Coca-Cola HBC AG

CCH: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Coca-Cola HBC: Positive Sales Momentum Sparks Confidence; 2024 Outlook Raised

Verushka Shetty

Nov 1, 2024

We maintain our GBX 2,440 fair value estimate after narrow-moat Coca-Cola HBC reported its third-quarter trading update in line with our revenue expectations. We were pleased to see broad-based growth across segments, despite a challenging macroeconomic backdrop. Management is more confident and raised its full-year 2024 outlook for revenue and profitability. With shares up around 2% after the update, we continue to view the stock as slightly overvalued.

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Coca-Cola HBC AG

Coca-Cola HBC: Positive Sales Momentum Sparks Confidence; 2024 Outlook Raised

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