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

With a more favourable environment, COCA COLA HBC AG improves to Slightly Positive

COCA COLA HBC AG (GB), a company active in the Soft Drinks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was GBp 2,103.00 and its potential was estimated at GBp 2,442.92.

Coca-Cola Hellenic Bottling Company Ag: 1 director sold

A director at Coca-Cola Hellenic Bottling Company Ag sold 20,000 shares at 2,125p and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules....

Stamatios Draziotis CFA

G.RE.CO. (Greek Gaming, Retail & Consumer) | Greek consumer: positioning in the post COVID-19 world

Investment thesis – In our new GRECO edition we lower our estimates for our Greek consumer-related coverage universe, factoring in the slightly longer period of lockdown (until mid to end May in most cases) than previously assumed by our numbers (end April) which will lead to a >40% yoy decline in H1’20 EBIT. Most importantly, we reflect a more cautious outlook for H2’20, now envisaging a “swoosh”-shaped recovery as ongoing govt-imposed restrictions and social distancing weigh on consumer spending. We argue that the main debate relates to the pace of recovery and extent of normalization in 20...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Research Team

WOOD Daily: CCH LN; UKR Macro; BFT PW; PETG SV; DPEU LN; PGN PW; EXAE GA

HEADLINES: • Coca-Cola HBC: looking beyond 2020 (upgraded to BUY) • Ukraine macro: moving forward bumpily • Benefit Systems: 1Q20 in line, profit consumed by FX, details on COVID-19 impact NEGATIVE • Petrol Group: 1Q20 results - weak, as expected, new 2020E guidance better than expected • DP Eurasia: problems in Russia, according to local press NEGATIVE • PGNiG: books additional LNG regasification capacity • Athens Exchange Group: 1Q20E results (due out today, after the close) • Short News (RTKM, POSR)

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Another test of support Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown. • New cracks emerging. Breakdowns in crude oil and new lows for the STOXX 600 Bank supersector are two recent developments which have dampened our overall outlook... see charts below. • Tes...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

USD weakness a tailwind for int'l markets With markets showing signs of weakening at logical resistance as outlined in last week's Int'l Compass - we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. Below we highlight some attractive and actionable themes along with indicators that support our overall constructive outlook. • USD (DXY) breaking down; Euro, CAD breaking out. Throughout all of 2019 we h...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Testing 200-day MA support Generally speaking most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or comments from the Fed suggesting a potential rate cut on the horizon - both of which would result in a weaker U.S. dollar - we believe global markets are vulnerable to further weakness. With global markets in purgatory, we are watching for support at the all-important 200-day moving averages on the S&P 500, MSCI ACWI, ACWI ex-U.S., and EAFE indexes. Breakdowns below these support levels would be problemati...

Coca-Cola Hellenic Bottling Company Ag: 1 director sold

A director at Coca-Cola Hellenic Bottling Company Ag sold 20,000 shares at 2,125p and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules....

Stamatios Draziotis CFA

G.RE.CO. (Greek Gaming, Retail & Consumer) | Greek consumer: positioning in the post COVID-19 world

Investment thesis – In our new GRECO edition we lower our estimates for our Greek consumer-related coverage universe, factoring in the slightly longer period of lockdown (until mid to end May in most cases) than previously assumed by our numbers (end April) which will lead to a >40% yoy decline in H1’20 EBIT. Most importantly, we reflect a more cautious outlook for H2’20, now envisaging a “swoosh”-shaped recovery as ongoing govt-imposed restrictions and social distancing weigh on consumer spending. We argue that the main debate relates to the pace of recovery and extent of normalization in 20...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Jakub Mician ...
  • Lukasz Wachelko, CFA

Coca-Cola HBC: Looking beyond 2020 (upgraded to BUY)

We have upgraded Coca-Cola HBC (CCH) to BUY, with a new price target (PT) of GBp 2,383/share, offering 28% upside. The lockdowns in April hit the business hard, with volumes down 27%, and we expect 2020E to be a drag. The NARTD category is quite resilient in nature, however, and we expect CCH to benefit from customers returning to well-known, established brands as they become more cautious on costs. We see the business as flexible (two-thirds of costs are variable), with sufficient liquidity and balance sheet strength. That said, a weak 2020E is already reflected in the price, in our view, and...

Jakub Mician

WOOD Flash – Coca-Cola HBC: 1Q20 trading update – weaker pricing, but gradual recovery expected after April

This morning (7 May), Coca-Cola HBC (CCH) released its 1Q20 trading update. The revenues and volumes were in line with the market’s expectations, but the FX-neutral price/mix in the Developing and Emerging segment was weaker (-4.1% yoy), as the pricing action in Nigeria (a 2.2ppts impact) and the discontinuation of Lavazza (an 80bps impact) added to the general theme of an unfavourable channel and package/mix across geographies, due to COVID-19.

Fani Tzioukalia ...
  • Gabriela Burdach
  • Jakub Mician
  • Lukasz Wachelko, CFA
  • Stefan Lungu, CFA

CEE Consumers: #stayathome (coverage universe update)

The development of the COVID-19 pandemic has changed the landscape for consumer names materially. While #stayathome is slowing down the contagion, it has infected the foundations of discretionary retailers severely. At the same time, the staples players have seen a sales boost, especially in the e-commerce space. Facing such a storm among the especially vulnerable players hurt by store lockdowns and carrying high leverage, we identify: AmRest, CCC, Kofola and Fourlis. On the other hand, FMCG distributors and manufacturers are the relative winners. However, taking into account share price perfo...

Coca-Cola HBC AG: Update following 2019 results

Our credit view of Coca-Cola HBC, reflecting its position as a large independent bottler for the Coke system and its strong cash flow

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

Research Team

WOOD Daily: CCH LN; UKR Macro; BFT PW; PETG SV; DPEU LN; PGN PW; EXAE GA

HEADLINES: • Coca-Cola HBC: looking beyond 2020 (upgraded to BUY) • Ukraine macro: moving forward bumpily • Benefit Systems: 1Q20 in line, profit consumed by FX, details on COVID-19 impact NEGATIVE • Petrol Group: 1Q20 results - weak, as expected, new 2020E guidance better than expected • DP Eurasia: problems in Russia, according to local press NEGATIVE • PGNiG: books additional LNG regasification capacity • Athens Exchange Group: 1Q20E results (due out today, after the close) • Short News (RTKM, POSR)

Research Team

WOOD Daily: ING PW; OTP HB; SOKM TI; RICHT HB; ARCLK TI; NRP NA; CZ Macro; CCH LN; MYTIL GA; BRD RO; ENG PW; ENA PW; MOEX RX; FMF PW; PETKM TI

HEADLINES: • ING BSK: reports PLN 267m of net profit, fully in line with our forecast and 8% beat vs. consensus POSITIVE • OTP Bank: posts -HUF 4bn reported loss and HUF 32bn of adjusted net profit, 47-53% misses NEGATIVE • SOK Marketler Ticaret: 1Q20 beat, 2020E sales guidance increased POSITIVE • Richter: 24% net profit beat on costs and FX revaluation gains POSITIVE • Arcelik: 1Q20 results - 19% adjusted EBITDA miss, 2Q expected to be worse NEGATIVE • NEPI Rockcastle: business beginning to normalise, first trading indications are positive NEUTRAL • Czech Republic macro: further rate cuts, a...

Research Team

WOOD Daily: CEE Banks; CEE Consumers; GPW PW; MNOD LI; MOL HB; OMV AV; SNP RO; LPP PW; MOEX RX; SNN RO; CAI AV; RICHT HB

HEADLINES: • CEE banks: there are no winners, just survivors (coverage universe update) • CEE consumers: #stayathome (coverage universe update) • Warsaw Stock Exchange: 4Q19 EBIT misses consensus by 8% on higher-than-expected opex NEGATIVE • Norilsk Nickel: declares final dividend in line with expectations, and nominates new Board NEUTRAL • MOL: update on business conditions, dividend suspended • OMV: 1Q20 trading update • OMV Petrom: 1Q20 trading update • LPP: CEO expects stores to re-open in June NEUTRAL • Moscow Exchange: number of retail brokerage accounts in Russia up 7% mom in April...

Research Team

WOOD Daily: EME Macro; CZ Macro; NLMK LI; CCH LN; TEL RO; KTY PW; Polish Retail Real Estate; ALR PW; RO Banks; OTP HB; M RO; KOFOL CP; HU Telecoms; PKN PW; AFLT RX; GR Banks; Postcards from New York

HEADLINES: • EME macro: policy measures so far • Czech Republic macro: MPC cuts to 1.00% and signals further easing • NLMK: cuts capex guidance and reiterates strong liquidity position POSITIVE • Coca-Cola HBC: withdraws 2020E guidance, still plans to propose a dividend NEUTRAL • Transelectrica: proposes lower than expected dividend NEGATIVE • Kety: 4Q19 results in line with the company's forecasts • Polish retail real estate: government has no plans to support landlords NEGATIVE • Alior Bank: expects PLN 27-35m quarterly net profit hit due to recent rate cut • Romanian banks: emergency or...

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:...

With a more favourable environment, COCA COLA HBC AG improves to Slightly Positive

COCA COLA HBC AG (GB), a company active in the Soft Drinks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was GBp 2,103.00 and its potential was estimated at GBp 2,442.92.

With a more favourable environment, COCA COLA HBC AG improves to Slightly Positive

COCA COLA HBC AG (GR), a company active in the Soft Drinks industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 5, 2019, the closing price was EUR 30.40 and its potential was estimated at EUR 31.92.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch