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Coca-Cola HBC

LSE:CCH
Snowflake Description

Proven track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCH
LSE
£7B
Market Cap
  1. Home
  2. GB
  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 55 days ago. More info.


Add to Portfolio Compare Print
  • Coca-Cola HBC has significant price volatility in the past 3 months.
CCH Share Price and Events
7 Day Returns
13.3%
LSE:CCH
-0%
GB Beverage
1.7%
GB Market
1 Year Returns
-25.7%
LSE:CCH
-21.1%
GB Beverage
-21.8%
GB Market
CCH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Coca-Cola HBC (CCH) 13.3% -14.2% -27.2% -25.7% -8.8% 38.8%
GB Beverage -0% -9.2% -21.8% -21.1% 7% 31.5%
GB Market 1.7% -12% -25.3% -21.8% -22.8% -22.4%
1 Year Return vs Industry and Market
  • CCH underperformed the Beverage industry which returned -21.1% over the past year.
  • CCH underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.8% over the past year.
Price Volatility
CCH
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.

LSE:CCH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.1%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

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 LSE:CCH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.57
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.568 (1 + (1- 18%) (41.89%))
0.841
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.841 * 5.44%)
5.11%

Discounted Cash Flow Calculation for LSE:CCH 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.

LSE:CCH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.11%)
2020 343.67 Analyst x4 326.98
2021 461.94 Analyst x6 418.15
2022 492.76 Analyst x6 424.37
2023 559.00 Analyst x1 458.03
2024 605.26 Est @ 8.28% 471.84
2025 641.28 Est @ 5.95% 475.63
2026 669.02 Est @ 4.33% 472.10
2027 690.34 Est @ 3.19% 463.47
2028 706.84 Est @ 2.39% 451.49
2029 719.79 Est @ 1.83% 437.43
Present value of next 10 years cash flows €4,399.00
LSE:CCH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €719.79 × (1 + 0.53%) ÷ (5.11% – 0.53%)
€15,810.90
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €15,810.90 ÷ (1 + 5.11%)10
€9,608.53
LSE:CCH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €4,399.00 + €9,608.53
€14,007.53
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €14,007.53 / 363.59
€38.53
LSE:CCH Discount to Share Price
Calculation Result
Exchange Rate EUR/GBP
(Reporting currency to currency of LSE:CCH)
0.876
Value per Share
(GBP)
= Value per Share in EUR x Exchange Rate (EUR/GBP)
= €38.53 x 0.876
£33.74
Value per share (GBP) From above. £33.74
Current discount Discount to share price of £19.12
= -1 x (£19.12 - £33.74) / £33.74
43.3%

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
43%
Share price is £19.12 vs Future cash flow value of £33.74
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, and at a moderate discount (> 20%).
  • Coca-Cola HBC's share price is below the future cash flow value, and 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
LSE:CCH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €1.34
LSE:CCH Share Price ** LSE (2020-04-08) in GBP £19.12
LSE:CCH Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.142 €21.83
United Kingdom of Great Britain and Northern Ireland Beverage Industry PE Ratio Median Figure of 10 Publicly-Listed Beverage Companies 16.94x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 13x

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

** Primary Listing of Coca-Cola HBC.

LSE:CCH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 21.83 ÷ 1.34

16.29x

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 GB Beverage industry average.
  • Coca-Cola HBC is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Coca-Cola HBC's expected growth come at a high price?
Raw Data
LSE:CCH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
7.3%per year
United Kingdom of Great Britain and Northern Ireland Beverage Industry PEG Ratio Median Figure of 8 Publicly-Listed Beverage Companies 2.23x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 518 Publicly-Listed Companies 1.02x

*Line of best fit is calculated by linear regression .

LSE:CCH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.29x ÷ 7.3%

2.22x

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
LSE:CCH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €7.43
LSE:CCH Share Price * LSE (2020-04-08) in GBP £19.12
LSE:CCH Share Price converted to EUR reporting currency Exchange rate (GBP/ EUR) 1.142 €21.83
United Kingdom of Great Britain and Northern Ireland Beverage Industry PB Ratio Median Figure of 13 Publicly-Listed Beverage Companies 2.81x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.13x
LSE:CCH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 21.83 ÷ 7.43

2.94x

* 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 GB 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 3/6, 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 11 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
7.3%
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 0.5%.
Growth vs Market Checks
  • Coca-Cola HBC's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Coca-Cola HBC's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:CCH Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:CCH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 7.3%
LSE:CCH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 3%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Revenue Growth Rate Market Cap Weighted Average 5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.6%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*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
LSE:CCH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:CCH Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 8,264 704 1
2023-12-31 7,844 1,175 644 1
2022-12-31 7,483 1,017 580 10
2021-12-31 7,216 971 545 11
2020-12-31 6,691 801 425 11
2020-04-08
LSE:CCH Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 7,026 926 488
2019-09-30 6,904 846 457
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Coca-Cola HBC's earnings are expected to grow by 7.3% yearly, however this is not considered high growth (20% yearly).
  • Coca-Cola HBC's revenue is expected to grow by 3% 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
LSE:CCH 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 11 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.

LSE:CCH Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 1.92 1.92 1.92 1.00
2023-12-31 1.76 1.76 1.76 1.00
2022-12-31 1.63 1.69 1.60 3.00
2021-12-31 1.47 1.57 1.38 4.00
2020-12-31 1.07 1.45 0.77 4.00
2020-04-08
LSE:CCH Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 1.34
2019-09-30 1.25
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

*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 not expected to efficiently use shareholders’ funds in the future (Return on Equity less 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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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 2/6, 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 less than its 5-year average (9% vs 10.2%)
  • Coca-Cola HBC's earnings growth has exceeded the GB Beverage industry average in the past year (9% vs 4.4%).
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.

LSE:CCH Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 7,026.00 487.50 1,889.30
2019-09-30 6,903.60 456.55 1,874.90
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

*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 GB Beverage industry average last year based on Return on Assets.
  • Coca-Cola HBC has 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 4/6, 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 is able to meet its short term (1 year) commitments with 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 1x 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.

LSE:CCH Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,700.20 3,113.70 1,551.80
2019-09-30 2,700.20 3,113.70 1,551.80
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
  • Coca-Cola HBC's level of debt (115.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73.6% vs 115.3% today).
  • Debt is well covered by operating cash flow (29.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.2x 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 4/6, 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
2.84%
Current annual income from Coca-Cola HBC dividends. Estimated to be 2.96% next year.
If you bought £2,000 of Coca-Cola HBC shares you are expected to receive £57 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 United Kingdom of Great Britain and Northern Ireland (2.51%).
  • Coca-Cola HBC's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (6.87%).
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
LSE:CCH 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 11 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Beverage Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.8%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.9%

Industry and Market average data is calculated daily.

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

LSE:CCH Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.82 1.00
2023-12-31 0.75 1.00
2022-12-31 0.71 10.00
2021-12-31 0.66 10.00
2020-12-31 0.54 10.00
2020-04-08
LSE:CCH Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-13 0.620 2.668
2019-03-15 0.570 1.866
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 7 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 (2.2x 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 1.3%) - 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 2.3 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 grew less than 20%.
  • Zoran's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

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

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
2.3 yrs

Michalis Imellos

TITLE
Chief Financial Officer
AGE
50
TENURE
8 yrs

Mourad Ajarti

TITLE
Chief Information Officer
TENURE
0.5 yrs

Joanna Kennedy

TITLE
Investor Relations Director
TENURE
1 yrs

Jan Gustavsson

TITLE
General Counsel
AGE
53
TENURE
18.7 yrs

David Hart

TITLE
External Communications Director

Sanda Parezanovic

TITLE
Group Human Resources Director
AGE
54
TENURE
4.8 yrs

Naya Kalogeraki

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

Maria Livaniou

TITLE
Head of Shareowner Services

Sean O’Neill

TITLE
Group Public Affairs & Communication Director
TENURE
1.3 yrs
Board of Directors Tenure

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

4.3
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
4.3 yrs

Zoran Bogdanovic

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

George David

TITLE
Chairman Emeritus
AGE
82
TENURE
3.8 yrs

Bill Douglas

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

Alexandra Papalexopoulou-Benopoulou

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

Reto Francioni

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

Robert Rudolph

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

Anastasios Leventis

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

Christo Leventis

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

José Octavio Reyes Lagunes

TITLE
Non-Executive Director
COMPENSATION
€92K
AGE
67
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Coca-Cola HBC individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
31. Mar 20 Buy Selene Treuhand Ag Company 30. Mar 20 30. Mar 20 23,683 £15.20 £359,979
31. Mar 20 Buy Selene Treuhand Ag Company 30. Mar 20 30. Mar 20 24,028 £15.29 £367,499
31. Mar 20 Buy Reto Francioni Individual 30. Mar 20 30. Mar 20 7,000 £14.92 £104,451
18. Sep 19 Buy Nikolaos Kalaitzidakis Individual 17. Sep 19 17. Sep 19 31 £26.44 £815
18. Sep 19 Buy Sanda Parezanovic Individual 17. Sep 19 17. Sep 19 32 £26.44 £846
18. Sep 19 Buy Marcel Martin Individual 17. Sep 19 17. Sep 19 58 £26.44 £1,521
18. Sep 19 Buy Naya Kalogeraki Individual 17. Sep 19 17. Sep 19 62 £26.44 £1,645
18. Sep 19 Buy Zoran Bogdanovic Individual 17. Sep 19 17. Sep 19 154 £26.44 £4,061
18. Sep 19 Buy Michalis Imellos Individual 17. Sep 19 17. Sep 19 45 £26.44 £1,182
18. Sep 19 Buy Alain Brouhard Individual 17. Sep 19 17. Sep 19 35 £26.44 £917
18. Sep 19 Buy Jan Gustavsson Individual 17. Sep 19 17. Sep 19 94 £26.44 £2,478
20. May 19 Buy Nikolaos Kalaitzidakis Individual 17. May 19 17. May 19 26 £28.62 £749
20. May 19 Buy Sanda Parezanovic Individual 17. May 19 17. May 19 28 £28.62 £803
20. May 19 Buy Marcel Martin Individual 17. May 19 17. May 19 103 £28.62 £2,951
20. May 19 Buy Zoran Bogdanovic Individual 17. May 19 17. May 19 131 £28.62 £3,747
20. May 19 Buy Michalis Imellos Individual 17. May 19 17. May 19 39 £28.62 £1,126
20. May 19 Buy Alain Brouhard Individual 17. May 19 17. May 19 31 £28.62 £891
20. May 19 Buy Jan Gustavsson Individual 17. May 19 17. May 19 82 £28.62 £2,360
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

A Look At The Intrinsic Value Of Coca-Cola HBC AG (LON:CCH)

We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, and so the sum of these future cash flows is then discounted to today's value: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (€, Millions) €487.5m €538.9m €536.5m €590.5m €616.2m €637.3m €654.9m €670.0m €683.2m €695.2m Growth Rate Estimate Source Analyst x5 Analyst x5 Analyst x2 Analyst x2 Est @ 4.36% Est @ 3.42% Est @ 2.76% Est @ 2.3% Est @ 1.98% Est @ 1.75% Present Value (€, Millions) Discounted @ 6% €459.9 €479.7 €450.5 €467.8 €460.6 €449.4 €435.7 €420.5 €404.6 €388.4 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= €4.4b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = €695m × (1 + 1.2%) ÷ (6% – 1.2%) = €15b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = €€15b ÷ ( 1 + 6%)10 = €8.25b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is €12.66b.

Simply Wall St -

Does Coca-Cola HBC AG’s (LON:CCH) ROCE Reflect Well On The Business?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Coca-Cola HBC: 0.15 = €686m ÷ (€8.6b - €3.9b) (Based on the trailing twelve months to June 2019.) Therefore, Coca-Cola HBC has an ROCE of 15%. … Do Coca-Cola HBC's Current Liabilities Skew Its ROCE? … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Coca-Cola HBC (LON:CCH) Has A Pretty Healthy Balance Sheet

LSE:CCH Historical Debt, August 13th 2019 How Healthy Is Coca-Cola HBC's Balance Sheet? … We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). … But it is future earnings, more than anything, that will determine Coca-Cola HBC's ability to maintain a healthy balance sheet going forward.

Simply Wall St -

Can Coca-Cola HBC AG (LON:CCH) Improve Its Returns?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Coca-Cola HBC: 14% = €447m ÷ €3.1b (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Coca-Cola HBC Have A Good Return On Equity? … Combining Coca-Cola HBC's Debt And Its 14% Return On Equity While Coca-Cola HBC does have some debt, with debt to equity of just 0.51, we wouldn't say debt is excessive.

Simply Wall St -

Here's Why I Think Coca-Cola HBC (LON:CCH) Is An Interesting Stock

On top of the insider buying, it's good to see that Coca-Cola HBC insiders have a valuable investment in the business. … There are plenty of other companies that have insiders buying up shares. … So if you like the sound of Coca-Cola HBC, you'll probably love this free list of growing companies that insiders are buying.

Simply Wall St -

How Much Of Coca-Cola HBC AG (LON:CCH) Do Institutions Own?

We also tend to see lower insider ownership in companies that were previously publicly owned. … Private Company Ownership We can see that Private Companies own 24%, of the shares on issue. … Public Company Ownership We can see that public companies hold 23%, of the CCH shares on issue.

Simply Wall St -

Should You Be Worried About Insider Transactions At Coca-Cola HBC AG (LON:CCH)?

So before you buy or sell Coca-Cola HBC AG (LON:CCH), you may well want to know whether insiders have been buying or selling. … LSE:CCH Recent Insider Trading, July 12th 2019 Coca-Cola HBC Insiders Bought Stock Recently There was some insider buying at Coca-Cola HBC over the last quarter. … Coca-Cola HBC insiders own about UK£96m worth of shares (which is 1.0% of the company).

Simply Wall St -

Does Coca-Cola HBC AG's (LON:CCH) 5.0% Earnings Growth Reflect The Long-Term Trend?

Check out our latest analysis for Coca-Cola HBC Commentary On CCH's Past Performance CCH's trailing twelve-month earnings (from 31 December 2018) of €447m has increased by 5.0% compared to the previous year. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 14%, indicating the rate at which CCH is growing has slowed down. … Furthermore, its return on assets (ROA) of 7.1% is below the GB Beverage industry of 9.2%, indicating Coca-Cola HBC's are utilized less efficiently.

Simply Wall St -

Why You Should Buy Coca-Cola HBC AG (LON:CCH) In This Bear Market

Looking at its size, financial health and track record, I believe there's an opportunity with Coca-Cola HBC during these volatile times. … This consistent market outperformance illustrates a robust track record of delivering strong returns over a number of years, increasing my conviction in Coca-Cola HBC as an investment over the long run. … Next Steps: Coca-Cola HBC makes for a robust long-term investment based on its scale, financial health and track record.

Simply Wall St -

Is Coca-Cola HBC AG's (LON:CCH) 1.7% Dividend Worth Your Time?

LSE:CCH Historical Dividend Yield, June 19th 2019 Payout ratios Dividends are typically paid from company earnings. … A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. … Next, earnings growth has been good, but unfortunately the company has not been paying dividends as long as we'd like.

Simply Wall St -

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
CCH
Exchange: LSE
Founded: 1969
£6,950,088,815
363,593,451
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
28,389
Coca-Cola HBC employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 23:32
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/08
Last earnings filing: 2020/02/13
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.