Coca-Cola Hellenic: Bitesize Investor Series in Egypt feedback

研报英文原文证据摘录

Coca-Cola Hellenic: Bitesize Investor Series in Egypt feedback

Forecast returns

Forecast price appreciation 11.4%

Forecast dividend yield 2.2%

Forecast stock return 13.7%

Market return assumption 9.0%

Forecast excess return 4.7%

Company Description

Coca-Cola Hellenic (CCH) is one of the largest bottling partners of the Coca-Cola Company

(TCCC), producing, selling and distributing its 24/7 portfolio including CSD, juices, water,

energy, coffee and alcoholic beverages in 29 countries. CCH operates in three regions:

established markets (31% of sales), including Italy, Greece and Ireland; emerging markets

(47%), mainly Russia, Nigeria and Egypt; and developing markets (22%), which includes

Poland and Hungary. TCCC owns 21% and Kar-Tess Holding (Leventis family) 23%, with the

remaining 56% free float. The stock is listed on the London and Athens stock exchanges.

Valuation Method and Risk Statement

We value CCH based on a sum of the parts framework, with the CCH ex-Russia business

valued at 23x 2028E EV/NOPAT.

While the majority of the company's volume comes from euro-correlated markets, exchange

rate movements in countries such as Russia or Nigeria can affect Coca-Cola HBC's ability to

impose real pricing increases. 35% of input costs are related to the concentrate received from

the Coca-Cola Company and any changes to the current incidence-based pricing mechanism

would affect returns. CCH's margins are sensitive to rising or falling input costs from sugar,

aluminium and glass among others. Finally, Coca-Cola HBC operates as a bottler through

franchise agreements granted by Coke. While these are based on ten year agreements - any

failure to renew any of the agreements would significantly affect the longer-term cash flow

potential.

Coca-Cola Hellenic 7 July 2026 ab 11