Coca-Cola Amatil Facing Secular Soft Drink Headwinds, but its Narrow Moat Remains Intact.
We reiterate our AUD 9.40 fair value estimate for narrow-moat Coca-Cola Amatil following the New South Wales government’s update on its container deposit scheme, planned for December 2017. The state noted the system will be run by an industry consortium consisting of Amatil and several other bottlers and brewers. We’re encouraged Amatil will have a say in running the scheme, particularly after similar arrangements have faced backlash in South Australia and the Northern Territory, but believe the...Coca-Cola Amatil manufactures, distributes and sells ready-to-drink beverages. Co.'s product range includes non-alcohol sparkling, beverages, spring water, sports and energy drinks, fruit juices, iced tea, flavoured milk, coffee, tea, beer, cider, spirits and packaged ready-to-eat fruit and vegetable snacks and products. Co.'s segments include: Non-Alcohol Beverages, which manufactures, distributes and markets sparkling drinks and other non-alcohol beverages; Alcohol & Coffee Beverages, which manufactures and distributes premium spirits, beer and coffee products; and Corporate, Food & Services, which is involved in the processing and marketing of fruit and other food products business.
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