Company Reports

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 69% of revenue in 2025.

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 69% of revenue in 2025.

Coca-Cola HBC’s first-half results for fiscal 2026 included organic revenue growth of 9.6%, with 7.5% volume growth. Comparable EBIT increased 15.2%, with all segments contributing positively. Shares increased around 4% in early trading on Aug. 5.

Coca-Cola HBC’s first-quarter results included organic revenue growth of 11.6% and revenue per unit case growth of 1.8%, below company-compiled consensus. Volume increased 9.6%. Shares fell around 4% in early trading on May 7.

Coca-Cola HBC's 2025 results included year-over-year organic revenue growth of 8.1%, with volume growth of 2.8%. EBIT margin was 11.7%, up 40 basis points year over year. Shares rose around 4% at the market opening on Feb. 10.

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 69% of revenue in 2025.

Coca-Cola HBC announced its plans to acquire a 75% stake in Coca-Cola Beverages Africa for $2.6 billion, implying $3.4 billion equity value. Subject to regulatory approvals, the deal is expected to close by the end of 2026.

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 67% of revenue in 2024.

Coca-Cola HBC’s organic net sales increased 9.9% and comparable EBIT grew 11.8% in the first half of fiscal 2025. The market reacted negatively to the results, with the stock falling 8% at the market open on Aug. 6.

Coca-Cola HBC reported its first-quarter 2025 trading update, with organic net sales up 10.6% year over year, ahead of consensus. Following the release, shares were up nearly 3%.

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.

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 67% of revenue in 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.

We are transferring coverage of two of The Coca-Cola Company's largest bottlers Coca-Cola Europacific Partners and Coca-Cola HBC. For CCEP, we are raising our fair value estimate to EUR 60 from EUR 56 and for CCHBC, we are lowering our fair value estimate to GBX 2,440 from GBX 2,800. Our current valuations place shares in 2-star territory for both firms as we think the market is overly optimistic on medium-term growth prospects. We maintain our narrow moat rating, Standard Morningstar Capital Allocation Rating, and Medium Morningstar Uncertainty Rating for both firms.

Coca-Cola HBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by geographic footprint and product portfolio. Through its legacy assets and acquisitions, CCHBC has operations across Eastern Europe, smaller regions in Western Europe, and Africa. Developing and emerging markets combined accounted for 68% of revenue in 2023 and 65% of EBIT.

Narrow-moat bottler Coca-Cola HBC posted solid first-half earnings with organic revenue up 14% and comparable operating profits up 8%, led by strong performance in the emerging and developing markets (two thirds of sales) despite geopolitical and macro headwinds. Management revised its 2024 outlook upward, calling for organic sales to grow 8%-12% (from 6%-7% previously) and comparable operating profits to climb 7%-12% (3%-9%). We plan to tick up our 2024 estimates to incorporate these changes, but we are maintaining our projections for mid-single-digit annual sales growth and an 11% average operating margin over the five-year horizon, as well as our GBX 2,800 fair value estimate. The share price has gained 13% since we called out the valuation discount relative to close peer narrow-moat CCEP in April, but the stock remains slightly undervalued.

Narrow-moat bottler Coca Cola HBC posted a solid first-quarter trading update with volumes up 2% and organic revenue up 13%, led by strong performance in the emerging and developing markets (67% of total sales) despite geopolitical and macro headwinds in Eastern Europe and Africa. We see management’s 2024 outlook for organic sales and operating profit growth both in the midsingle digits as achievable, and we are maintaining our projections for a mid-single-digit sales CAGR and an 11% average operating margin over the five-year horizon. Our GBX 2,800 fair value estimate is intact. The share price has gained 10% since April, when we called out the valuation discount relative to close peer, narrow-moat CCEP, but we think the stock remains slightly undervalued.

Europe-based Coca-Cola Europacific Partners, or CCEP, and Coca-Cola Hellenic Bottling Company, or CCHBC, rank as the second- and third-largest Coke bottlers globally by volume, and both earn a narrow economic moat rating based on strong route-to-market operations in their authorized territories. We don't foresee material differences in the two bottlers' top-line growth—both are at 4% annually excluding acquisitions—and cash conversion—free cash flows to the firm averaging 6% and 7% of sales, respectively—over the next five years. However, the CCEP stock currently trades at a 12% premium to our EUR 56 fair value estimate, while CCHBC trades at a 15% discount to our GBX 2800-per-share intrinsic valuation. We think the market is underestimating CCHBC's growth and earnings power, and we consequently view CCHBC's shares as attractive.

Coca-Cola Hellenic Bottling Company, or CCHBC, the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by both geographic footprint and product portfolio. Through its legacy assets and acquisition, CCHBC has operations in Eastern Europe, some of the smaller markets in Western Europe such as Switzerland and Ireland, and Egypt and Nigeria in Africa. Developing and emerging markets combined accounted for 68% of revenue in 2023 and 65% of EBIT.

Coca-Cola Hellenic Bottling Co., the third-largest bottler by volume in the Coca-Cola system, is one of the more diversified bottlers by both geographic footprint and product portfolio. Through its legacy assets and acquisition, CCHBC has operations in Eastern Europe, some of the smaller markets in Western Europe such as Switzerland and Ireland, and Egypt and Nigeria in Africa. Developing and emerging markets combined accounted for 68% of revenue in 2023 and 65% of EBIT.