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Coca Cola HBC
(LSE:CCH)
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Rating:72Outperform
Price Target:
4,931.00 p
▲(7.15% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by strong operating momentum and upgraded 2026 guidance from the latest earnings call, supported by generally healthy multi-year profitability trends. Offsetting factors are leverage and weaker recent free-cash-flow conversion, plus a mixed/neutral technical picture and a valuation that is not clearly cheap.
Positive Factors
Organic growth and upgraded guidance
Strong volume-led growth and upgraded full-year guidance indicate sustained brand demand and effective execution. The outlook supports continued expansion over the next several months, while the broad geographic footprint reduces reliance on any single market.
Negative Factors
Elevated leverage reduces financial flexibility
The debt-heavy capital structure leaves CCH more exposed to refinancing conditions and interest-rate movements than conservatively financed peers. Acquisition funding adds to this constraint, potentially limiting flexibility for investment, dividends or further expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Organic growth and upgraded guidance
Strong volume-led growth and upgraded full-year guidance indicate sustained brand demand and effective execution. The outlook supports continued expansion over the next several months, while the broad geographic footprint reduces reliance on any single market.
Read all positive factors
Coca Cola HBC (CCH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£16.63B
Dividend Yield2.24%
Average Volume (3M)588.27K
Price to Earnings (P/E)19.3
Beta (1Y)0.74
Revenue Growth12.76%
EPS Growth12.70%
CountryUK
Employees33,500
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)2.76
Shares Outstanding364,464,540
10 Day Avg. Volume658,667
30 Day Avg. Volume588,271
Financial Highlights & Ratios
PEG Ratio1.30
Price to Book (P/B)4.16
Price to Sales (P/S)1.40
P/FCF Ratio21.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£5,468.29Price Target Upside18.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.91
Revenue Forecast (FY)£12.50B
Coca Cola HBC Business Overview & Revenue Model
Company Description
Coca-Cola HBC AG is an international bottler and distributor, engaged in the production, marketing, and sale of a diverse range of non-alcoholic ready-to-drink beverages across the globe. Its extensive product offerings include carbonated soft dri...
How the Company Makes Money
CCH makes money primarily by selling finished beverages (bottled/canned ready-to-drink products) to customers across its territories. Its revenue model is centered on (1) bottling and packaging beverages and (2) distributing them through an owned ...
Coca Cola HBC Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call conveyed a clearly positive operating and financial performance for H1 2026: strong volume-led revenue growth, notable margin expansion and double-digit EBIT/EPS growth, coupled with upgraded full-year guidance. Management highlighted broad-based category momentum (Sparkling, Energy, Coffee out‑of‑home), meaningful commercial capability improvements (Promo360, single-serve mix gains) and progress on the CCBA acquisition and sustainability. The primary near-term headwinds are higher energy-related COGS risk in H2, increased finance costs from acquisition financing, modest moderation in revenue-per-case due to country mix, and a planned step-up in CapEx that slightly reduced free cash flow. Overall, positives (robust growth, margin expansion, guidance upgrade, portfolio momentum) materially outweigh the manageable challenges and one-off items.Positive Updates
Top-line and Volume Growth
Organic revenue +9.6% in H1 2026 with organic volume growth +7.5%; Q2 underlying volume growth accelerated to +5.8%. This marks the 13th consecutive quarter of volume growth.
Negative Updates
Cost Pressure and COGS Risk in H2
Management flagged higher energy-related cost pressure for the second half of 2026 (Middle East conflict impact). Guidance implies COGS per case pressure expected in H2 of low-to-mid single digits, adding risk to margin momentum.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line and Volume Growth
Organic revenue +9.6% in H1 2026 with organic volume growth +7.5%; Q2 underlying volume growth accelerated to +5.8%. This marks the 13th consecutive quarter of volume growth.
Read all positive updates
Company Guidance
Management upgraded 2026 guidance, now expecting full‑year organic revenue growth around the top end of its 6–7% range and organic EBIT growth of 8–10%. The upgrade follows a strong H1 (organic revenue +9.6%, organic volume +7.5% with Q2 +5.8%), comparable EBIT +15.2% to EUR 760m (EBIT margin +60bps to 12.2%), EPS +15.2% to EUR 1.51 and robust H1 free cash flow (c. EUR 216–260m) despite a >EUR100m YoY step‑up in CapEx (CapEx/revenue 6.1%; full‑year target 6.5–7.5%). Management cautioned H2 will grow more slowly than H1 due to four fewer selling days and higher energy‑related COGS pressure (COGS per case expected low‑ to mid‑single‑digit higher in H2/full year), while hedging on key commodities is >85% and finance costs guidance was updated to EUR 40–50m (with FX translation guidance also revised).Coca Cola HBC Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.28B | 11.39B | 10.75B | 10.18B | 9.20B | 7.17B |
| Gross Profit | 4.58B | 4.19B | 3.88B | 3.56B | 3.15B | 2.60B |
| EBITDA | 1.86B | 1.70B | 1.62B | 1.38B | 1.22B | 1.13B |
| Net Income | 999.96M | 923.42M | 820.60M | 636.50M | 415.40M | 547.20M |
Balance Sheet | ||||||
| Total Assets | 14.99B | 11.61B | 10.65B | 9.88B | 9.86B | 8.51B |
| Cash, Cash Equivalents and Short-Term Investments | 4.83B | 2.73B | 2.45B | 1.93B | 1.75B | 1.62B |
| Total Debt | 6.20B | 3.91B | 3.98B | 3.42B | 3.42B | 2.94B |
| Total Liabilities | 10.78B | 7.67B | 7.35B | 6.69B | 6.47B | 5.40B |
| Stockholders Equity | 4.12B | 3.85B | 3.21B | 3.09B | 3.28B | 3.11B |
Cash Flow | ||||||
| Free Cash Flow | 742.29M | 732.53M | 776.50M | 776.00M | 711.20M | 635.70M |
| Operating Cash Flow | 1.59B | 1.47B | 1.39B | 1.39B | 1.23B | 1.14B |
| Investing Cash Flow | -747.38M | -4.42M | -820.90M | -268.80M | -1.08B | -1.26B |
| Financing Cash Flow | 1.31B | -555.09M | -205.50M | -412.40M | -198.70M | -322.40M |
Coca Cola HBC Technical Analysis
Negative
4602.00
Price Trends
4826.52
Negative
4549.02
Positive
4272.73
Positive
Market Momentum
-76.67
Positive
42.54
Neutral
80.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CCH, the sentiment is Negative. The current price of 4602 is below the 20-day moving average (MA) of 4692.55, below the 50-day MA of 4826.52, and above the 200-day MA of 4272.73, indicating a neutral trend. The MACD of -76.67 indicates Positive momentum. The RSI at 42.54 is Neutral, neither overbought nor oversold. The STOCH value of 80.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CCH.
Coca Cola HBC Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £422.29M | 17.54 | 24.74% | 3.44% | 2.73% | 37.06% | |
72 Outperform | £16.63B | 19.34 | 25.10% | 2.10% | 12.76% | 12.70% | |
71 Outperform | £951.12M | 45.33 | 9.32% | 2.11% | -11.80% | -8.61% | |
66 Neutral | £37.83B | 29.65 | 15.52% | 4.02% | -6.47% | -28.83% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | £667.49M | 14.19 | 14.27% | 2.95% | 4.02% | 18.51% | |
54 Neutral | £351.76M | 134.66 | 0.62% | 4.80% | -3.68% | -76.00% |
* Consumer Defensive Sector Average
GB:CCH
Coca Cola HBC
4,570.00
925.07
25.38%
GB:DGE
Diageo
1,709.00
-265.84
-13.46%
GB:FEVR
Fevertree Drinks
853.50
59.66
7.52%
GB:BAG
AG Barr
596.00
-66.15
-9.99%
GB:NICL
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19.27
1.72%
GB:CCR
C&C Group Plc
95.70
-67.89
-41.50%
Coca Cola HBC Corporate Events
Business Operations and Strategy
Coca-Cola HBC Executives Boost Holdings Through Employee Share Plan
Positive
Aug 18, 2026
Coca-Cola HBC AG has disclosed a series of share purchases by several senior executives and other persons discharging managerial responsibilities under its Employee Share Purchase Plan on 17 August 2026. Participants, including Chief Executive Off...
Regulatory Filings and Compliance
Coca-Cola HBC COO Sells Shares Worth About £1.4 Million
Neutral
Aug 7, 2026
Coca-Cola HBC AG has disclosed that its Chief Operating Officer, Panagiota Kalogeraki, sold 28,000 ordinary shares in the company on 6 August 2026. The shares, with a nominal value of CHF 6.70 each, were sold on the London Stock Exchange at an ave...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Coca-Cola HBC lifts 2026 guidance on strong volume-led first half
Positive
Aug 5, 2026
Coca-Cola HBC AG reported a strong first half of 2026, with organic revenue up 9.6% and volume growth of 7.5% driven by solid performances in sparkling and energy drinks across all segments. The company gained value share in non-alcoholic ready-to...
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC Executives Boost Holdings Through Employee Share Plan
Positive
Jul 20, 2026
Coca-Cola HBC AG has disclosed share purchases by several persons discharging managerial responsibilities under its Employee Share Purchase Plan. On 17 July 2026, senior executives including Chief Executive Officer Zoran Bogdanovic and other top m...
Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Sets Date for 2026 Half-Year Results and Investor Call
Positive
Jul 10, 2026
Coca-Cola HBC AG will release its 2026 half-year results on 5 August 2026 at 7:00 a.m. BST, with the announcement available on its investor relations website. The company will follow the release with a conference call for investors and analysts at...
Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Highlights Egyptian Growth Platform in Investor Series
Positive
Jul 7, 2026
Coca-Cola HBC AG, a major European and emerging markets bottler and distributor for The Coca-Cola Company, continues to leverage its extensive 24/7 beverage portfolio to deepen its presence across 29 countries. With a mix of sparkling soft drinks,...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesRegulatory Filings and Compliance
Coca-Cola HBC Director Joins Board of Newly Listed Attica Department Stores
Positive
Jul 2, 2026
Coca-Cola HBC AG has disclosed that independent non-executive director Glykeria Tsernou has joined the board of Attica Department Stores SA, coinciding with Attica’s shares beginning trading on Euronext Athens. Tsernou also serves on Attica&...
Regulatory Filings and Compliance
Coca-Cola HBC discloses share sale by Chief Digital & Technology Officer
Neutral
Jun 30, 2026
Coca-Cola HBC AG disclosed that Chief Digital Technology Officer Mourad Ajarti sold 30,000 previously vested performance plan shares on 29 June 2026. The ordinary shares, each with a nominal value of CHF 6.70, were sold at GBP 49.30 per share on ...
Regulatory Filings and Compliance
Coca-Cola HBC CEO Sells Shares from Vested Incentive Award
Neutral
Jun 29, 2026
Coca-Cola HBC AG disclosed that its chief executive officer, Zoran Bogdanovic, sold 13,609 ordinary shares in the company on 26 June 2026. The shares, each with a nominal value of CHF 6.70, were sold in London at a price of GBP 48.08 per share, ge...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by General Counsel
Neutral
Jun 26, 2026
Coca-Cola HBC AG has disclosed that its General Counsel and Company Secretary, Jan Gustavsson, sold 14,000 previously vested ordinary shares in the company on 25 June 2026 on the London Stock Exchange. The transaction, conducted at a price of abou...
Regulatory Filings and Compliance
Coca-Cola HBC CFO Discloses Sale of Vested Share Award
Neutral
Jun 26, 2026
Coca-Cola HBC disclosed that its chief financial officer, Anastassios Stamoulis, sold 5,000 ordinary shares in the company on 25 June 2026. The shares, stemming from a previously vested performance share award plan, were sold at £48.11 each o...
Business Operations and Strategy
Coca‑Cola HBC executives boost holdings through employee share plan
Positive
Jun 18, 2026
Coca‑Cola HBC AG disclosed that several senior executives, including Chief Executive Officer Zoran Bogdanovic and other top managers, acquired ordinary shares in the company on 17 June 2026 through its Employee Share Purchase Plan. Under the...
Dividends
Coca-Cola HBC Executives Gain Shares Through Dividend Reinvestment
Neutral
Jun 15, 2026
Coca-Cola HBC AG has disclosed that several senior executives and other persons discharging managerial responsibilities acquired additional ordinary shares on 11 June 2026. The purchases resulted from automatic reinvestment of cash dividends paid ...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Executive Sale of Performance Shares
Neutral
May 22, 2026
Coca-Cola HBC AG reported that Commercial Digital Products Director Vitaliy Novikov sold 12,500 previously vested ordinary shares in the company on 21 May 2026. The shares, sold on the London Stock Exchange at £42.60 each for total proceeds o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.