HOLT Global Stock Highlights from the Week - 31 July 2026

Research evidence excerpt

HOLT Global Stock Highlights from the Week - 31 July 2026

Global Research

31 July 2026ab

HOLT Equities

GlobalGlobal Stock Highlights from the Week - 31 July

2026 Hiten Patel, CFA, FCA

HOLT Specialist

hiten.j.patel@ubs.com

+44-20-7883 5132

Consumer and Auto Steffen Spillecke, CFA HOLT Sector Specialist

Coca-Cola (KO) Q2 beat-and-raise reinforces high CFROI compounder steffen.spillecke@ubs.com

(1) +44-20-7883 6549narrative

John Talbott, CFA

KO shares rallied after reporting a strong Q2, delivering better-than-expected revenue HOLT Sector Specialist

growth (7%) driven by broad-based global volume growth, supported by world cup john.talbott@ubs.com

related demand. Management also raised its FY26 outlook for organic revenue and EPS +1-212-325 1813

growth. KO's CFROI has improved from 17% to 29% over the past decade and while Brendan Munson

CFROI is expected to move lower into 2025/26e per consensus forecasts, it remains the HOLT Sector Specialist

highest among its US beverage peers (click here). The stock also trades at a premium brendan.munson@ubs.com

valuation multiple in the group, reflecting its industry-leading CFROI, pricing power, and +1-212-325 2784

asset-light business model (click here). Ethan Oh

HOLT Sector Specialist

Hermès falls on leather goods miss; Priced for long-term sales growth of ethan.oh@ubs.com

(2) +852-3712 3774

7.5% p.a., below 2028e consensus and historic levels

Hermès has suffered persistently negative CFROI revisions since March 2025, with

forecast 2026e CFROI set to reach a post GFC low (ex-Covid). The weakening earnings

momentum has coincided with a c 40% decline in the share price from its February 2025

high, reflecting concerns over the visibility of long-term sales growth. Despite trading