Raising Estimates on Strong 2Q Trends: Coca-Cola Europacific Partners | North America

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Raising Estimates on Strong 2Q Trends: Coca-Cola Europacific Partners | North America

UpdateM

RiskRisk RewardReward– Coca-Cola- Coca-ColaEuropacific PartnersEuropacific(CCEPC.AS) Partners (CCEPC.AS)

EW Solid Momentum But Balanced Risk/Reward

PRICE TARGET €95.00 EQUAL-WEIGHT THESIS

Our €95 PT is based on an ~19.5x FY27e P/E, a premium to CCEP's LT average NTM P/E of We are EW, with strong operating

~17x due to its improved LT growth profile vs history and broader group of potential momentum and execution, but limited room

investors since inclusion in the FTSE. for upward re-rating with CCEP trading 1

standard deviation above its L5Y average vs

€91.70 parent KO. We continue to prefer parent KO,

Consensus Price Target Distribution €88.00 €100.00 with more diversified geographic exposure

MS PT and growth drivers.

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

Consensus Rating Distribution

RISK REWARD CHART 38% Overweight

63% Equal-weight

€115.00€115.00(+22.73%)€115.00(+22.73%)(+22.73%) EUR 0% Underweight

MS Rating

Source: Refinitiv, Morgan Stanley Research

€93.70€93.70€93.70 €95.00€95.00(+1.39%)€95.00(+1.39%)(+1.39%)

€64.00€64.00(-31.70%)€64.00(-31.70%)(-31.70%)

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target

BULL CASE €115.00 BASE CASE €95.00 BEAR CASE €64.00

~20.5x CY27e bull case EPS ~19.5x CY27e Base Case EPS ~15x CY27e Bear Case EPS

Topline and Margin Upside: Above-trend ~4% Mid-Term Org Sales Growth: We Topline and Margin Downside. Increasing

sales momentum continues driven by assume ~4% organic sales growth as pricing pressure on Western European consumer

resilient volumes and pricing upside from normalizes mid-term, with continued robust and pushback from retailers drives downside