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Coca Cola HBC (GB:CCH)
:CCH
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Coca Cola HBC (CCH) AI Stock Analysis

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GB:CCH

Coca Cola HBC

(LSE:CCH)

Rating:75Outperform
Price Target:
4,291.00p
▲(13.10% Upside)
Coca Cola HBC's strong financial performance and positive earnings call outlook are the primary drivers of its stock score. While technical indicators suggest short-term bearish momentum, the company's strategic growth initiatives and market share gains provide a solid foundation for future growth. The valuation is reasonable, offering a balanced risk-reward profile.
Positive Factors
Financial Performance
CCH delivered solid organic net sales growth, surpassing expectations and contributing to earnings per share beating forecasts.
Marketing Strategy
The Share a Coke campaign will be launched across nearly all markets, supported by marketing initiatives, influencer partnerships, and out-of-home advertising.
Product Launch
CCH is expected to benefit from new ready-to-drink launches, flavor extensions in Energy, and increased marketing for Finlandia.
Negative Factors
Geopolitical Risks
A resolution to the Russia-Ukraine conflict could provide upside, as Russia accounted for a significant portion of group consolidated volumes.
Market Competition
Although CCH is rated Outperform, there is acknowledgment that upside is now more limited with clearer catalysts present in other European Beverage companies.

Coca Cola HBC (CCH) vs. iShares MSCI United Kingdom ETF (EWC)

Coca Cola HBC Business Overview & Revenue Model

Company DescriptionCoca-Cola HBC AG engages in the production, distribution, and sale of non-alcoholic ready-to-drink beverages worldwide. The company offers sparkling soft drinks, hydration drinks, juices, ready-to-drink tea, energy drinks, coffee, water, plant-based drinks, premium spirits and flavored alcoholic beverages, and snacks. It markets and sells its products under several brands, including Coca-Cola, Fanta, Sprite, Adez, Aquarius, Averna, Amita, Avra, Deep RiverRock, Fruice, Kinley, Schweppes, and various other brands; and distributes third-party products, such as Monster energy drinks, and beer. The company serves retail outlets, including supermarkets, hypermarkets, discounters, convenience stores, wholesalers, hotels, restaurants, cafés, and e-commerce retailers. Coca-Cola HBC AG was founded in 1969 and is headquartered in Steinhausen, Switzerland.
How the Company Makes MoneyCoca-Cola HBC generates revenue primarily through the sale of beverages, which includes soft drinks, water, juices, and energy drinks. The company operates on a franchise model, where it purchases concentrate from The Coca-Cola Company and then produces, bottles, and distributes the finished products. Key revenue streams include retail sales to supermarkets, convenience stores, and restaurants, alongside partnerships with local and global brands. Additionally, CCH benefits from economies of scale, efficient production practices, and strategic pricing to maximize profit margins. Significant partnerships with major retailers and a strong distribution network across its operating regions further contribute to its earnings.

Coca Cola HBC Earnings Call Summary

Earnings Call Date:Aug 06, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Feb 12, 2026
Earnings Call Sentiment Positive
The earnings call presented a positive outlook with strong revenue and EPS growth and successful segment performance, particularly in Energy. However, there were challenges in Established and Developing markets, increased marketing expenses, and cash constraints in Russia. Despite these challenges, the company's strategic investments and market share gains provide a robust growth trajectory.
Q2-2025 Updates
Positive Updates
Strong Organic Revenue Growth
Organic revenue grew 9.9% with volume growth of 2.6%. The growth was primarily driven by Sparkling and Energy categories.
EPS Growth
Earnings per share (EPS) grew nearly 26%, supported by better net finance costs.
Energy Segment Performance
Energy segment grew by 30%, with notable contributions from Monster and affordable brands like Predator and Fury in Africa.
Market Share Gains
Gained 100 basis points of value share in NARTD year-to-date, maintaining a leading position in the FMCG sector in Europe.
AI and Digital Transformation
Continued investment in digital data and AI transformation, enhancing consumer and customer centricity, operational productivity, and employee experience.
Sustainability Initiatives
Launched sustainability-linked business plan with Carrefour and achieved an 80% average return rate for deposit return schemes in Romania and Hungary.
Negative Updates
Decline in Coffee Volumes
Overall coffee volumes declined 7.6% due to strategic focus on the out-of-home channel, which saw 17% growth.
Challenges in Established and Developing Markets
Sparkling volumes declined in Established and Developing segments, with challenges noted in markets like Austria and Switzerland due to consumer price sensitivity.
Operational and Marketing Expenses Impact
Higher marketing and operating expenses influenced EBIT margins, particularly in the Established and Developing segments.
Russian Cash Constraints
Inability to upstream dividends from Russia, with cash reserves increasing to over EUR 700 million.
Company Guidance
During the Coca-Cola HBC conference call for the 2025 half-year results, significant guidance was provided for the remainder of the fiscal year. The company reported high-quality top-line growth with organic revenue increasing by 9.9% and volume growth of 2.6%. Organic revenue per case rose by 7.2%, with EBIT growing by 11.8% on an organic basis and margin improvement leading to a nearly 26% increase in comparable earnings per share. Free cash flow increased by 10% to EUR 243 million. The call highlighted strong performances in the Sparkling and Energy categories, with Energy up by 30% and Sparkling seeing a 2.3% volume growth. The company gained 100 basis points of value share in NARTD year-to-date and remains the top contributor to retail customers' absolute revenue growth within FMCG in Europe. Guidance for 2025 was updated to reflect expectations of low-single-digit volume growth, with all segments expected to grow, and organic revenue and EBIT growth anticipated to be at the top end of the guided ranges. Despite a mixed market environment, the company expressed confidence in its strategic priorities and growth capabilities.

Coca Cola HBC Financial Statement Overview

Summary
Coca-Cola HBC has shown strong financial performance with consistent revenue growth and improved profitability margins. The stable cash flow and effective capital management further enhance its financial health. However, the moderate debt-to-equity ratio and reliance on liabilities suggest careful monitoring is needed.
Income Statement
85
Very Positive
Coca Cola HBC has demonstrated strong revenue growth, increasing from $6.13 billion in 2020 to $10.75 billion in 2024, with a notable revenue growth rate of 5.60% from 2023 to 2024. The gross profit margin is healthy at 36.06%, and the net profit margin improved to 7.63% in 2024 from 6.25% in 2023, reflecting efficient cost management. EBIT and EBITDA margins are also robust at 11.02% and 15.10%, respectively, indicating strong operational performance.
Balance Sheet
78
Positive
The company maintains a moderate debt-to-equity ratio of 1.24, which suggests balanced leverage. The return on equity (ROE) improved to 25.60%, indicating efficient use of equity capital to generate profits. However, the equity ratio stands at a moderate 30.09%, showing a reliance on liabilities for funding. While the balance sheet is stable, the relatively low equity ratio suggests potential risk in financial structure.
Cash Flow
80
Positive
Coca Cola HBC's free cash flow remained stable at $776 million in 2024. The operating cash flow to net income ratio is robust at 1.70, reflecting strong cash generation relative to net income. The free cash flow to net income ratio is impressive at 0.95, indicating effective capital expenditure management and strong conversion of net income to free cash flow. These metrics demonstrate solid cash flow management and sustainability.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue10.75B10.18B9.20B7.17B6.13B
Gross Profit3.88B3.56B3.15B2.60B2.32B
EBITDA1.62B1.38B1.22B1.13B1.04B
Net Income820.60M636.50M415.40M547.20M414.90M
Balance Sheet
Total Assets10.65B9.88B9.86B8.51B7.57B
Cash, Cash Equivalents and Short-Term Investments2.45B1.93B1.75B1.62B1.31B
Total Debt3.98B3.42B3.42B2.94B2.93B
Total Liabilities7.35B6.69B6.47B5.40B4.94B
Stockholders Equity3.21B3.09B3.28B3.11B2.63B
Cash Flow
Free Cash Flow776.50M776.00M711.20M635.70M542.30M
Operating Cash Flow1.39B1.39B1.23B1.14B961.50M
Investing Cash Flow-820.90M-268.80M-1.08B-1.26B239.10M
Financing Cash Flow-205.50M-412.40M-198.70M-322.40M-786.80M

Coca Cola HBC Technical Analysis

Technical Analysis Sentiment
Negative
Last Price3794.00
Price Trends
50DMA
3899.40
Negative
100DMA
3824.17
Negative
200DMA
3382.86
Positive
Market Momentum
MACD
-12.19
Positive
RSI
41.81
Neutral
STOCH
20.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CCH, the sentiment is Negative. The current price of 3794 is below the 20-day moving average (MA) of 3876.70, below the 50-day MA of 3899.40, and above the 200-day MA of 3382.86, indicating a neutral trend. The MACD of -12.19 indicates Positive momentum. The RSI at 41.81 is Neutral, neither overbought nor oversold. The STOCH value of 20.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CCH.

Coca Cola HBC Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
£13.86B18.4728.56%1.99%6.00%42.42%
63
Neutral
$20.46B14.47-3.60%3.13%2.63%-6.18%
$1.33B41.7110.23%2.12%
71
Outperform
£762.05M19.1613.01%2.46%5.10%3.23%
71
Outperform
£643.56M57.772.40%4.92%-1.80%
64
Neutral
£429.60M24.9518.67%2.72%3.04%-6.67%
50
Neutral
£292.39M-2.48%2.15%-16.16%80.50%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:CCH
Coca Cola HBC
3,794.00
1,059.59
38.75%
FQVTF
Fevertree Drinks
11.11
-0.20
-1.77%
GB:BAG
AG Barr
684.00
37.19
5.75%
GB:NICL
Nichols
1,180.00
59.38
5.30%
GB:PZC
PZ Cussons
68.60
-29.51
-30.08%
GB:CCR
C&C Group Plc
174.60
24.70
16.48%

Coca Cola HBC Corporate Events

Product-Related AnnouncementsBusiness Operations and StrategyFinancial Disclosures
Coca-Cola HBC Reports Strong H1 2025 Results with Strategic Growth
Positive
Aug 6, 2025

Coca-Cola HBC AG reported strong financial results for the first half of 2025, with a 9.9% organic revenue growth driven by strategic execution and increased volumes, particularly in emerging markets. The company achieved a 25.8% increase in comparable EPS, supported by EBIT growth and lower finance costs, while continuing to innovate and invest in its 24/7 portfolio, including successful campaigns and product launches like ‘Share a Coke’ and new Monster innovations, positioning itself strongly in a challenging macroeconomic environment.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Private Placements and FinancingBusiness Operations and Strategy
Coca-Cola HBC Secures New EUR 1.2 Billion Credit Facility
Positive
Aug 4, 2025

Coca-Cola HBC AG has announced the replacement of its existing EUR 800 million Syndicated Multi-Currency Revolving Credit Facility with a new EUR 1.2 billion facility, extending the term to five years with an option for an additional two years. This new facility, which is sustainability-linked, is expected to support the company’s general corporate purposes and reflects its commitment to sustainable growth, potentially strengthening its financial flexibility and market position.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and Strategy
Coca-Cola HBC Strengthens Stakeholder Alignment Through Employee Share Purchase Plan
Positive
Jul 18, 2025

Coca-Cola HBC AG announced that several Persons Discharging Managerial Responsibilities (PDMRs) have acquired ordinary shares in the company through the Employee Share Purchase Plan (ESPP). This initiative, which includes company contributions, reflects Coca-Cola HBC’s commitment to aligning the interests of its management with those of its shareholders, potentially enhancing stakeholder confidence and reinforcing its market position.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £3830.00 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and Strategy
Coca-Cola HBC Highlights Nigerian Market Potential in Investor Webinar
Positive
Jul 15, 2025

Coca-Cola HBC AG is hosting a webinar as part of its Bitesize Investor Series, focusing on its operations in Nigeria. The event aims to highlight the market opportunities and growth potential in Nigeria, featuring insights from key company executives. This initiative underscores Coca-Cola HBC’s strategic focus on expanding its footprint in high-potential markets, aligning with its growth objectives.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC to Announce 2025 Half-Year Results
Neutral
Jul 7, 2025

Coca-Cola HBC AG announced it will release its 2025 half-year results on August 6, 2025, with a conference call scheduled for investors and analysts. The announcement is part of the company’s ongoing efforts to engage with stakeholders and provide transparency about its financial performance, which is crucial for maintaining its position as a leading beverage partner and supporting its growth strategy.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC AG Announces Change in Major Holdings
Neutral
Jul 3, 2025

Coca-Cola HBC AG, a non-UK issuer, has announced a change in its major holdings as BlackRock, Inc. has crossed a 5% threshold in voting rights. The acquisition or disposal of voting rights and financial instruments by BlackRock, Inc. was reported on July 1, 2025, and subsequently notified to Coca-Cola HBC AG on July 2, 2025. This change in holdings could influence the company’s stakeholder dynamics and potentially impact its strategic decisions.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC AG Announces Change in Voting Rights Structure
Neutral
Jul 2, 2025

Coca-Cola HBC AG has announced a change in its voting rights structure due to an acquisition or disposal of voting rights and financial instruments by BlackRock, Inc. The notification indicates that BlackRock’s total voting rights in Coca-Cola HBC AG have fallen below 5%. This adjustment in voting rights could influence the company’s shareholder dynamics and potentially impact its strategic decisions.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

DividendsBusiness Operations and Strategy
Coca-Cola HBC Executives Acquire Shares Through Dividend Reinvestment
Positive
Jun 30, 2025

Coca-Cola HBC AG announced that several of its executives, classified as Persons Discharging Managerial Responsibilities (PDMRs), have acquired ordinary shares in the company through the re-investment of dividends paid on employee shares under the company’s Equity Plans. This transaction, which took place on June 27, 2025, reflects the company’s ongoing commitment to aligning the interests of its management with those of its shareholders, potentially strengthening stakeholder confidence and enhancing the company’s market position.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
BlackRock Increases Stake in Coca-Cola HBC AG
Neutral
Jun 30, 2025

Coca-Cola HBC AG, a non-UK issuer, has experienced a change in its major holdings as BlackRock, Inc. has crossed the 5% threshold in voting rights. This acquisition of voting rights and financial instruments by BlackRock, a major investment management corporation based in the USA, indicates a significant shift in shareholder dynamics for Coca-Cola HBC AG.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and Strategy
Coca-Cola HBC AG PDMRs Acquire Shares Through ESPP
Positive
Jun 18, 2025

Coca-Cola HBC AG announced that several Persons Discharging Managerial Responsibilities (PDMRs) have acquired ordinary shares through the company’s Employee Share Purchase Plan (ESPP). This initiative allows PDMRs to purchase shares with contributions from both the individuals and the company, reflecting a commitment to align the interests of management with shareholders and potentially enhancing stakeholder confidence in the company’s governance and future performance.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Regulatory Filings and Compliance
Coca-Cola HBC AG Regional Director Sells Shares
Neutral
Jun 3, 2025

Coca-Cola HBC AG announced that Frank O’Donnell, a regional director and person discharging managerial responsibilities, sold 20,935 ordinary shares of the company. The shares were sold at a price of GBP 38.898452 each, resulting in a net amount of approximately GBP 811,692. This transaction was conducted in compliance with the UK and EU Market Abuse Regulations, reflecting the company’s adherence to regulatory standards.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Other
Coca-Cola HBC Adjusts Treasury Shares and Voting Rights
Neutral
Jun 2, 2025

Coca-Cola HBC AG announced the transfer of 77,885 ordinary shares from treasury to cover options under its share option plan, affecting its total voting rights. As of May 30, 2025, the company has 363,507,894 voting rights, which shareholders can use to determine their interest in the company under the Financial Conduct Authority’s rules.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
Coca-Cola HBC AG Announces Board Committee Restructuring
Neutral
May 23, 2025

Coca-Cola HBC AG has announced changes to the composition of its Board of Directors’ committees following the recent AGM. Charlotte J. Boyle has been appointed as the Senior Independent Director, with new appointments across the Audit and Risk, Nomination, Remuneration, and Social Responsibility Committees. These changes are expected to enhance the company’s governance structure, potentially impacting its strategic direction and stakeholder engagement.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Executive/Board ChangesShareholder MeetingsDividends
Coca-Cola HBC AG Announces AGM Results and Board Changes
Positive
May 23, 2025

Coca-Cola HBC AG announced that all proposals from its Board of Directors were approved at the recent Annual General Meeting. Notably, William W. Douglas III and Reto Francioni retired from the Board, while Stavros Pantzaris and Pantelis D. Lekkas were elected as new non-executive members. The AGM also approved a dividend of EUR 1.03 per share, to be paid on 24 June 2025. These developments reflect the company’s ongoing strategic adjustments and commitment to shareholder returns.

The most recent analyst rating on (GB:CCH) stock is a Buy with a £3050.00 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Business Operations and Strategy
Coca-Cola HBC Enhances Stakeholder Alignment with ESPP Share Acquisitions
Positive
May 20, 2025

Coca-Cola HBC AG announced that several of its Persons Discharging Managerial Responsibilities (PDMRs) have acquired ordinary shares through the company’s Employee Share Purchase Plan (ESPP). The company also contributed to the ESPP by purchasing shares on behalf of these PDMRs. This initiative reflects Coca-Cola HBC’s commitment to aligning the interests of its management with those of its shareholders, potentially enhancing stakeholder confidence and reinforcing its market position.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

Other
Coca-Cola HBC AG Announces PDMR Share Transaction
Neutral
May 19, 2025

Coca-Cola HBC AG announced the sale of 1,939 ordinary shares by Vladimir Kosijer, the Acting Regional Director, under the Employee Stock Purchase Plan. The transaction, which took place on May 16, 2025, resulted in a net amount of approximately GBP 75,244, and was conducted in accordance with UK and EU Market Abuse Regulations.

The most recent analyst rating on (GB:CCH) stock is a Hold with a £29.20 price target. To see the full list of analyst forecasts on Coca Cola HBC stock, see the GB:CCH Stock Forecast page.

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.Date of analysis: Aug 28, 2025