AG Barr sales and adj. PBT in FY’22 are 5% and 11% above peak pre-COVID levels. This has been achieved despite losing the Rockstar bottling contract and sales of £21m. The group has seen a strong start to FY’23E with trading in the first few weeks well-ahead of prior year which was impacted by lockdowns, and remains confident of achieving growth in sales and profits in FY’23E. The group remains confident of managing material cost inflation particularly across packaging (glass and aluminium) and energy via cost reductions, production efficiencies, revenue management via pack and promo mix, and a mid-single digit price increase, which has been passed through already. The shares are trading on 5.5% FCF yield, sub 10x EV/EBITDA with c.£70m of cash on the B/Sheet after paying more than £20m in dividends this year - BUY.