Eurobank Equities - Coca-Cola HBC AG (CCH) Coca-Cola Hellenic | Solid execution but look to 2024 for sparkle

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Eurobank Equities

Natalia Svyriadi

Coca-Cola Hellenic | Solid execution but look to 2024 for sparkle

Solid FY’22 execution – CCH recorded quite a solid performance in 2022 delivering +12% yoy growth in comparable EBIT vs c€700m envisaged by consensus at the onset of the war in Ukraine. The results were quite an achievement given the significance of Russian operations (c18% of EBIT pre Russia/Ukraine invasion downsized to

17/02/2023 1 EN

Underlying

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.

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CH0198251305 London Stock Exchange Switzerland

Provider

Eurobank Equities

Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.

Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.

Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.

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Analysts

Natalia Svyriadi

Other Reports on these Companies

Moody's Investors Service

Coca-Cola HBC AG: Update to credit analysis

Our credit view of Coca-Cola HBC AG reflects its position as the leading bottler for TCCC and its steady profit and cash flow generation, against the company's exposure to emerging markets.

EUR 236.88

7h / 59m 7h / 59m 1 EN

SmartInsider

Coca-Cola Hellenic Bottling Company AG: 2 directors

Two Directors at Coca-Cola Hellenic Bottling Company AG sold after exercising options/sold 35,000 shares at between 2,820p and 2,820p. The significance rating of the trade was 70/100. 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 tr...

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September 2, 2024 September 2, 2024 1 EN

Eurobank Equities

Coca-Cola Hellenic | Solid execution priced-in; Turn to Hold

CCH eyes 7-12% organic EBIT growth in 2024e – CCH lifted its 2024 guidance which now calls for +7-12% organic EBIT growth (from +3-9% previously), effectively indicating adj. EBIT between €1,116m and €1,192m. Key components changed were mainly: 1) 8-12% organic top line growth (vs 6-7% prior) and 2) c€10-12m scope benefit from Finlandia acquisition. CCH maintained its forecasts for low-to-mid-single digits comparable COGS/case inflation and FX headwind at €30-50m. With current consensus being close to the middle of the updated range (and already at the high end of the previous guidance), stron...

August 22, 2024 August 22, 2024 1 EN

Austriacard Holdings | Solid underlying momentum highlights valuation disparity

Strong 9M results validate mgt guidance for 10-12% FY adj EBITDA growth – ACAG reported quite solid 9M’24 results, with revenues increasing +14% yoy to €298m and adjusted EBITDA reaching €43m (+18% yoy). Results were driven by a quite impressive Q3’24 performance, underpinned by higher card volumes, nearly c3x digitization revenues, and new document management projects in MEA. Mgt reiterated its FY guidance for 10% revenue and 10-12% adjusted EBITDA growth, which we find more than achievable. Given encouraging industry trends and the resilient geographically diversified model, we consider ACAG...

November 26, 2024 November 26, 2024 1 EN

Stamatios Draziotis CFA

Stamatios Draziotis CFA

OPAP | First thoughts: Impeccable results, guidance raised to the upper end of the range

Q3 adj. EBITDA +24% yoy, c12% above our estimates on strong revenues; FY24 EBITDA to settle to the upper end, as per mgt – OPAP has reported a very strong Q3, growing revenues +18% yoy, thanks to easy comps, Joker jackpot and strong online (+36%) coupled with the normalization of costs which were frontloaded to H1’24 (non variable opex -11% yoy in Q3). These led EBITDA to an impressive +24% increase yoy on an adjusted basis (€213m), or +47% on a reported basis (Q3’23 weighed down by provisions). The strong operating results were only partly offset by a €7m impairment related to the Hellenic Lo...

November 20, 2024 November 20, 2024 1 EN

Stamatios Draziotis CFA

Stamatios Draziotis CFA

OPAP | First thoughts: Impeccable results, guidance raised to the upper end of the range

PREMIUM

November 20, 2024 November 20, 2024 1 EN

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Coca-Cola Hellenic | Solid execution but look to 2024 for sparkle

Coca-Cola HBC AG: Update to credit analysis

Coca-Cola Hellenic Bottling Company AG: 2 directors

Coca-Cola Hellenic | Solid execution priced-in; Turn to Hold

Austriacard Holdings | Solid underlying momentum highlights valuation disparity

OPAP | First thoughts: Impeccable results, guidance raised to the upper end of the range

OPAP | First thoughts: Impeccable results, guidance raised to the upper end of the range

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