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Coca-Cola Hellenic Bottling Company AG: 2 directors
Two Directors at Coca-Cola Hellenic Bottling Company AG sold after exercising options/sold 35,000 shares at between 2,820p and 2,820p. The significance rating of the trade was 70/100. 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 ...
- Natalia Svyriadi
Coca-Cola Hellenic | Solid execution priced-in; Turn to Hold
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Solid execution priced-in; Turn to Hold
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Charting growth ahead through operational excelle...
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Charting growth ahead through operational excelle...
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Sweetening outlook; Raise to Buy
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Sweetening outlook; Raise to Buy
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Dynamic start lifts outlook
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Dynamic start lifts outlook
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...
- Natalia Svyriadi
Coca-Cola Hellenic | Solid execution but look to 2024 for sparkle
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
- Natalia Svyriadi
Coca-Cola Hellenic | Solid execution but look to 2024 for sparkle
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
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
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...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
- Andreas Souvleros
- CFA
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2023 outlook | Clear and rewarding destination...
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...
EXAE HELLENIC EXCHANGES SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
ELPE HELLENIC PETROLEUM SA
TITK TITAN CEMENT CO. SA
LAMDA LAMDA DEVELOPMENT S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
MOH MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.
SAR GR. SARANTIS S.A.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
BELA JUMBO S.A.
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
ADMIE IPTO HOLDING S.A.
QUEST QUESTBACK GROUP AS
- Alex Boulougouris
- CFA
- Fani Tzioukalia
- Raffaella Tenconi
Greece: investment grade in the making
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...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
MYTIL MYTILINEOS S.A.
TENERGY TERNA ENERGY S.A.
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
- Natalia Svyriadi
- Stamatios Draziotis CFA
Greek consumer (G.RE.CO.) | Climbing a wall of worries
Industry bumps in 2022 – Greek consumer stocks are down c9% on average since the start of the war in Ukraine, weighed down by de-risking and rising uncertainty regarding the near-term outlook. Stocks more severely affected have been small caps/less liquid names, with OPAP and Jumbo standing out as outperformers thanks to solid operating momentum, more visibility around near-term earnings and – in OPAP’s case – a very compelling 2-digit dividend yield putting a cap on the downside risk. … with ...
- Natalia Svyriadi
- Stamatios Draziotis CFA
Greek consumer (G.RE.CO.) | Climbing a wall of worries
Industry bumps in 2022 – Greek consumer stocks are down c9% on average since the start of the war in Ukraine, weighed down by de-risking and rising uncertainty regarding the near-term outlook. Stocks more severely affected have been small caps/less liquid names, with OPAP and Jumbo standing out as outperformers thanks to solid operating momentum, more visibility around near-term earnings and – in OPAP’s case – a very compelling 2-digit dividend yield putting a cap on the downside risk. … with ...
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