Financials Coca-Cola Hellenic

Equities

CCH

CH0198251305

Non-Alcoholic Beverages

Real-time Estimate Cboe Europe 07:12:02 2024-02-26 am EST 5-day change 1st Jan Change
2,500 GBX +0.20% Intraday chart for Coca-Cola Hellenic +0.85% +8.42%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 10,013 11,019 9,690 11,122 8,173 10,721 10,721 -
Enterprise Value (EV) 1 10,618 12,786 11,399 13,277 9,809 9,750 12,282 12,201
P/E ratio 22.5 x 22.8 x 23.3 x 20.4 x 19.7 x 15.4 x 13.8 x 12.4 x
Yield 2.09% 2.04% 2.41% 2.34% 3.5% 3.01% 3.31% 3.7%
Capitalization / Revenue 1.5 x 1.57 x 1.58 x 1.55 x 0.89 x 0.96 x 1.02 x 0.96 x
EV / Revenue 1.6 x 1.82 x 1.86 x 1.85 x 1.07 x 0.96 x 1.17 x 1.1 x
EV / EBITDA 10.6 x 11.1 x 10.6 x 11.2 x 7.3 x 6.55 x 7.51 x 6.91 x
EV / FCF 29.5 x 28.2 x 21 x 20.9 x 13.8 x 28.3 x 21.4 x 19 x
FCF Yield 3.38% 3.54% 4.76% 4.79% 7.25% 3.54% 4.68% 5.26%
Price to Book 3.22 x 4.09 x 3.68 x 3.56 x 2.49 x 3.05 x 3.21 x 2.89 x
Nbr of stocks (in thousands) 367,349 363,272 364,323 365,892 366,699 366,836 366,836 -
Reference price 2 27.26 30.33 26.60 30.40 22.29 29.23 29.23 29.23
Announcement Date 2/14/19 2/13/20 2/11/21 2/22/22 2/14/23 2/14/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 6,657 7,026 6,132 7,168 9,198 10,184 10,486 11,118
EBITDA 1 1,000 1,153 1,071 1,183 1,344 1,488 1,635 1,766
EBIT 1 680.7 758.7 672.3 831 929.7 1,084 1,123 1,222
Operating Margin 10.23% 10.8% 10.96% 11.59% 10.11% 10.64% 10.71% 10.99%
Earnings before Tax (EBT) 1 610.9 661.2 593.9 734.9 623.6 910.3 1,066 1,150
Net income 1 447.4 487.5 414.9 547.2 415.4 636.5 769 843.4
Net margin 6.72% 6.94% 6.77% 7.63% 4.52% 6.25% 7.33% 7.59%
EPS 2 1.210 1.330 1.140 1.490 1.130 1.730 2.112 2.353
Free Cash Flow 1 359.4 453 542.3 635.7 711.2 441.4 574.4 642.1
FCF margin 5.4% 6.45% 8.84% 8.87% 7.73% 4.31% 5.48% 5.78%
FCF Conversion (EBITDA) 35.93% 39.29% 50.64% 53.74% 52.93% 29.3% 35.12% 36.35%
FCF Conversion (Net income) 80.33% 92.92% 130.71% 116.17% 171.21% 62.77% 74.7% 76.14%
Dividend per Share 2 0.5700 0.6200 0.6400 0.7100 0.7800 0.8790 0.9676 1.082
Announcement Date 2/14/19 2/13/20 2/11/21 2/22/22 2/14/23 2/14/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2019 S2 2020 S1 2020 S2 2021 Q1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 S2
Net sales 1 3,352 3,674 2,831 3,301 1,352 1,896 3,248 2,124 1,796 3,920 1,771 2,439 4,210 2,696 2,293 4,988 2,202 2,819 5,022 2,798 2,465 5,162 2,211 2,878 5,252 2,947 5,558
EBITDA 514.4 638.5 405.7 - - - - - - - - - - - - - - - - - - 722.2 - - 762 - 806
EBIT 325.1 433.6 208.8 463.5 - - 350.3 - - 480.7 - - 462.5 - - 467.2 - - 560.7 - - 523.1 - - 591 - 543
Operating Margin 9.7% 11.8% 7.37% 14.04% - - 10.79% - - 12.26% - - 10.99% - - 9.37% - - 11.17% - - 10.13% - - 11.25% - 9.77%
Earnings before Tax (EBT) 260.8 400.4 167.2 426.7 - - 317.2 - - 417.7 - - - - - 389.2 - - 527.6 - - 382.7 - - 446 - 468
Net income 1 195.1 292.4 124 290.9 - 116.6 233.1 157 157 314.1 76.45 76.45 - 131.2 - 262.5 - - 385.7 162.4 162.4 278.8 184.5 184.5 - 205.4 -
Net margin 5.82% 7.96% 4.38% 8.81% - 6.15% 7.18% 7.39% 8.74% 8.01% 4.32% 3.13% - 4.87% - 5.26% - - 7.68% 5.61% 6.59% 5.4% 8.34% 6.41% - 6.97% -
EPS 2 0.5360 0.8000 0.3410 - - 0.3200 0.6390 0.4200 0.4200 0.8510 0.2100 0.2100 - 0.3600 - 0.7120 - - 1.050 0.4432 0.4432 0.6800 0.5056 0.5056 0.8700 0.5628 0.9100
Dividend per Share 2 - - - - - - - - - 0.7100 - - - - - - - - - 0.2106 0.2106 - 0.2414 0.2414 - 0.2414 -
Announcement Date 8/8/19 2/13/20 8/5/20 2/11/21 5/12/21 8/12/21 8/12/21 11/3/21 2/22/22 2/22/22 5/12/22 8/11/22 8/11/22 11/8/22 2/14/23 2/14/23 5/9/23 8/9/23 8/9/23 11/14/23 - 2/14/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 606 1,767 1,710 2,155 1,636 1,754 1,561 1,480
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.6054 x 1.532 x 1.597 x 1.821 x 1.218 x 1.164 x 0.9544 x 0.8379 x
Free Cash Flow 1 359 453 542 636 711 441 574 642
ROE (net income / shareholders' equity) 14.6% 18% 16.2% 19% 19.5% 20.4% 22.9% 22.9%
ROA (Net income/ Total Assets) 6.64% 6.93% 5.47% 6.8% 6.8% 6.73% 7.41% 7.92%
Assets 1 6,742 7,034 7,592 8,044 6,106 10,454 10,377 10,652
Book Value Per Share 2 8.460 7.420 7.230 8.530 8.950 9.570 9.110 10.10
Cash Flow per Share 2 2.170 2.530 2.640 3.130 3.360 3.330 3.830 3.970
Capex 1 437 473 419 507 523 659 689 729
Capex / Sales 6.57% 6.73% 6.84% 7.07% 5.69% 6.44% 6.57% 6.55%
Announcement Date 2/14/19 2/13/20 2/11/21 2/22/22 2/14/23 2/14/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
29.23 EUR
Average target price
31.66 EUR
Spread / Average Target
+8.34%
Consensus
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