Coca-Cola Icecek (CCOLA TI) - Better pricing offsets lower volume: Maintain Buy
Coca Cola Icecek posted TRY556m net income in 3Q19, in line with RT consensus of TRY540m but better than our estimate of TRY470m. The operating performance was in line with both RT consensus and our estimates.
The 3Q19 results were in-line, but the cut in guidance may weigh on the share price performance in the short term, in our view. With a longer term perspective, we maintain a BUY on CCOLA on its strong growth outlook, improving profitability with a changing sales mix and ongoing deleveraging.
Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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