“Buy” with a target price of 2,250 pence (the company is also listed on the London Stock Exchange) is recommended by UBS for the share of Coca-Cola HBC, noting the strong results of the first half.
Analysts Nik Oliver, ACA, Robert Krankowski and Andrei Condrea of the Swiss bank now forecast that the group’s full-year 2022 sales will be at €7.7bn, operating profit (EBIT) at €742m and adjusted earnings per share at 1.34 euros, with the EV/EBITDA ratio (enterprise value to earnings before interest, taxes, depreciation and amortization) standing at 9.1-fold.
Eurobank Equities
A “hold” recommendation with a target price of 24.7 euros was issued for the Coca-Cola HBC share by Eurobank Equities, since, as it stated, in the first half its adjusted operating profits (EBIT) exceeded the average analyst estimate by 30%. Despite the precarious environment burdened by the company’s exposure to Russia and Ukraine (21% of operating profits), the company’s performance is boosted by revenue growth initiatives, operating cost control and operating expense containment.
The picture from Russia is much better than previously expected, now forecasting a 36% decline in sales volume for 2022, down from more than 60% that was foreseen previously.
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