Coca-Cola Andina (AKO/B US): Buy: More room for ROIC expansion

研报英文原文证据摘录

Coca-Cola Andina (AKO/B US): Buy: More room for ROIC expansion

31 July 2026

Coca-Cola Andina (AKO/B US) EquitiesBeverages

Buy: More room for ROIC expansion Chile

◆ The LTRM agreement’s profit split accord is coming to a 5-year

MAINTAIN BUY

review for adjusting concentrate fees; we’re not worried

◆ Brazil, Chile, and Paraguay all delivered volume and profit TARGET PRICE (USD) PREVIOUS TARGET (USD)

growth in 2Q26; Argentina’s consumer still under pressure 36.00 38.00

◆ Retain Buy and lower TP to USD36 (from USD38) as we fine- SHARE PRICE (USD) UPSIDE/DOWNSIDE

tune our WACC assumptions; Andina trades at 12.4x 27 PE 29.29 +22.9%

(as of 29 Jul 2026)

Management is coming up on the 5-year mark for reviewing the profit split in MARKET DATA

the LTRM agreement: In essence, profits from each side are calculated and viewed Market cap (USDm) 4,075 Free float 40% Market cap (USDm) 4,075 BBG AKO/B US

against a pre-agreed profit split. This may trigger adjustments to the concentrate 3m ADTV (USDm) 0 RIC AKOb.N

price, up or down as necessary, to reset the system’s profit splits. Adjustments are

FINANCIALS AND RATIOS (CLP)

designed to be rather slow and based on a two-year basis, to avoid a shock to either Year to 12/2025a 12/2026e 12/2027e 12/2028e

party. They are capped at +/-1% of revenues. We like this agreement because it HSBC EPS 1703.13 1976.52 2196.18 2394.57

HSBC EPS (prev) 1703.13 1927.69 2220.50 2455.53

gives long-term visibility and transparency of economic splits and responsibilities Change (%) 0.0 2.5 -1.1 -2.5

while incentivizing the bottler to make extraordinary investments in the system for the Consensus EPS 1.77 2.01 2.18 2.60

PE (x) 16.1 13.8 12.5 11.4

purpose of accelerating revenue growth and increasing the returns on invested Dividend yield (%) 4.7 5.0 5.2 5.5