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

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GB

Coca Cola HBC

(LSE:CCH)

Rating:78Outperform
Price Target:
4,509.00p
â–²(14.09%Upside)
Coca-Cola HBC demonstrates strong overall performance, driven by robust financial health and positive earnings call outcomes. Technical indicators support a bullish outlook, though valuation metrics suggest moderate attractiveness. Strategic initiatives and market gains further bolster confidence, facing challenges with inflation and emerging market conditions.
Positive Factors
Financial Performance
CCH delivered a solid end to 2024 with organic net sales growth ahead of expectations.
Marketing Campaigns
The Share a Coke campaign will launch in nearly all of its markets, supported by a marketing campaign, influencer partnerships, and out-of-home advertising.
Product Launches
CCH should benefit from the launches of new RTDs, flavor extensions in Energy, and marketing step-up behind Finlandia.
Negative Factors
Geopolitical Risk
A resolution to the Russia-Ukraine conflict could provide upside as Russia accounted for a significant portion of group consolidated volumes.
Market Competition
There is acknowledgment that upside is now more limited and there are clearer catalysts elsewhere in European Beverages.

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

Coca Cola HBC Business Overview & Revenue Model

Company DescriptionCoca-Cola HBC AG (CCH) is one of the largest bottlers and vendors of The Coca-Cola Company's beverage products, operating in 29 countries across Europe, Asia, and Africa. The company offers a diverse range of non-alcoholic ready-to-drink beverages, including sparkling soft drinks, water, juices, ready-to-drink teas, energy drinks, and sports drinks. As a leading partner of The Coca-Cola Company, Coca-Cola HBC combines its strong local expertise with global brand power to deliver a wide variety of popular beverages to its markets.
How the Company Makes MoneyCoca-Cola HBC generates revenue primarily through the sale and distribution of beverage products. The company's revenue model is centered around its role as a bottler for The Coca-Cola Company, which involves manufacturing, packaging, and distributing beverages to a vast network of retail and wholesale customers. Key revenue streams include sales of sparkling soft drinks, which represent a significant portion of its income, followed by other beverages such as waters, juices, and energy drinks. Additionally, Coca-Cola HBC benefits from strategic partnerships with The Coca-Cola Company, leveraging its extensive product portfolio and marketing resources. The company's earnings are also influenced by its operational efficiency, economies of scale, and its ability to adapt to local market preferences and trends.

Coca Cola HBC Earnings Call Summary

Earnings Call Date:Feb 13, 2025
(Q4-2024)
|
% Change Since: 36.06%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Positive
Coca-Cola HBC reported a strong year in 2024, with significant revenue growth, market share gains, and sustainability achievements. However, challenges persist in emerging markets due to currency headwinds, and there is ongoing consumer price sensitivity in certain established markets like Italy. Inflationary pressures continue to affect costs, but strategic measures are in place to address these challenges.
Q4-2024 Updates
Positive Updates
Strong Financial Performance
Coca-Cola HBC reported a 13.8% organic revenue growth, with volume up 2.8% and revenue per case growing by 10.7%. Comparable EBIT reached €1.2 billion, marking a 12.2% year-on-year increase.
Record Comparable EPS and Dividend Increase
Comparable EPS grew by 9.5% year-on-year, with a recommended dividend of €1.03, reflecting an 11% increase from 2023.
Market Share Gains in Europe
Coca-Cola HBC gained an additional 150 basis points in value share in the NARTD category in Europe, continuing to lead in retail customers' absolute revenue growth within FMCG.
Sustainability Achievements
Recognized as the world's most sustainable beverage company for the eighth time by the Dow Jones Best-in-Class Indices, with an AA rating from CDP on climate and water.
Growth in Key Segments
Energy drinks saw a ninth consecutive year of double-digit volume growth. Coffee and premium spirits also showed strong growth potential.
Negative Updates
Macroeconomic Challenges in Emerging Markets
Emerging markets faced significant currency headwinds, particularly in Nigeria and Egypt, impacting profitability despite proactive measures.
Volume Declines in Italy and Switzerland
Volumes were weaker in Italy and Switzerland, attributed to consumer price sensitivity and macroeconomic conditions, though measures are in place to address this.
Continued Inflationary Pressures
Despite some relief, inflationary pressures on commodities like aluminum and freight costs remain, affecting cost per case.
Company Guidance
During the Coca-Cola HBC conference call for the 2024 full-year results, the company reported strong financial performance with an organic revenue growth of 13.8% and volume growth of 2.8%. The comparable EBIT reached €1.2 billion, a 12.2% increase year-on-year, and the EBIT margin improved to 11.1% from 10.6% in 2023. The company gained 150 basis points in value share in the NARTD category and saw continued share gains in sparkling beverages. Return on invested capital improved by 190 basis points to 18.3%. For 2025, Coca-Cola HBC forecasts organic revenue growth of 6% to 8% and EBIT growth of 7% to 11%, despite expecting some inflationary pressures. The company is investing in its 24/7 portfolio, data analytics, and sustainability, while focusing on growth opportunities across its diverse markets, particularly in categories like sparkling, energy, and coffee.

Coca Cola HBC Financial Statement Overview

Summary
Coca Cola HBC demonstrates strong financial health with robust revenue growth, efficient cost management, and solid cash flow management. Despite a moderate debt-to-equity ratio, the company's financials indicate a strong operational performance and profitability improvements.
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
Positive
Last Price3952.00
Price Trends
50DMA
3876.91
Positive
100DMA
3679.38
Positive
200DMA
3220.51
Positive
Market Momentum
MACD
30.38
Negative
RSI
60.71
Neutral
STOCH
53.74
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 3952 is above the 20-day moving average (MA) of 3897.90, above the 50-day MA of 3876.91, and above the 200-day MA of 3220.51, indicating a bullish trend. The MACD of 30.38 indicates Negative momentum. The RSI at 60.71 is Neutral, neither overbought nor oversold. The STOCH value of 53.74 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

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
GBCCH
78
Outperform
£14.27B20.7326.05%1.89%2.77%26.43%
78
Outperform
$1.08B43.1610.23%2.48%1.13%58.33%
GBBAG
76
Outperform
£774.29M19.0713.01%4.03%5.10%3.23%
GBCCR
72
Outperform
£623.46M56.202.40%3.58%-1.80%―
71
Outperform
£502.72M28.4619.67%0.01%1.21%-2.98%
65
Neutral
$26.91B15.41-4.18%3.21%1.01%1.34%
GBPZC
50
Neutral
£310.42M―-2.48%2.04%-16.16%80.50%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:CCH
Coca Cola HBC
4,008.00
1,312.71
48.70%
GB:FEVR
Fevertree Drinks
920.00
-26.35
-2.78%
GB:PZC
PZ Cussons
73.10
-25.58
-25.92%
GB:NICL
Nichols
1,415.00
470.20
49.77%
GB:CCR
C&C Group Plc
172.20
21.72
14.43%
GB:BAG
AG Barr
697.00
93.12
15.42%

Coca Cola HBC Corporate Events

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.

Regulatory Filings and Compliance
Coca-Cola HBC AG Regional Director Sells Shares in Compliance with Market Regulations
Neutral
May 7, 2025

Coca-Cola HBC AG announced a transaction involving Minas Agelidis, a Regional Director, who sold 7,000 ordinary shares of the company. The shares were sold at GBP 38.70 each, resulting in a total transaction value of approximately GBP 270,900. This transaction is in compliance with the UK and EU Market Abuse Regulations, reflecting the company’s commitment to transparency and regulatory adherence.

Regulatory Filings and Compliance
Coca-Cola HBC Adjusts Share Capital and Voting Rights
Neutral
May 1, 2025

Coca-Cola HBC AG announced the transfer of 100,000 ordinary shares from treasury to cover options under its share option plan, adjusting its total voting rights to 363,430,009. This move is part of the company’s compliance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, impacting shareholder calculations and transparency in share capital interests.

Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Reports Strong Q1 2025 Performance, Reaffirms Guidance
Positive
Apr 30, 2025

Coca-Cola HBC AG reported a strong start to 2025 with a 10.6% organic revenue growth in Q1, driven by effective revenue growth management and a robust performance in emerging markets. Despite facing FX translation headwinds, the company achieved notable value share gains in the Non-Alcoholic Ready-To-Drink segment. The company continues to invest in its 24/7 portfolio and bespoke capabilities, launching new products and campaigns to enhance market presence. Coca-Cola HBC remains confident in navigating macroeconomic challenges, reiterating its financial guidance for 2025, and focusing on sustainability initiatives like packaging circularity and recycling facilities.

Executive/Board ChangesShareholder MeetingsDividends
Coca-Cola HBC Announces Board Changes and Dividend at Upcoming AGM
Neutral
Apr 23, 2025

Coca-Cola HBC AG announced its upcoming Annual General Meeting (AGM) on May 23, 2025, in Switzerland, where significant board changes will occur. Two longstanding non-executive directors, William W. Douglas III and Reto Francioni, will retire, while Stavros Pantzaris and Pantelis D. Lekkas are proposed as new board members. The AGM will also address the approval of a EUR 1.03 per share dividend, with payment expected on June 24, 2025. These changes reflect Coca-Cola HBC’s ongoing efforts to refresh its leadership and maintain shareholder value.

Executive/Board ChangesShareholder MeetingsDividends
Coca-Cola HBC Announces AGM and Board Changes
Neutral
Apr 23, 2025

Coca-Cola HBC AG has announced its Annual General Meeting (AGM) scheduled for May 23, 2025, in Steinhausen, Switzerland, where key changes to its Board of Directors will be proposed. Long-serving directors William W. Douglas III and Reto Francioni are set to retire, with Stavros Pantzaris and Pantelis D. Lekkas nominated as their successors. Additionally, the AGM will address the declaration of a dividend of EUR 1.03 per share, with payment expected on June 24, 2025. These developments are significant for the company’s governance and shareholder returns.

Business Operations and Strategy
Coca-Cola HBC Executives Acquire Shares through ESPP
Positive
Apr 22, 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). The company also made matching contributions to these acquisitions. This move demonstrates 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.

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: Jul 18, 2025