Coca-Cola HBC AG CCH

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GBX 2,678.00 −16.00 (0.59%)

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As of Jul 5, 2024 4:15pm Delayed Price Closed

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Company Report

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CCHBC Is an Attractive Way to Play Developing Markets in Beverages

Dan Su Apr 3, 2024

Coca-Cola Hellenic Bottling Company, or CCHBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by both geographic footprint and product portfolio. Through its legacy assets and acquisition, CCHBC has operations in Eastern Europe, some of the smaller markets in Western Europe such as Switzerland and Ireland, and Egypt and Nigeria in Africa. Developing and emerging markets combined accounted for 68% of revenue in 2023 and 65% of EBIT.

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Price vs Fair Value

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CCH is trading at a 255% premium.

Price

GBX 2,678.00

Jul 5, 2024

Fair Value

GBX 8,863.00

Mar 26, 2024

Uncertainty

Medium

1-Star Price: GBX 7,513.00
5-Star Price: GBX 4,678.00
Economic Moat: Qbrcpc
Capital Allocation: Ygpsjzt

Bulls Say, Bears Say

Bulls

CCHBC generates over half of its EBIT from emerging markets, where per capita consumption of sparkling drinks is materially lower than it is in developed markets, providing a runway for growth.

Bears

A secular consumer shift away from carbonated soda means that bottlers such as CCHBC are being forced to recapture lost volume with a range of alternative products, making the portfolio and route to market more complex.

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News

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10 stocks for investors looking for 'wonderful companies at a fair price'

MarketWatch Jan 20, 2024 11:20am

Trading Information

Previous Close Price: GBX 2,694.00
Day Range: GBX 2,678.00–2,718.00
52-Week Range: GBX 2,065.00–2,830.00
Bid/Ask: GBX 2,610.00 / GBX 2,800.00
Market Cap: GBX 974.56 Bil
Volume/Avg: 4.2 Mil / 999,159

Key Statistics

Price/Earnings (Normalized): 14.05
Price/Sales: 1.11
Dividend Yield (Trailing): 2.94%
Dividend Yield (Forward): 2.94%
Total Yield: 3.32%

Company Profile

Coca-Cola HBC is the third-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola FEMSA and Coca-Cola Europacific Partners. In 2023, CCHBC sold 2.8 billion unit cases of beverages. For context, Coke’s largest bottler, Coke FEMSA, sold 4 billion unit cases in Latin America, and the second-largest—CCEP, serving Europe, Southeast Asia, and the South Pacific region—sold 3.3 billion unit cases. There is a long tail of Coke distributors, including brewers and independent operators with very small distribution territories.CCHBC is listed on the London Stock Exchange. Kar-Tess, a Luxembourg-based holding company, owns 23% of the equity of CCHBC, and Coca-Cola holds a further 21%. The remaining 56% is free float.

Sector: Consumer Defensive
Industry: Beverages - Non-Alcoholic
Stock Style Box: Mid Core
Total Number of Employees: 32,747
Website: https://www.coca-colahellenic.com

Competitors

Valuation

Metric	CCH	AC	PEP
Price/Earnings (Normalized)	14.05	15.84	21.27
Price/Book Value	3.76	2.89	11.87
Price/Sales	1.11	1.41	2.47
Price/Cash Flow	9.64	11.09	16.35

Price/Earnings

CCH

PEP

Financial Strength

Metric	CCH	AC	PEP
Quick Ratio	0.79	0.92	0.64
Current Ratio	1.02	1.20	0.86
Interest Coverage	10.90	8.75	15.01

Quick Ratio

CCH

PEP

Profitability

Metric	CCH	AC	PEP
Return on Assets (Normalized)	7.72%	8.90%	10.91%
Return on Equity (Normalized)	24.88%	20.24%	58.64%
Return on Invested Capital (Normalized)	11.86%	12.52%	18.15%

Return on Assets

CCH

PEP

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