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Coca-Cola Europacific Partners : Best positioned within sector to combat inflation (Upgrade to Outperform)
>Aluminium and oil normalised somewhat; earnings risk priced in by now - From an inflationary perspective, we see most risk to CCEP’s ‘Packaging, sweeteners & other commodities’ (25% of total COGS), of which roughly 7% (AAOBe) pertains to aluminium (with pricing up ~50% LTM and 7% to PET (both virgin and recycled; with oil up ~43% LTM). Approximately 45% pertains to concentrate and finished goods, which it mostly buys from KO (more on that below). We highlight that CC...
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Coca-Cola European Partners Plc
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Eric Wilmer
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