One-glance verdict
Within fair range
$60.62 our estimate vs market $62.11
Wall Street consensus: $66.92 (10.4% higher than our fair-value estimate)
2% above our estimate
Fundamentals snapshot
Coca-Cola HBC AG
CCHGY · PNK · Consumer Defensive · Beverages - Non-Alcoholic
Current price
$62.11
52-week range
$44.37 - $68.71
Market cap
$22.64B
Balance sheet
Watch
10.50x Adequate
Net debt $1.64B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 7.9% last year.
- Reward Returns 26.0% on equity, ahead of 50% of its peers.
- Risk Stock trades 8.0% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 5.0%).
What this company does
Coca-Cola HBC AG
Coca-Cola HBC is a major partner that bottles and distributes drinks for The Coca-Cola Company, selling popular brands like Coke, Fanta, and Sprite across parts of Europe and Africa. It makes money by getting these beverages onto the shelves of local supermarkets and into restaurants. This is an important business because selling huge volumes of everyday, well-known products can lead to very steady and predictable sales over time.
How the company got here
Coca-Cola HBC's story began in 1951 with the founding of the Nigerian Bottling Company. A key turning point was the merger in 2000 between the Hellenic Bottling Company, which started in Greece in 1969, and Coca-Cola Beverages Ltd. This created a much larger, multi-country bottling operation. Over the years, it has expanded by acquiring other bottling operations and beverage companies across Europe and Africa. In 2013, the company moved its headquarters to Switzerland and its main stock listing to the London Stock Exchange to better reflect its international nature.
What it actually does
Coca-Cola HBC is a strategic bottling partner of The Coca-Cola Company. Think of it this way: The Coca-Cola Company owns the secret formulas for drinks like Coke, Fanta, and Sprite, but it doesn't actually bottle and sell most of them itself. Instead, it licenses (gives permission to) regional companies like Coca-Cola HBC to mix, package, and sell these beverages in specific geographic areas. Coca-Cola HBC serves a wide range of customers, from large supermarkets and convenience stores to hotels, restaurants, and cafes.
Established Markets
This segment covers mature, economically stable countries like Italy, Greece, Switzerland, and Ireland. In these places, the company focuses on selling a wide variety of drinks, including premium options, to consumers who already have a high level of beverage consumption. While this is a significant part of the business, growth here is typically slower than in other regions. This segment provides a steady and reliable source of revenue for the company.
Developing Markets
This part of the business operates in countries with growing economies, such as Poland, Hungary, and the Czech Republic. Here, there's an opportunity to sell more products per person as incomes rise and consumer habits change. The company works on making its popular brands widely available and introducing newer options to these consumers. This segment represents a middle ground, offering a balance of stability and growth potential.
Emerging Markets
This is the company's fastest-growing segment and includes countries like Nigeria, Romania, and Egypt. In these markets, there is a large potential to increase how many of the company's drinks the average person consumes. This segment is a major focus for growth, driven by expanding populations and developing economies. It contributes a significant and growing portion of the company's overall sales volume and revenue.
What management is betting on now
The company's leadership is focused on what it calls a "24/7 portfolio," aiming to offer a drink for every occasion throughout the day. This means expanding beyond just sparkling sodas into faster-growing areas like energy drinks, coffee, and premium water. They are also investing heavily in digital tools and data analytics (the process of examining data to find trends) to better understand customer preferences and improve the efficiency of their supply chain (the entire process of making and selling goods). A major strategic move is the planned acquisition of Coca-Cola Beverages Africa (CCBA), which will significantly expand their presence in the high-potential African market.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $60.62 vs current price $62.11
Wall Street consensus is the average analyst price target: $66.92 (10.4% higher than our fair-value estimate).
Our most-likely fair value is $60.62 a share — about 2.4% away from today's price of $62.11, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $1.6B. Interest coverage 10.5x.
Net debt
$1.64B
Interest coverage
10.50x
Coca-Cola HBC AG's profit covers its interest bill about 10.5 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
CCHGY
BASELINE
Coca-Cola HBC AG
Total debt $7.07B Interest coverage 10.50x This is the baseline the peer rows are being compared against.
Total debt $2.62B Interest coverage 22.28x +112% vs CCHGY Carries about 2.1x more debt cushion than CCHGY.
Total debt $53.21B Interest coverage 12.03x +15% vs CCHGY Has roughly the same debt cushion as CCHGY.
Total debt $33.53B Interest coverage 4.84x -54% vs CCHGY Carries about 2.2x less debt cushion than CCHGY.
Total debt $92.93M Interest coverage 38.30x +265% vs CCHGY Carries about 3.6x more debt cushion than CCHGY.
Total debt $674.85M Interest coverage 9.57x -9% vs CCHGY Has roughly the same debt cushion as CCHGY.
What you should know
The case for and against CCHGY
3 Rewards
2 Risks
Rewards
-
Revenue grew 7.9% last year.
-
Returns 26.0% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 8.0% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 5.0%).
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)
19.72x
Forward P/E
16.31x
P/B
4.78x
P/S
1.85x
EV/EBITDA
13.35x
PEG ratio
1.65x
Profitability
How much profit each dollar creates
Gross margin
37.4%
Operating margin
12.2%
Net margin
8.1%
ROE
26.0%
ROA
6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
1.47x
Current ratio
1.37x
Quick ratio
1.17x
Total debt
$7.07B
Total cash
$5.43B
Growth
How the business has been compounding
Revenue TTM
$14.00B
Revenue 5Y CAGR
8.1%
EPS TTM
3.15
EPS 5Y CAGR
31.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.73B
Free CF TTM
$872.09M
FCF margin
6.2%
Dividend
Shareholder payout
Yield
2.2%
Payout ratio
43.5%
Last ex-div date
2026-05-15