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      <!-- Header -->
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        <tr>
         <td align="left" class="logo" style="font-family: Helvetica, Arial, sans-serif; font-size: 16px; padding: 0; text-align: left">
          <img class="featured" height="42" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fi%252Fo%252F85446376%252F9d8279e1b87800aa14bc59ed%252FFile1542109735002/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="padding: 15px 0 30px; text-align: left" width="165"/>
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          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Hi there
           <img alt="wave" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f44b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           <i>
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <i>
            Welcome to the
           </i>
           <b>
            <i>
             Weekend Read
            </i>
           </b>
           <i>
            . Each Saturday, we send you something interesting. Forward it on to your friends (or enemies).
           </i>
           <br/>
           <br/>
           You might not have heard of the company A.G Barr’s but you’ll probably have heard of their biggest product: Irn-Bru.
          </p>
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          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The tangy, almost metallic soda has been called Scotland’s 2nd national drink after whisky.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It’s the reason why Scotland is one of the few places where Coca Cola isn’t the top-selling soft drink.
          </p>
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           <img src="https://inboxflows.com/_/image/https%253A%252F%252Flh3.googleusercontent.com%252FVQsU03FhSbXDcNyfcihsmF0HJKjAy1RV7DtbBrsuPk2duSQhHF-TlOHyoEwxHB89Qeeg_CLCAMXVO5-WNhlw2AY3UWJj_Vlyc_EOXBHSfz36gh5eJXbe1YyEU7RrFCy7gnu4NkOA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaDMuZ29vZ2xldSJ9:1kXOTW:AgqeDauGp4t-2YPDNWTytfV6iywL1uRyEaApmfaoEXY" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Barr’s is a venerable company, started in 1875. Despite over a century in business, in the last couple of years Barr’s have been one of the FTSE 250’s fastest growing stocks.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           So what’s pushed an old-school pop company into a billion pound business?
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Thirst for the Bru
           <img alt="stuck_out_tongue" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f61b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           A lot of it is down to the cult appeal of their flagship drink. For a long time, Irn-Bru was niche everywhere but Scotland.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           That’s changing. Scotland’s still the biggest market by far, but Irn-Bru’s share of the whole UK soft drink market has grown consistently.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <b>
            There are a few potential factors here:
           </b>
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Smart product innovation
            <img alt="woman" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f469.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
            🏻‍🔬
           </li>
           <li>
            Authentic brand
            <img alt="heart" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F2764.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
            ️
           </li>
           <li>
            Deadpan advertising
            <img alt="neutral_face" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f610.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           </li>
           <li>
            New vogue for Scotland
            <img alt="sunglasses" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f60e.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           </li>
          </ul>
          <div align="left" class="intercom-container intercom-align-left" style="margin-bottom: 16px; text-align: left !important">
           <img src="https://inboxflows.com/_/image/https%253A%252F%252Flh6.googleusercontent.com%252FzPEu9SSd53PagPA08RoRgIw94jGCO4_9ipJANQpTkHKSVTkzZIBynW1-RujSwKeYNRK1DJzpulUi2rlquYpm_DkgEtolWtihiHrhOSAfUV0ub52y6_bUO8qOpTSbFqdhwYYte1Rg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaDYuZ29vZ2xldSJ9:1kXOTW:lLKwAhYRzMajG_mQPKESnJPA-7AaUC5eudzBq8AD_n8" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           By the way, according to a YouGov survey, fans of Irn-Bru also like Dizzee Rascal, Duncan Bannatyne and Notts County F.C.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Not too sweet
           <img alt="lollipop" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f36d.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           A 2018 sugar tax left drinks manufacturers with a bitter pill to swallow.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Barr’s decided to change the recipes for almost all of their drinks to drop below the 5g/100ml sugar threshold.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While some fans were outraged and stockpiled the original recipe, rising sales suggest most people have embraced the new formula.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           That small recipe tweak exempts Barr’s from the tax altogether. This means that, at the same shelf price, Barr’s can collect more profit/can than their higher calorie competitors.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Steady financials 🤓
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Here are some highlights from
           <a style="border: none; color: #1251BA; outline: none !important" target="_blank">
            Barr’s latest financials
           </a>
           :
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Revenue £279m (+5.6% since 2018)
           </li>
           <li>
            Operating profit £45m (+2.5% since 2018)
           </li>
           <li>
            Operating margin 16.4% (-0.66% since 2018)
           </li>
           <li>
            Return on capital 21% (+0.48% since 2018)
           </li>
           <li>
            Around £19m company debt
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Following a trend of the last few years, revenue and profit growth are decent, not meteoric. The Barr family still have a fair amount of involvement in the business, which may have contributed to the company’s strategic and fiscal shrewdness.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While the business has been performing well, the share price has been growing even faster. That might have something to do with...
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           The Fever Tree factor
           <img alt="palm_tree" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f334.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           This one’s quite hard to measure. Basically, luxury tonic maker Fever Tree’s fast growth does seem to have focused a lot of investor attention on the UK drinks sector.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Quite a few writers have discussed Barr’s as an alternative purchase to the hotly valued luxury tonic maker.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The comparison isn’t surprising but it seems a bit shallow. Barr’s steadily growing, traditional soft drink business is not the same as Fever Tree’s more innovative luxury mixer strategy.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In any case, it’s worth being conscious of whether Barr’s strong performance is driven only by the company itself or also a bit of attempted pattern recognition.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Potential risks 😬
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           While Barr’s are a prudent firm, the stock holds risks, which need to be navigated carefully. These include:
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Largely UK-focused 🇬🇧
           </li>
           <li>
            Supermarket mergers 🛒
           </li>
           <li>
            Expensive valuation compared to peers (PE ratio c.30 right now vs. c.20 for rival Britvic)
            <img alt="moneybag" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4b0.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOTW:l55KQxz_jBqxxvu4lshcE1Q-DOdzY6c8ADQShj3EBno" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The soft drink sector probably won't be as vulnerable to a Brexit downturn as a carmaker or a luxury brand and Barr’s are looking to mitigate Brexit risks. Not relying too much on overseas sales could also be a plus. 🤔
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           However, Barr’s heavy focus on the UK is worth taking into account.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Supermarket consolidation is another threat. Fewer, more powerful retailers means less pricing power for the brands they stock. They could even opt to shut out smaller brands altogether.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Finally, we have to ask: is the fizz going to go flat?
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Barr’s aren’t as disruptive as Fever Tree and on a pure price-to-earnings basis, they’re now more expensive than their more comparable peers.
          </p>
          <hr style="border-style: solid none none; border-top-color: #DDD; border-top-width: 1px; margin: 50px 30%"/>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Barr’s look like a well-run, savvy company, with a great product set, strong financials and a consistent record of sales growth. However, it does seem like the stock price is starting to outpace the business.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Whatever you think of them: stay canny!
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            Read the whole story
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           We're receiving a lot of email replies.
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           Talk soon,
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