One-glance verdict
Within fair range
$115.41 our estimate vs market $112.29
Wall Street consensus: $108.91 (-5.6% lower than our fair-value estimate)
3% below our estimate
Fundamentals snapshot
Coca-Cola Europacific Partners PLC
CCEP · NMS · Consumer Defensive · Beverages - Non-Alcoholic
Current price
$112.29
52-week range
$84.66 - $114.55
Market cap
$49.35B
Balance sheet
Stretched
10.19x Adequate
Net debt $11.39B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.3% last year.
- Reward Returns 23.5% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Risk Stock trades 6.5% above its 5-year average P/E.
What this company does
Coca-Cola Europacific Partners PLC
Coca-Cola Europacific Partners PLC makes and sells a lot of different drinks, like Coca-Cola, Sprite, and Fanta, across Europe and the Pacific. Their money primarily comes from selling these popular beverages, which means their profit margins (the percentage of sales left after covering costs) are important for understanding how well they are doing. This company's business matters because it's a major player in the global beverage industry, and its success depends on efficiently managing its supply chain (how it gets ingredients and delivers drinks) to keep those drinks flowing to customers.
How the company got here
Coca-Cola Europacific Partners PLC (CCEP) has a history rooted in the bottling and distribution of Coca-Cola products. The company as we know it today was formed through a significant merger in 2016, combining Coca-Cola Enterprises, Coca-Cola Iberian Partners, and Coca-Cola Erfrischungsgetränke. This merger created one of the largest independent Coca-Cola bottlers in the world. In May 2021, the company expanded its reach further by acquiring Coca-Cola Amatil, a move that significantly broadened its geographical footprint into the Asia-Pacific region, leading to the name change to Coca-Cola Europacific Partners. This strategic consolidation has positioned CCEP as a dominant player in beverage distribution across a vast and diverse market.
What it actually does
CCEP is essentially a giant beverage bottler and distributor. Think of them as the company that takes the Coca-Cola syrup concentrate (which they buy from The Coca-Cola Company) and mixes it with water, sugar, and other ingredients to create the final drinks you see on store shelves and in restaurants. They then package these drinks in bottles and cans and deliver them to a wide range of customers, from large supermarkets to small corner stores and eateries. Their main job is to make sure that when you want a Coca-Cola, a Sprite, or any of their other brands, it's readily available for you to buy.
Great Britain and Ireland
This segment represents CCEP's operations in the United Kingdom and the Republic of Ireland. Here, the company bottles and distributes a comprehensive portfolio of non-alcoholic beverages. This includes iconic Coca-Cola brands like Coca-Cola Original Taste and Coca-Cola Zero Sugar, as well as other popular choices such as Fanta, Sprite, and Monster Energy drinks. They also handle water brands like GLACEAU smartwater and juices. This business line is a significant contributor to CCEP's overall revenue, serving millions of consumers across these two nations.
France
In France, CCEP manages the production and distribution of its extensive range of non-alcoholic drinks. This market is crucial for the company, featuring the core Coca-Cola offerings alongside a variety of other brands catering to local tastes. Products include soft drinks, waters, and energy drinks, all delivered to a wide network of retail and foodservice customers. The French operations are a key part of CCEP's European business, reflecting the company's commitment to serving diverse consumer preferences across the continent.
Germany and Austria
This segment covers CCEP's activities in Germany and Austria, two of Europe's largest economies. The company is responsible for bottling and distributing its full suite of non-alcoholic beverages, from classic colas to sparkling drinks and juices. They also manage the distribution of certain licensed brands within these territories. This business unit plays a vital role in CCEP's European strategy, ensuring widespread availability and strong market presence in these important regions.
Iberia (Spain and Portugal)
The Iberia segment encompasses CCEP's operations in Spain and Portugal. Here, the company bottles, distributes, and sells a wide array of non-alcoholic beverages, including Coca-Cola, Fanta, Sprite, and various water and juice brands. This region is a cornerstone of CCEP's European business, with a long-standing presence and a deep understanding of the local consumer market. The company works to ensure its products are accessible through numerous sales channels, from supermarkets to restaurants.
Bottling Operations (Other Europe)
This segment groups together CCEP's bottling and distribution activities in several other European countries, including Belgium, Luxembourg, the Netherlands, Norway, Sweden, and Switzerland. While these individual markets might be smaller than the larger European segments, collectively they represent a substantial part of CCEP's business. The company ensures that its diverse range of non-alcoholic beverages is available to consumers across these nations, maintaining consistent brand presence and market share.
Asia Pacific
This is CCEP's newest and one of its largest segments, following the acquisition of Coca-Cola Amatil. It covers a vast geographical area, including Australia, New Zealand, Fiji, Indonesia, Papua New Guinea, and the Solomon Islands. CCEP manages the production and distribution of a wide variety of non-alcoholic drinks in these diverse markets, ranging from Coca-Cola and its variants to local favorites and other international brands. This segment is critical for CCEP's growth strategy, offering significant opportunities in emerging and developed economies across the region.
What management is betting on now
Management at CCEP is focused on driving profitable growth by expanding their beverage offerings and increasing market penetration. A key priority is to grow their portfolio beyond traditional sodas, investing in categories like energy drinks, coffee, and premium mixers, which often carry higher profit margins (the percentage of each sales dollar left after covering costs). They are also heavily investing in sustainability initiatives, aiming to reduce their environmental impact through initiatives like improved packaging and water stewardship, which can enhance brand reputation and appeal to increasingly eco-conscious consumers. Furthermore, CCEP is leveraging data analytics and digital tools to better understand consumer preferences and optimize their supply chain (the process of getting products from the factory to the customer), aiming for greater efficiency and responsiveness to market demands.
Price history
How the share price has moved
—
Loading price history…
Is it cheap or expensive?
Fair value $115.41 vs current price $112.29
Wall Street consensus is the average analyst price target: $108.91 (-5.6% lower than our fair-value estimate).
Our most-likely fair value is $115.41 a share — about 2.8% away from today's price of $112.29, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $11.4B. Interest coverage 10.2x.
Net debt
$11.39B
Interest coverage
10.19x
Coca-Cola Europacific Partners PLC's profit covers its interest bill about 10.2 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
CCEP
BASELINE
Coca-Cola Europacific Partners PLC
Total debt $13.62B Interest coverage 10.19x This is the baseline the peer rows are being compared against.
Total debt $33.53B Interest coverage 4.84x -52% vs CCEP Carries about 2.1x less debt cushion than CCEP.
Total debt $548.99M Interest coverage 8.20x -19% vs CCEP Carries about 1.2x less debt cushion than CCEP.
Total debt $6.89B Interest coverage 10.50x +3% vs CCEP Has roughly the same debt cushion as CCEP.
Total debt $5.05B Interest coverage 8.00x -22% vs CCEP Carries about 1.3x less debt cushion than CCEP.
Total debt $2.62B Interest coverage 22.28x +119% vs CCEP Carries about 2.2x more debt cushion than CCEP.
What you should know
The case for and against CCEP
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.3% last year.
-
Returns 23.5% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 6.5% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
21.68x
Forward P/E
20.33x
P/B
5.35x
P/S
2.31x
EV/EBITDA
17.12x
PEG ratio
3.00x
Profitability
How much profit each dollar creates
Gross margin
35.6%
Operating margin
13.4%
Net margin
9.3%
ROE
23.5%
ROA
5.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.39x
Current ratio
0.89x
Quick ratio
0.59x
Total debt
$13.62B
Total cash
$2.23B
Growth
How the business has been compounding
Revenue TTM
$23.86B
Revenue 5Y CAGR
6.5%
EPS TTM
5.18
EPS 5Y CAGR
9.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$3.30B
Free CF TTM
$2.24B
FCF margin
9.4%
Dividend
Shareholder payout
Yield
2.2%
Payout ratio
46.6%
Last ex-div date
2026-05-15