A director at Coca-Cola Hellenic Bottling Company AG sold 1,939 shares at 3,895p and the significance rating of the trade was 57/100. 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 las...
Sweet 2025 outlook – CCH entered 2025 with strong momentum, backed by strong execution and encouraging signals from Russia/Ukraine negotiations. Mgt is guiding for +7–11% organic EBIT growth in 2025e, underpinned by +6–8% organic sales growth, driven by disciplined pricing and tight cost control. CCH is c60% hedged on 2025 raw material needs, with COGS/case inflation expected in the low-to-mid single digits. … building on a strong 2024 – 2024 delivered another strong performance, with organic...
Sweet 2025 outlook – CCH entered 2025 with strong momentum, backed by strong execution and encouraging signals from Russia/Ukraine negotiations. Mgt is guiding for +7–11% organic EBIT growth in 2025e, underpinned by +6–8% organic sales growth, driven by disciplined pricing and tight cost control. CCH is c60% hedged on 2025 raw material needs, with COGS/case inflation expected in the low-to-mid single digits. … building on a strong 2024 – 2024 delivered another strong performance, with organic...
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 cl...
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 cl...
Solid 2023 execution – CCH delivered a strong set of results, with 2023 numbers landing above the upper end of mgt guidance and consensus forecasts, thanks to solid operational execution. The company enjoyed stronger than anticipated operating leverage managing to expand adj. EBIT margins by 50bps (to 10.6%) despite the multiple challenges (affordability pressures, Nigeria cash crisis). This came as a result of the significant price/mix growth (+19pps yoy and c2pps above consensus) and healthy v...
Solid 2023 execution – CCH delivered a strong set of results, with 2023 numbers landing above the upper end of mgt guidance and consensus forecasts, thanks to solid operational execution. The company enjoyed stronger than anticipated operating leverage managing to expand adj. EBIT margins by 50bps (to 10.6%) despite the multiple challenges (affordability pressures, Nigeria cash crisis). This came as a result of the significant price/mix growth (+19pps yoy and c2pps above consensus) and healthy v...
Rating: Buy from Hold Target Price: EUR 30.80 from EUR 28.50 Stellar H1’23 performance… – CCH delivered a strong H1, with organic EBIT +17.7% yoy at €561m, thanks to +18% growth in organic revenues. The company enjoyed stronger than anticipated operating leverage managing to expand adj. EBIT margins by 20bps (to 11.2%) despite the multiple challenges (affordability pressures, Nigeria cash crisis). This came as a result of the significant price/mix growth (+19pps yoy and c2pps above consensus) a...
Rating: Buy from Hold Target Price: EUR 30.80 from EUR 28.50 Stellar H1’23 performance… – CCH delivered a strong H1, with organic EBIT +17.7% yoy at €561m, thanks to +18% growth in organic revenues. The company enjoyed stronger than anticipated operating leverage managing to expand adj. EBIT margins by 20bps (to 11.2%) despite the multiple challenges (affordability pressures, Nigeria cash crisis). This came as a result of the significant price/mix growth (+19pps yoy and c2pps above consensus) a...
Very strong Q1’23 top line momentum instilling confidence on positive 2023e profit growth… – CCH recorded a strong Q1’23 top line performance delivering +16% organic sales growth, thanks to +21pps organic price mix only partly offset by a -4pps organic drop in volumes, as CCH was cycling tough comps in emerging (due to the downsizing of Russian operations) and developing markets. At the same time CCH had to contend with a tough economic landscape in Nigeria (cash crisis) and affordability pressu...
Very strong Q1’23 top line momentum instilling confidence on positive 2023e profit growth… – CCH recorded a strong Q1’23 top line performance delivering +16% organic sales growth, thanks to +21pps organic price mix only partly offset by a -4pps organic drop in volumes, as CCH was cycling tough comps in emerging (due to the downsizing of Russian operations) and developing markets. At the same time CCH had to contend with a tough economic landscape in Nigeria (cash crisis) and affordability pressu...
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
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
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
Greece posted a solid 2022, with another year of strong GDP recovery (+5%), stable politics and a positive performance for the benchmark ASE Index (+4%), despite the negative global backdrop. Looking into 2023E, the key tailwinds are a stronger local macro outlook, a potential upgrade to investment grade status, the possible return of dividends from the banking sector, and continued earnings upgrades from corporates. The key headwinds are the volatility that could be created during a prolonged e...
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