Coca-Cola HBC AG

Coca-Cola Hellenic Bottling Co. produces, sells and distributes an extensive portfolio of non-alcoholic ready-to-drink beverages. Co.'s business is engaged in producing, selling and distributing non-alcoholic ready-to-drink beverages under bottlers' agreements with The Coca-Cola Company. In some Territories, Co. also produces, sells, distributes and markets its own brands of juice and Water beverages. In addition, Co. bottles and distributes beer in Bulgaria and Former Yugoslav Republic of Macedonia and Co. distributes a selected number of third party premium spirit brands in certain central and eastern European operations.
  • TickerCCH
  • ISINCH0198251305
  • ExchangeLondon Stock Exchange
  • SectorBeverages
  • CountrySwitzerland

Analysts

Coca-Cola HBC AG

Coca-Cola HBC AG

Research Team

WOOD Daily: VESBE TI; KTY PW; OGZD LI; BGEO LN; TEL RO; CCH LN; HU Macro; RO Macro; PL Utilities; JSW PW; EME Strategy – PL; OPL PW; TLV RO

HEADLINES: • Vestel Beyaz: fair valuation, premium dividend (stays HOLD) • Kety: take profits (and high dividends) (downgraded to HOLD) • Gazprom: takeaways from the Investor Days - moderately optimistic • Bank of Georgia: 4Q19 results review - good numbers on low, unsustainable COR POSITIVE • Transelectrica: 4Q19 beat not strong enough to signal a return to dividends • Coca-Cola HBC: 2H19 results in line; 2020E guidance implies further margin growth NEUTRAL • Hungary macro: inflation update • Romania macro: inflation update • Polish utilities: financing for Ostroleka C suspended • JSW:...

Research Team

The Rear-View Mirror – EME markets: Healthcare and materials end 2019 strong

EME Equity Market – December 2019 Market performance – all markets in the black, with the BUX recording the highest increase. The MSCI EME rose by 4.0% in December, while the BUX index reported a very solid performance, up 6.6% mom, followed by the MOEX (+5.8% mom), Prague’s PX index (+3.8% mom), the Greek ASE (+1.7% mom), the Polish WIG20 (+1.0% mom), Romania’s BET (+0.8% mom), and the Turkish ISE30 (+0.2% mom) (all in EUR terms).

Stamatios Draziotis CFA

G.RE.CO. | Greek consumer 2020 outlook – Was it all just a bad dream?

In our new G.RE.CO. edition we update our thesis on Greek consumer names, arguing that household available cash flow is poised to increase at the highest rate in many years in the light of the modest fiscal stimulus embedded in the 2020 budget. At the same time, the 4pps reduction in the corporate tax rate arguably means c5-6% higher justified valuations ceteris paribus (largely explaining the increase in our PTs), but clearly there is further upside assuming that the tax cuts rekindle business appetite and are re-invested to bolster future corporate profitability. Overall, we estimate c5% ope...

Coca-Cola HBC AG: Update to credit analysis

CCH is strongly positioned in the Baa1 rating category but upgrade constrained by potential for material M&A and increased shareholder distributions

Coca-Cola HBC AG

Research Team

The Rear-View Mirror – EME markets: Healthcare and materials end 2019 strong

EME Equity Market – December 2019 Market performance – all markets in the black, with the BUX recording the highest increase. The MSCI EME rose by 4.0% in December, while the BUX index reported a very solid performance, up 6.6% mom, followed by the MOEX (+5.8% mom), Prague’s PX index (+3.8% mom), the Greek ASE (+1.7% mom), the Polish WIG20 (+1.0% mom), Romania’s BET (+0.8% mom), and the Turkish ISE30 (+0.2% mom) (all in EUR terms).

Research Team

The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in November

EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%, followed by Prague’s PX Index (2.7%, EUR terms) and the Russian MOEX (2.3%, EUR terms). Athens gained ...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior