Coca-Cola Europacific Partners : TP raised to €60 (from €55); Neutral reiterated
>FY 2023 recap: strong price/mix but consumers trading down - CCEP reported its FY 2023 results with 8% yoy revenue growth and revenue per unit case 8.5% higher year-on-year. The company reported -0.5% volume growth (translation: softer consumer spending, especially in Coca-Cola drinks and RTD tea, coffee and juices). We note that Energy drinks outperformed CCEP’s overall volume performance with +14% volume growth. CCEP realised a strong operational efficiency perfor...
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