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Coca Cola HBC
(LSE:CCH)
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Rating:75Outperform
Price Target:
5,816.00 p
â–˛(31.61% Upside)
Action:Reiterated
Date:02/18/26
The score is driven primarily by strong underlying profitability and a positive, guidance-backed earnings outlook, supported by a clear bullish price trend. Offsetting factors are leverage and weakening cash conversion in the financial statements, a relatively full valuation (P/E ~21), and technically overextended momentum that raises near-term pullback risk.
Positive Factors
Multi-year revenue & margin expansion
Consistent revenue growth and rising margins from 2020–2025 indicate durable demand and improving operating leverage. This sustained topline and margin progress supports long-term cash generation, funds reinvestment in capacity/marketing, and underpins stable shareholder returns and ROIC improvement.
Negative Factors
Elevated leverage
A debt-heavy capital structure reduces financial flexibility and raises sensitivity to interest-rate and refinancing cycles. Elevated leverage constrains discretionary investment and dividend flexibility, and limits shock-absorption capacity if macro or FX pressures in key markets intensify over the 2–6 month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue & margin expansion
Consistent revenue growth and rising margins from 2020–2025 indicate durable demand and improving operating leverage. This sustained topline and margin progress supports long-term cash generation, funds reinvestment in capacity/marketing, and underpins stable shareholder returns and ROIC improvement.
Read all positive factors
Coca Cola HBC (CCH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
ÂŁ17.98B
Dividend Yield1.96%
Average Volume (3M)588.27K
Price to Earnings (P/E)22.4
Beta (1Y)0.73
Revenue Growth9.27%
EPS Growth16.35%
CountryUK
Employees33,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)2.60
Shares Outstanding364,464,540
10 Day Avg. Volume658,667
30 Day Avg. Volume588,271
Financial Highlights & Ratios
PEG Ratio1.30
Price to Book (P/B)4.16
Price to Sales (P/S)1.40
P/FCF Ratio21.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
ÂŁ4,766.50Price Target Upside7.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)2.88
Revenue Forecast (FY)ÂŁ12.44B
Coca Cola HBC Business Overview & Revenue Model
Company Description
Coca-Cola HBC AG is an international bottler and distributor, engaged in the production, marketing, and sale of a diverse range of non-alcoholic ready-to-drink beverages across the globe. Its extensive product offerings include carbonated soft dri...
How the Company Makes Money
CCH makes money mainly by producing and selling beverages to retailers and the out-of-home channel (e.g., supermarkets, convenience stores, restaurants, cafés, bars, and other on-premise customers) in its territories. Its core revenue model is who...
Coca Cola HBC Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance for 2025: double-digit EBIT and EPS growth, robust free cash flow, significant category momentum (notably Energy), meaningful progress in Emerging markets, and strategic expansion via the CCBA acquisition. Management is investing behind growth (higher CapEx and marketing), upgrading digital and AI capabilities, and increasing shareholder returns. Key near-term risks include profit drag in Established markets from stepped-up investments, COGS/commodity exposure, FX and macro uncertainty—particularly tied to African markets and the pending CCBA transaction—and an expected normalization of finance costs in 2026. On balance, the highlights (strong organic growth, margin expansion, cash generation, category and market outperformance and clear strategic rationale for CCBA) materially outweigh the lowlights.Positive Updates
Strong Top-Line Growth
Organic revenue grew 8.1% in 2025 with volume growth of 2.8%, reflecting broad-based momentum across Sparkling and Energy categories.
Negative Updates
Established Segment Profit Pressure
Established segment comparable EBIT declined 2.8% as the company stepped up investments (direct marketing increased ~40 basis points of revenue), causing margin pressure despite revenue per case up 2.3% and volumes broadly flat.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Organic revenue grew 8.1% in 2025 with volume growth of 2.8%, reflecting broad-based momentum across Sparkling and Energy categories.
Read all positive updates
Company Guidance
The company guided to organic revenue growth in its medium‑term range of 6–7% for 2026 with organic comparable EBIT growth of 7–10%; it flagged translational FX headwinds of €0–30m and finance costs of €25–45m (including bridge financing costs of low single‑digit €m in Q2), noted the 2025 comparable tax rate was 27.1%, and reiterated medium‑term margin expansion ambitions of roughly 20–40 basis points. Management also confirmed its capital allocation framework — 2025 CapEx was €828m (7.1% of revenue) within a target range of 6.5–7.5%, free cash flow was €700m, ROIC rose to 19.4%, net debt/EBITDA stood at 0.7x (expected to be 1.5–2x post‑CCBA), the CCBA deal is expected to be low single‑digit EPS accretive in the first full year, and the progressive dividend policy targets a 40–50% payout (2025 dividend €1.20, +17%).Coca Cola HBC Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.39B | 10.75B | 10.18B | 9.20B | 7.17B |
| Gross Profit | 4.19B | 3.88B | 3.56B | 3.15B | 2.60B |
| EBITDA | 1.70B | 1.62B | 1.38B | 1.22B | 1.13B |
| Net Income | 923.42M | 820.60M | 636.50M | 415.40M | 547.20M |
Balance Sheet | |||||
| Total Assets | 11.61B | 10.65B | 9.88B | 9.86B | 8.51B |
| Cash, Cash Equivalents and Short-Term Investments | 2.73B | 2.45B | 1.93B | 1.75B | 1.62B |
| Total Debt | 3.91B | 3.98B | 3.42B | 3.42B | 2.94B |
| Total Liabilities | 7.67B | 7.35B | 6.69B | 6.47B | 5.40B |
| Stockholders Equity | 3.85B | 3.21B | 3.09B | 3.28B | 3.11B |
Cash Flow | |||||
| Free Cash Flow | 732.53M | 776.50M | 776.00M | 711.20M | 635.70M |
| Operating Cash Flow | 1.47B | 1.39B | 1.39B | 1.23B | 1.14B |
| Investing Cash Flow | -4.42M | -820.90M | -268.80M | -1.08B | -1.26B |
| Financing Cash Flow | -555.09M | -205.50M | -412.40M | -198.70M | -322.40M |
Coca Cola HBC Technical Analysis
Positive
4419.00
Price Trends
4488.62
Positive
4411.14
Positive
4031.93
Positive
Market Momentum
150.51
Positive
60.77
Neutral
22.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CCH, the sentiment is Positive. The current price of 4419 is below the 20-day moving average (MA) of 4826.45, below the 50-day MA of 4488.62, and above the 200-day MA of 4031.93, indicating a bullish trend. The MACD of 150.51 indicates Positive momentum. The RSI at 60.77 is Neutral, neither overbought nor oversold. The STOCH value of 22.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CCH.
Coca Cola HBC Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ÂŁ704.20M | 15.07 | 14.27% | 2.74% | 4.02% | 18.51% | |
75 Outperform | ÂŁ17.98B | 22.39 | 26.03% | 1.96% | 9.27% | 16.35% | |
72 Outperform | ÂŁ345.87M | 16.31 | 23.59% | 3.39% | 1.30% | 20.13% | |
66 Neutral | ÂŁ33.89B | 18.70 | 21.39% | 5.00% | -4.98% | -35.54% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | ÂŁ878.01M | 39.88 | 9.32% | 2.11% | -11.80% | -8.61% | |
54 Neutral | ÂŁ330.40M | 126.84 | 0.62% | 4.05% | -3.68% | -76.00% |
* Consumer Defensive Sector Average
GB:CCH
Coca Cola HBC
4,920.00
1,062.39
27.54%
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774.00
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-11.05%
GB:BAG
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-6.49%
GB:NICL
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GB:CCR
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94.00
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-41.79%
Coca Cola HBC Corporate Events
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesRegulatory Filings and Compliance
Coca-Cola HBC Director Joins Board of Newly Listed Attica Department Stores
Positive
Jul 2, 2026
Coca-Cola HBC AG has disclosed that independent non-executive director Glykeria Tsernou has joined the board of Attica Department Stores SA, coinciding with Attica’s shares beginning trading on Euronext Athens. Tsernou also serves on Attica&...
Regulatory Filings and Compliance
Coca-Cola HBC discloses share sale by Chief Digital & Technology Officer
Neutral
Jun 30, 2026
Coca-Cola HBC AG disclosed that Chief Digital Technology Officer Mourad Ajarti sold 30,000 previously vested performance plan shares on 29 June 2026. The ordinary shares, each with a nominal value of CHF 6.70, were sold at GBP 49.30 per share on ...
Regulatory Filings and Compliance
Coca-Cola HBC CEO Sells Shares from Vested Incentive Award
Neutral
Jun 29, 2026
Coca-Cola HBC AG disclosed that its chief executive officer, Zoran Bogdanovic, sold 13,609 ordinary shares in the company on 26 June 2026. The shares, each with a nominal value of CHF 6.70, were sold in London at a price of GBP 48.08 per share, ge...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by General Counsel
Neutral
Jun 26, 2026
Coca-Cola HBC AG has disclosed that its General Counsel and Company Secretary, Jan Gustavsson, sold 14,000 previously vested ordinary shares in the company on 25 June 2026 on the London Stock Exchange. The transaction, conducted at a price of abou...
Regulatory Filings and Compliance
Coca-Cola HBC CFO Discloses Sale of Vested Share Award
Neutral
Jun 26, 2026
Coca-Cola HBC disclosed that its chief financial officer, Anastassios Stamoulis, sold 5,000 ordinary shares in the company on 25 June 2026. The shares, stemming from a previously vested performance share award plan, were sold at £48.11 each o...
Business Operations and Strategy
Coca‑Cola HBC executives boost holdings through employee share plan
Positive
Jun 18, 2026
Coca‑Cola HBC AG disclosed that several senior executives, including Chief Executive Officer Zoran Bogdanovic and other top managers, acquired ordinary shares in the company on 17 June 2026 through its Employee Share Purchase Plan. Under the...
Dividends
Coca-Cola HBC Executives Gain Shares Through Dividend Reinvestment
Neutral
Jun 15, 2026
Coca-Cola HBC AG has disclosed that several senior executives and other persons discharging managerial responsibilities acquired additional ordinary shares on 11 June 2026. The purchases resulted from automatic reinvestment of cash dividends paid ...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Executive Sale of Performance Shares
Neutral
May 22, 2026
Coca-Cola HBC AG reported that Commercial Digital Products Director Vitaliy Novikov sold 12,500 previously vested ordinary shares in the company on 21 May 2026. The shares, sold on the London Stock Exchange at £42.60 each for total proceeds o...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Coca-Cola HBC executives boost holdings through share purchase plan
Positive
May 19, 2026
Coca-Cola HBC has disclosed that several senior executives, including its chief executive and other top managers, purchased ordinary shares on 18 May 2026 under the company’s Employee Share Purchase Plan. The transactions, conducted on the L...
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC Director Joins Board of TITAN S.A.
Positive
May 11, 2026
Coca-Cola HBC has announced that independent non-executive director Stavros Pantzaris has been appointed as a director of TITAN S.A., which is listed on Euronext Brussels, Paris and Athens, effective 8 May 2026. The disclosure, made under UK Listi...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Coca-Cola HBC Reshapes Board Committees and Names Senior Independent Director
Positive
May 8, 2026
Coca-Cola HBC has reshaped the composition of its board committees following its annual general meeting, appointing new chairs and members across its Audit and Risk, Nomination, Remuneration and Social Responsibility committees. The reorganisation...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Coca-Cola HBC Wins Shareholder Backing for Dividend, Buy-back and Board Changes
Positive
May 8, 2026
Coca-Cola HBC reported that all board proposals at its annual general meeting were approved by shareholders, including the receipt of its 2025 reports, re-election of most directors, and endorsement of its remuneration policies and auditors. Share...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Coca-Cola HBC lifts Q1 sales, holds 2026 targets as Africa and energy drinks drive growth
Positive
May 7, 2026
Coca-Cola HBC reported a strong start to 2026, with first-quarter organic revenue up 11.6% and volumes up 9.6%, helped by four extra selling days and broad-based growth across all segments, especially in emerging markets. Sparkling and energy drin...
Business Operations and Strategy
Coca-Cola HBC Executives Lift Holdings Through Employee Share Plan
Positive
Apr 20, 2026
Coca-Cola HBC has reported a series of share purchases by senior executives under its Employee Share Purchase Plan, with the company making matching contributions in line with plan rules. The transactions, involving CEO Zoran Bogdanovic and other ...
Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Sets 7 May Date for Q1 2026 Trading Update and Investor Call
Neutral
Apr 14, 2026
Coca-Cola HBC will publish its first-quarter 2026 trading update on 7 May at 7:00 a.m. BST, with the release made available on its investor relations website for shareholders and market participants. Management will host a conference call for inve...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.