diluted EPS of 0.23 GBP over the last 12 months, dividend yield 3.10%, beta 0.07, 52-week range 1.20–1.60 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.4
- neutral
- Bollinger (20, 2)
- 1.42 – 1.60
- in the lower half of the band · %B 0.06 · band width 12.0%
- SMA 50 / 200
- 1.45 / 1.36
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.4% | −0.6% | −2.7 pp | — |
| 3 months | +4.0% | −4.2% | +8.2 pp | — |
| 6 months | +3.6% | +4.3% | −0.7 pp | — |
| Year to date | +7.1% | +7.5% | −0.4 pp | — |
| 1 year | +12.6% | +9.9% | +2.7 pp | +5.8% |
| 3 years | +17.0% | +49.8% | −32.9 pp | +26.3% |
| 5 years | +1.1% | +42.8% | −41.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 5.9, median 5.9, max 5.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 81.8 m | 75.7 m | 78.8 m |
| Revenue YoY | unavailable | unavailable | −7.5% | +4.1% |
| Net income | 2.7 m | -226.0 k | -5.7 m | 19.9 m |
| Net income YoY | unavailable | −108.3% | unavailable | unavailable |
| Diluted EPS | unavailable | -0.00 | -0.06 | 0.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -0.3% | -7.6% | 25.3% |
| Free cash flow | unavailable | -3.8 m | 6.3 m | 6.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 7.9 m GBP
- Financial debt
- 5.3 m GBP
- Net debt
- -2.6 m GBP
- Equity
- 37.4 m GBP
- Total assets
- 59.8 m GBP
- Debt / equity
- 0.14x
- Current ratio
- 2.52x
- ROE
- 30.1%
- ROA
- 19.6%
- FCF margin
- 8.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 81.8 m | 75.7 m | 78.8 m | esef· 08 Jan 2026verified |
| Cost of revenue | — | 67.5 m | 61.4 m | 61.7 m | esef· 08 Jan 2026verified |
| Gross profit | — | 14.3 m | 14.3 m | 17.1 m | esef· 08 Jan 2026verified |
| Operating income | — | -871.0 k | -6.8 m | 2.4 m | esef· 08 Jan 2026verified |
| Interest expense | — | 715.0 k | 681.0 k | 505.0 k | esef· 08 Jan 2026verified |
| Pre-tax income | — | -772.0 k | -6.5 m | 2.9 m | esef· 08 Jan 2026verified |
| Income tax | — | 72.0 k | -2.0 m | -133.0 k | esef· 08 Jan 2026verified |
| Net income | 2.7 m | -226.0 k | -5.7 m | 19.9 m | esef· 08 Jan 2026verified |
| Diluted EPS | — | -0.00 | -0.06 | 0.23 | esef· 08 Jan 2026verified |
| Dividend per share | — | — | 0.06 | 0.04 | esef· 08 Jan 2026derived |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 22.5 m | 23.1 m | 13.7 m | 7.9 m | esef· 08 Jan 2026verified |
| Receivables | 21.6 m | 26.9 m | 10.4 m | 10.6 m | esef· 08 Jan 2026verified |
| Inventories | 27.0 m | 26.6 m | 12.1 m | 12.3 m | esef· 08 Jan 2026verified |
| Current assets | 226.9 m | 88.4 m | 122.5 m | 38.3 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 33.2 m | 30.0 m | 9.9 m | 8.9 m | esef· 08 Jan 2026verified |
| Goodwill | 23.6 m | 19.2 m | 2.1 m | 2.1 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 4.6 m | 3.3 m | 32.0 k | 31.0 k | esef· 08 Jan 2026verified |
| Total assets | 310.1 m | 162.3 m | 143.8 m | 59.8 m | esef· 08 Jan 2026verified |
| Accounts payable | 23.5 m | 18.9 m | 10.7 m | 11.7 m | esef· 08 Jan 2026verified |
| Short-term debt | 12.7 m | 13.7 m | 2.8 m | 1.8 m | esef· 08 Jan 2026verified |
| Long-term debt | 23.8 m | 5.2 m | 2.9 m | 3.5 m | esef· 08 Jan 2026verified |
| Current liabilities | 142.5 m | 39.2 m | 45.5 m | 15.2 m | esef· 08 Jan 2026verified |
| Total liabilities | 177.8 m | 54.4 m | 48.9 m | 22.4 m | esef· 08 Jan 2026verified |
| Equity | 132.3 m | 107.9 m | 94.9 m | 37.4 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | — | — | 93.8 m | 86.3 m | esef· 08 Jan 2026derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | -1.8 m | 7.4 m | 7.7 m | esef· 08 Jan 2026verified |
| Capex | — | 2.0 m | 1.2 m | 1.3 m | esef· 08 Jan 2026verified |
| Free cash flow | — | -3.8 m ≈ | 6.3 m ≈ | 6.5 m ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | — | 24.0 m | 392.0 k | 66.8 m | esef· 08 Jan 2026verified |
| Financing cash flow | — | -36.3 m | -10.5 m | -75.6 m | esef· 08 Jan 2026verified |
| Dividends paid | — | 4.9 m | 6.0 m | 3.8 m | esef· 08 Jan 2026verified |
| Share repurchases | — | 0 | 74.0 k | — | esef· 07 Jan 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 123.4 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality31
- Balance sheet70
- Valuation78
- Returns62
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.3% | 21 (vs peers) | 17% |
| Net margin · Quality | 25.3% | 77 (vs peers) | 10% |
| FCF conversion · Quality | 32.4% | 3 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.7x | 50 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 6.2x | 89 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.2% | 65 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.2% | 45 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 59.2% | 87 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality31/100 · 3/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation78/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FEVARA PLC (FVA.L). Latest full fiscal year: 2025; data up to 2025-08-31.
Figures computed from the financial statements: revenue 78.8 m GBP in 2025; YoY growth 4.1%; net margin 25.3%; ROE 30.1%.
The estimated value range is 1.71–2.54 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.12 GBP, the price of 1.43 GBP leaves a potential of 48.4% (value / price − 1) and a margin of safety of 32.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 25.3%
- Current ratio: 2.5x
- P/E (TTM): 6.2x
- Payout ratio (FCF): 59.2%
- The price is below the estimated value range
What contradicts it
- ROIC: 3.3%
- FCF conversion: 32.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| FVA.LFevara PLC | 123.4 m | 6.2 | 30.1% | 25.3% | +4.1% | +5% / +41% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for FVA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.85 Total return -38% · Per year -38% | 1.50 Total return 8% · Per year 8% | 2.26 Total return 62% · Per year 62% |
| 3 years | 0.82 Total return -36% · Per year -14% | 1.63 Total return 24% · Per year 7% | 2.70 Total return 101% · Per year 26% |
| 5 years | 0.79 Total return -33% · Per year -8% | 1.77 Total return 41% · Per year 7% | 3.21 Total return 148% · Per year 20% |
- Exit P/E± 0.41
- Net margin± 0.29
- Annual revenue growth± 0.23
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Fevara plc is an international specialist in supplements for animals in extensive grazing systems, with operations in the UK, the US and New Zealand. After disposing of most of its Engineering Division in April 2025, the company is focused solely on agriculture, and its acquisition in Brazil could open a new growth market 1.
SWOT
Strengths
- Established brands and research-proven products, supported by a leading position in the British bolus market 1.
- Presence in three countries, with own production capacity and manufacturing partnerships that allow geographic diversification 1.
- A consolidated capital structure supported by renewed banking facilities with extended maturities 1.
Weaknesses
Opportunities
Risks
- Dependence on core marketshigh
Financial performance depends on meeting targets in the UK, Europe and the US, where growth requires share gains and stronger commercial performance 1.
- Currency riskmedium
More than half of profits come from outside the UK, and currency fluctuations can affect results through transactional and translational effects 1.
- Risk of entering new marketsmedium
Entry into new markets involves risks around market selection, execution and delivery of expected potential, and the Brazilian acquisition must be integrated successfully 1.
- Animal disease riskmedium
A disease outbreak can sharply reduce herd sizes and demand, followed by a herd rebuild programme, requiring resilience to demand volatility 1.
- Cybersecurity risklow
A successful cyberattack could lead to financial loss and a breach of data confidentiality, so systems must remain secure and resilient 1.
Investment thesis
What would need to be true (bull case)
- The company has reorganised as a focused agricultural specialist, with improving margins and a clear growth strategy, which could support profitability over the medium term 1.
- The Brazilian acquisition and New Zealand distribution could open high-potential markets, and value-added products could improve the revenue mix 1.
- The progressive dividend policy and renewed banking facilities to 2030 could provide financial stability and predictability for shareholders 1.
What would break the thesis
- Dependence on core markets, where share and commercial performance must improve, could limit growth if results do not materialise 1.
- Risks linked to international expansion, integration of acquisitions and currency exposure could affect results if execution falls short 1.
- Low share liquidity and a smaller market capitalisation could make it harder to attract investors and access capital markets efficiently 1.
What to watch
- Completion of the Macal acquisition in Brazil and integration of operations2026
- Development of market share in the UK and US as the operational excellence programme progressesnext 10-K
- Performance of the New Zealand distribution in the second year of the Seales Winslow agreement2026
- How the final dividend and the progressive dividend policy, targeting cover of at least 2x, develop2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Fevara produces mineral and nutritional supplements for livestock, aimed at farmers in extensive grazing systems, with the stated purpose of boosting their profitability and resource efficiency 1. The company was previously known as Carr's Group plc and is listed on the London Stock Exchange Main Market 1. In fiscal 2025, profit from continuing operations was £3.0m, after a loss of £4.5m in the prior year 1.
The current strategy rests on three pillars: improving operating margins, delivering profitable commercial growth and expanding into new markets 1. The company exited two loss-making sites, moved manufacturing of the Tracesure range to its French partner Vétalis, and launched a new bolus, Tracesure Advanced, in autumn 2025 1. It also announced an agreement to acquire Macal, a Brazilian business that generated EBITDA of about £0.7m (unaudited) in the 12 months to November 2025 1.
The capital structure was reshaped through a return of capital to shareholders: a tender offer cancelled 42,944,785 shares at 163 pence per share, and the total number of voting shares fell to 51,638,052 1. The company also moved to a progressive dividend policy targeting cover of at least 2x 1.
Segments
Market context
Fevara operates in markets with extensive livestock farming, where demand depends on herd sizes 1. New Zealand has over 20 million sheep and 10 million cattle, including about 6 million dairy cows, and the company appointed a third-party distributor in November 2024 1. Brazil, with over 230 million cattle, is the largest cattle population market in the world and forms the company's strategic entry into South America 1.
Demand in the core markets (UK, Europe and the US) depends on commercial performance and market share, and the company says profitable growth will require share gains and better commercial execution 1. If the Macal acquisition completes, the company could widen its customer base and diversify its geographic revenue 1.
Trends
- Focus on agriculturemixed
After disposing of most of the Engineering Division, the company has a more focused profile, which may simplify strategy and execution but makes performance more dependent on its core markets 1.
- Expansion into new marketstailwind
Entry into Brazil and distribution in New Zealand open growth opportunities in markets with large livestock populations, but they require investment and careful due diligence 1.
- Political and farm policy pressuresheadwind
Changes to farming policy in the UK and US, sensitivity to trade agreements and the risk of customers switching to cheaper alternatives could affect demand 1.
- Sustainability requirementsmixed
Rising importance of sustainable practices affects the ingredients used and production processes, and the company has reorganised its ESG strategy into three pillars 1.
Competitive position
Fevara operates in a specialist market for supplements for extensive livestock, where it relies on established brands and research-proven products 1. The sources provided do not name direct competitors, so the competitive analysis is limited to the factors the company itself describes 1.
The company flags the risk that some customers choose cheaper and less effective alternatives, along with pressure on market share in its core markets 1. Partnerships with Vétalis and Seales Winslow are used to support competitiveness 1.
- Seales Winslow
Third-party distributor and compound ruminant feed manufacturer in New Zealand, partnered with Fevara since November 2024 1.
- Vétalis
French manufacturing partner that produces the Tracesure range and collaborates on the new Tracesure Advanced bolus 1.
- Domino Industria E Comercio (Macal)
Brazilian company that Fevara has agreed to acquire and that operates in the regional cattle market 1.
- Other livestock supplement producers
The sources do not list other competitors, and the company refers to cheaper and less effective alternatives without naming them 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202407 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-08-31 (ESEF) · SEC / Fevara plc · 31 Aug 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.