Coca-Cola HBC AG (CCH.L): Postcard from Egypt: Strong execution driving DD growth, while learnings reinforce confidence in CCBA synergy opportunity.

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Coca-Cola HBC AG (CCH.L): Postcard from Egypt: Strong execution driving DD growth, while learnings reinforce confidence in CCBA synergy opportunity.

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07 Jul 2026 08:16:17 ET │ 10 pages

Coca-Cola HBC AG (CCH.L)

Postcard from Egypt: Strong execution driving DD growth, while

learnings reinforce confidence in CCBA synergy opportunity.

CITI'S TAKE Neutral

Price (07 Jul 26 08:24) £50.45 The formal part of CCH’s Bitesize Event in Egypt has just concluded. Egypt

Target price £50.25 represents 11% of group volumes and is the group’s #3 market. The

business has faced significant macro/geopolitical headwinds since Expected share price return -0.4%

acquisition in 2022, but the presentations clearly showcased the Expected dividend yield 2.6%

impressive transformation and more recent acceleration in share/top-line Expected total return 2.2%

growth CCH has been delivering. More importantly, many of the Market Cap £18,387M

learnings/best practices deployed in Egypt have relevance for the soon to US$24,333M

be consolidated CCBA acquisition. As such, this event should further

reinforce investor confidence in CCH's ability to deliver strong growth in

Africa overtime. Nevertheless, although we continue to applaud CCH

strong execution capabilities and its attractive growth/delivery algorithm, Simon HalesAC

with soft drink stock valuations elevated, further near-term share price +44-20-7986-4049

upside may be limited. simon.hales@citi.com

Sunny Wadhwani

DD mid-term sustainable OSG growth targeted in Egypt: Egypt represents 11% of +91-22-4277-5078

group volumes and is the group’s #3 market. The market is currently seeing the sunny.wadhwani@citi.com

fastest growth for trademark Coke in Africa and thanks to CCH’s rollout into energy