Coca-Cola HBC AG

CCH: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Coca-Cola HBC: Robust Earnings Growth Despite Headwinds

Verushka Shetty

Feb 13, 2025

Narrow-moat Coca-Cola HBC reported its full-year 2024 results with profitability slightly ahead of our expectations. The firm beat its 2024 guidance, which it raised in the last quarter, and provided a strong full-year 2025 outlook, leading to the stock rising 8% following the announcement. Over a challenging fiscal 2024, we think the firm positioned its portfolio well, leading to broad-based volume growth across segments. We are more confident in the firm’s medium-term revenue growth potential and therefore raise our fair value estimate to GBX 2,590 per share from GBX 2,440. Still, we view shares as overvalued.

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Coca-Cola HBC AG

Coca-Cola HBC: Robust Earnings Growth Despite Headwinds

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