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Coca-Cola HBC

DB:CCKC
Snowflake Description

Acceptable track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCKC
DB
£9B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Coca-Cola HBC AG produces, distributes, and sells non-alcoholic ready-to-drink beverages. The last earnings update was 66 days ago. More info.


Add to Portfolio Compare Print
CCKC Share Price and Events
7 Day Returns
2.5%
DB:CCKC
-0.5%
DE Beverage
2.8%
DE Market
1 Year Returns
10.9%
DB:CCKC
5.6%
DE Beverage
3%
DE Market
CCKC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Coca-Cola HBC (CCKC) 2.5% -0.7% -2.6% 10.9% 44.2% 81.3%
DE Beverage -0.5% 2.4% -0.7% 5.6% 30% 68%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • CCKC outperformed the Beverage industry which returned 5.6% over the past year.
  • CCKC outperformed the Market in Germany which returned 3% over the past year.
Price Volatility
CCKC
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Coca-Cola HBC undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Coca-Cola HBC to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Coca-Cola HBC.

DB:CCKC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CCKC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.508 (1 + (1- 18%) (26.63%))
0.744
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:CCKC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Coca-Cola HBC is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:CCKC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5%)
2020 488.12 Analyst x7 464.89
2021 537.13 Analyst x7 487.23
2022 547.33 Analyst x3 472.86
2023 578.00 Analyst x2 475.59
2024 598.69 Est @ 3.58% 469.18
2025 614.11 Est @ 2.57% 458.36
2026 625.60 Est @ 1.87% 444.72
2027 634.22 Est @ 1.38% 429.39
2028 640.77 Est @ 1.03% 413.19
2029 645.84 Est @ 0.79% 396.64
Present value of next 10 years cash flows €4,512.00
DB:CCKC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €645.84 × (1 + 0.23%) ÷ (5% – 0.23%)
€13,576.19
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €13,576.19 ÷ (1 + 5%)10
€8,337.78
DB:CCKC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €4,512.00 + €8,337.78
€12,849.78
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €12,849.78 / 363.27
€35.37
DB:CCKC Discount to Share Price
Calculation Result
Exchange Rate EUR/GBP
(Reporting currency to currency of LSE:CCH)
0.871
Value per Share
(GBP)
= Value per Share in EUR x Exchange Rate (EUR/GBP)
= €35.37 x 0.871
£30.82
Non-primary Listing Adjustment Factor 1 share in DB:CCKC represents 1.13474x of LSE:CCH
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.13474x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 30.82 x 1.13474
€34.97
Value per share (EUR) From above. €34.97
Current discount Discount to share price of €28.85
= -1 x (€28.85 - €34.97) / €34.97
17.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Coca-Cola HBC is available for.
Intrinsic value
18%
Share price is €28.85 vs Future cash flow value of €34.97
Current Discount Checks
For Coca-Cola HBC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Coca-Cola HBC's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Coca-Cola HBC's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Coca-Cola HBC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Coca-Cola HBC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CCKC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-28) in EUR €1.16
LSE:CCH Share Price ** LSE (2019-10-11) in GBP £25.42
LSE:CCH Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.148 €29.18
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.57x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Coca-Cola HBC.

DB:CCKC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:CCH Share Price ÷ EPS (both in EUR)

= 29.18 ÷ 1.16

25.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Coca-Cola HBC is good value based on earnings compared to the DE Beverage industry average.
  • Coca-Cola HBC is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Coca-Cola HBC's expected growth come at a high price?
Raw Data
DB:CCKC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
11.2%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.84x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:CCKC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.1x ÷ 11.2%

2.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Coca-Cola HBC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Coca-Cola HBC's assets?
Raw Data
DB:CCKC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-28) in EUR €6.44
LSE:CCH Share Price * LSE (2019-10-11) in GBP £25.42
LSE:CCH Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.148 €29.18
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.56x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:CCKC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:CCH Share Price ÷ Book Value per Share (both in EUR)

= 29.18 ÷ 6.44

4.53x

* Primary Listing of Coca-Cola HBC.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Coca-Cola HBC is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Coca-Cola HBC's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Coca-Cola HBC has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Coca-Cola HBC expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Coca-Cola HBC expected to grow at an attractive rate?
  • Coca-Cola HBC's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Coca-Cola HBC's earnings growth is positive but not above the Germany market average.
  • Coca-Cola HBC's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CCKC Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CCKC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 11.2%
DB:CCKC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 5.4%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.6%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CCKC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CCKC Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,698 1,323 737 4
2022-12-31 8,256 1,209 678 4
2021-12-31 7,744 1,071 627 10
2020-12-31 7,383 1,002 568 13
2019-12-31 7,012 897 490 13
2019-10-13
DB:CCKC Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-28 6,781 766 426
2019-03-28 6,719 782 437
2018-12-31 6,657 797 447
2018-09-30 6,597 823 449
2018-06-29 6,537 850 451
2018-03-29 6,529 827 439
2017-12-31 6,522 804 426
2017-09-30 6,455 725 411
2017-06-30 6,389 647 395
2017-03-31 6,304 705 369
2016-12-31 6,219 763 344
2016-09-30 6,229 771 319
2016-07-01 6,239 778 295

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Coca-Cola HBC's earnings are expected to grow by 11.2% yearly, however this is not considered high growth (20% yearly).
  • Coca-Cola HBC's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CCKC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Coca-Cola HBC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CCKC Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.01 2.01 2.01 1.00
2022-12-31 1.85 1.87 1.83 2.00
2021-12-31 1.71 1.76 1.67 6.00
2020-12-31 1.54 1.60 1.44 8.00
2019-12-31 1.33 1.39 1.29 8.00
2019-10-13
DB:CCKC Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-28 1.16
2019-03-28 1.19
2018-12-31 1.22
2018-09-30 1.22
2018-06-29 1.23
2018-03-29 1.20
2017-12-31 1.17
2017-09-30 1.13
2017-06-30 1.09
2017-03-31 1.02
2016-12-31 0.95
2016-09-30 0.88
2016-07-01 0.81

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Coca-Cola HBC is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Coca-Cola HBC's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Coca-Cola HBC has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Coca-Cola HBC performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Coca-Cola HBC's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Coca-Cola HBC's year on year earnings growth rate has been positive over the past 5 years.
  • Coca-Cola HBC's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Coca-Cola HBC's 1-year earnings growth is negative, it can't be compared to the DE Beverage industry average.
Earnings and Revenue History
Coca-Cola HBC's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Coca-Cola HBC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CCKC Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-28 6,781.20 425.60 1,860.50
2019-03-28 6,719.15 436.50 1,851.80
2018-12-31 6,657.10 447.40 1,843.10
2018-09-30 6,597.00 449.35 1,823.75
2018-06-29 6,536.90 451.30 1,804.40
2018-03-29 6,529.45 438.65 1,812.35
2017-12-31 6,522.00 426.00 1,820.30
2017-09-30 6,455.25 410.55 1,805.70
2017-06-30 6,388.50 395.10 1,791.10
2017-03-31 6,303.75 369.30 1,772.95
2016-12-31 6,219.00 343.50 1,754.80
2016-09-30 6,229.05 319.30 1,781.90
2016-07-01 6,239.10 295.10 1,809.00
2016-04-01 6,292.60 287.70 1,832.10
2015-12-31 6,346.10 280.30 1,855.20
2015-09-30 6,258.50 269.25 1,853.90
2015-07-03 6,478.00 324.90 1,858.10
2015-04-03 6,754.55 396.60 1,892.00
2014-12-31 6,510.20 294.80 1,901.40
2014-09-26 6,574.80 236.70 1,927.50
2014-06-27 6,676.00 250.70 1,959.30
2014-03-28 6,773.20 206.40 1,996.20
2013-12-31 6,874.00 221.20 2,005.30
2013-09-27 6,904.20 167.00 2,018.60
2013-06-28 7,006.70 167.40 2,049.60
2013-03-29 7,043.20 194.90 2,064.50
2012-12-31 7,044.70 190.40 2,075.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Coca-Cola HBC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Coca-Cola HBC used its assets more efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Coca-Cola HBC has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Coca-Cola HBC's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Coca-Cola HBC has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Coca-Cola HBC's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Coca-Cola HBC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Coca-Cola HBC's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Coca-Cola HBC's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Coca-Cola HBC's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Coca-Cola HBC Company Filings, last reported 3 months ago.

DB:CCKC Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-28 2,350.80 2,614.40 1,709.70
2019-03-28 2,350.80 2,614.40 1,709.70
2018-12-31 3,116.40 1,538.40 993.30
2018-09-30 3,116.40 1,538.40 993.30
2018-06-29 3,024.30 1,570.70 959.30
2018-03-29 3,024.30 1,570.70 959.30
2017-12-31 3,012.20 1,552.30 874.40
2017-09-30 3,012.20 1,552.30 874.40
2017-06-30 2,793.70 1,622.90 648.70
2017-03-31 2,793.70 1,622.90 648.70
2016-12-31 2,870.10 1,540.80 573.20
2016-09-30 2,870.10 1,540.80 573.20
2016-07-01 2,554.90 2,057.90 929.10
2016-04-01 2,554.90 2,057.90 929.10
2015-12-31 2,824.10 1,623.70 487.40
2015-09-30 2,824.10 1,623.70 487.40
2015-07-03 2,903.70 2,031.40 830.00
2015-04-03 2,903.70 2,031.40 830.00
2014-12-31 2,791.10 2,056.60 646.90
2014-09-26 2,978.90 2,075.50 649.80
2014-06-27 2,873.20 2,083.00 557.10
2014-03-28 2,832.70 2,044.00 373.80
2013-12-31 2,967.30 2,259.00 737.50
2013-09-27 3,004.00 2,322.70 715.00
2013-06-28 2,864.50 2,787.70 1,063.50
2013-03-29 2,984.00 2,174.00 342.60
2012-12-31 3,006.50 2,172.40 450.40
  • Coca-Cola HBC's level of debt (111.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (68.5% vs 111.2% today).
  • Debt is well covered by operating cash flow (29.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.7x coverage).
X
Financial health checks
We assess Coca-Cola HBC's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Coca-Cola HBC has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Coca-Cola HBC's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.95%
Current annual income from Coca-Cola HBC dividends. Estimated to be 2.48% next year.
If you bought €2,000 of Coca-Cola HBC shares you are expected to receive €39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Coca-Cola HBC's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Coca-Cola HBC's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CCKC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CCKC Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.91 2.00
2022-12-31 0.82 3.00
2021-12-31 0.76 10.00
2020-12-31 0.69 11.00
2019-12-31 0.63 6.00
2019-10-13
DB:CCKC Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-15 0.570 1.845
2019-02-14 0.570 1.896
2018-05-09 0.540 1.898
2017-05-15 0.440 1.604
2016-06-22 0.400 1.937
2015-05-19 0.360 1.900
2014-05-28 0.354 2.112
2013-05-16 0.340 1.723

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Coca-Cola HBC has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Coca-Cola HBC only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Coca-Cola HBC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess Coca-Cola HBC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Coca-Cola HBC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Coca-Cola HBC has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Coca-Cola HBC's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Zoran Bogdanovic
COMPENSATION €3,440,000
AGE 47
TENURE AS CEO 1.8 years
CEO Bio

Mr. Zoran Bogdanovic has been the Chief Executive Officer of Coca-Cola HBC AG since December 7, 2017 and has been its Executive Director since June 11, 2018. Mr. Bogdanovic was a Region Director of Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, FYROM, Greece, Moldova, Nigeria, Romania & Serbia (including the Republic of Kosovo) and Montenegro at Coca-Cola HBC AG since June 2013 until December 7, 2017. Mr. Bogdanovic started his career in the finance team of Coca-Cola HBC Croatia in November 1996. In September 1998, he served as Chief Financial Officer at Coca-Cola HBC Croatia and since March 2004 he became General Sales Manager of the Croatian operations. In October 2004, he was appointed Country General Manager of Coca-Cola HBC Croatia. In July 2008, he assumed his first international role as Country General Manager for Coca-Cola HBC Switzerland. In July 2011, he took over responsibility as Country General Manager for Coca-Cola HBC Greece. Prior to joining the CCHBC Group, he worked as an Auditor in Arthur Andersen Company. Mr. Bogdanovic holds a Bachelors Degree in Economics from the University of Zagreb (Faculty of Economics and Business).

CEO Compensation
  • Zoran's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Zoran's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Coca-Cola HBC management team in years:

3.3
Average Tenure
50
Average Age
  • The tenure for the Coca-Cola HBC management team is about average.
Management Team

Zoran Bogdanovic

TITLE
CEO & Executive Director
COMPENSATION
€3M
AGE
47
TENURE
1.8 yrs

Michalis Imellos

TITLE
Chief Financial Officer
AGE
50
TENURE
7.5 yrs

Joanna Kennedy

TITLE
Investor Relations Director
TENURE
0.5 yrs

Jan Gustavsson

TITLE
General Counsel
AGE
53
TENURE
18.2 yrs

David Hart

TITLE
External Communications Director

Sanda Parezanovic

TITLE
Group Human Resources Director
AGE
54
TENURE
4.3 yrs

Naya Kalogeraki

TITLE
Group Chief Customer & Commercial Officer
AGE
49
TENURE
3.3 yrs

Maria Livaniou

TITLE
Head of Shareowner Services

Sean O’Neill

TITLE
Group Public Affairs & Communication Director
TENURE
0.8 yrs

Georgios Polymenakos

TITLE
Country General Manager of Nigeria
Board of Directors Tenure

Average tenure and age of the Coca-Cola HBC board of directors in years:

3.8
Average Tenure
58.5
Average Age
  • The tenure for the Coca-Cola HBC board of directors is about average.
Board of Directors

Anastassis David

TITLE
Non-Executive Chairman
COMPENSATION
€85K
AGE
48
TENURE
3.8 yrs

Zoran Bogdanovic

TITLE
CEO & Executive Director
COMPENSATION
€3M
AGE
47
TENURE
1.3 yrs

George David

TITLE
Chairman Emeritus
AGE
82
TENURE
3.3 yrs

Bill Douglas

TITLE
Independent Non-Executive Director
COMPENSATION
€118K
AGE
58
TENURE
3.3 yrs

Anastasios Leventis

TITLE
Non-Executive Director
COMPENSATION
€98K
TENURE
5.3 yrs

Alexandra Papalexopoulou-Benopoulou

TITLE
Independent Non-Executive Director
COMPENSATION
€112K
AGE
53
TENURE
4.3 yrs

Reto Francioni

TITLE
Senior Independent Non-Executive Director
COMPENSATION
€123K
AGE
64

Robert Rudolph

TITLE
Non-Executive Director
COMPENSATION
€85K
AGE
59
TENURE
3.3 yrs

Christo Leventis

TITLE
Non-Executive Director
COMPENSATION
€85K
TENURE
5.3 yrs

José Octavio Reyes Lagunes

TITLE
Non-Executive Director
COMPENSATION
€92K
AGE
67
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Coca-Cola HBC's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Coca-Cola HBC has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Coca-Cola HBC AG produces, distributes, and sells non-alcoholic ready-to-drink beverages. The company offers sparkling soft drinks; still drinks, including juices and fruit-based drinks, iced tea, and energy and sports drinks; and natural mineral, spring, and processed water. It markets and sells its products under the Coca-Cola, Fanta, Sprite, Amita, Avra, Deep RiverRock, Fruice, and Nestea brand names; and distributes third-party products, such as Monster energy drinks, and beer and premium spirits. The company serves retail outlets, including supermarkets, hypermarkets, discounters, convenience stores, wholesalers, hotels, restaurants, cafés, quick service restaurants, cinemas, and e-commerce retailers. It operates in 28 countries, including Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland, Switzerland, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, Moldova, Montenegro, Nigeria, North Macedonia, Romania, Russia, Serbia, and Ukraine. The company was founded in 1969 and is headquartered in Steinhausen, Switzerland.

Details
Name: Coca-Cola HBC AG
CCKC
Exchange: DB
Founded: 1969
£10,599,681,568
363,271,924
Website: http://www.coca-colahellenic.com
Address: Coca-Cola HBC AG
Turmstrasse 26,
Steinhausen,
Zug, 6312,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE CCH Ordinary shares London Stock Exchange GB GBP 29. Apr 2013
OTCPK CCHB.F Ordinary shares Pink Sheets LLC US USD 29. Apr 2013
DB C0Q Ordinary shares Deutsche Boerse AG DE EUR 29. Apr 2013
ATSE EEE Ordinary shares The Athens Stock Exchange GR EUR 29. Apr 2013
BATS-CHIXE CCHL Ordinary shares BATS 'Chi-X Europe' GB GBP 29. Apr 2013
OTCPK CCHG.Y SPONSORED ADR Pink Sheets LLC US USD 22. Apr 2013
DB CCKC SPONSORED ADR Deutsche Boerse AG DE EUR 22. Apr 2013
Number of employees
Current staff
Staff numbers
28,212
Coca-Cola HBC employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 23:34
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/10
Last earnings filing: 2019/08/08
Last earnings reported: 2019/06/28
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.