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Major Coca-Cola bottler manufacturing and distributing Coke and other beverages across Europe, Africa and parts of Asia.
Major Coca-Cola bottler manufacturing and distributing Coke and other beverages across Europe, Africa and parts of Asia.
Buys concentrate (the flavour base) from The Coca-Cola Company, then bottles, packages and delivers the drinks itself, so it earns the gap between its selling prices and the cost of concentrate, packaging and distribution. Coca-Cola Company and the Kar-Tess family holding are its two largest shareholders. In 2024 it agreed to buy a majority of Coca-Cola Beverages Africa.
In one line: A European/African Coca-Cola bottler, like Coca-Cola Consolidated but international.
Moat: narrow (distribution, scale, brand). Exclusive territorial bottling rights for Coca-Cola brands give a durable, licensed local monopoly.
Headquarters: Zug, Switzerland · Founded: 1969
Size Coca-Cola HBC (CCH.L) is a United Kingdom Consumer Staples company (Beverages: Non-Alcoholic) with a market value of $20.5B, the 35th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £4,188 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against +8.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th lowest of 14 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +18.2%); the operating margin is 11.4% (peer median 13.5%).
Valuation It trades at 17.2× forward earnings against a peer median of 16.8× (7th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.8 points above its cost of capital (8.9% WACC).
Credit Coca-Cola HBC has 8 bonds outstanding ($5.54B), rated BBB+ by the agencies and trading like A- at a weighted spread of 91 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £10.6B | £9.94B | £9.10B | £8.86B | £7.85B |
| Revenue growth | — | +9% | +3% | +13% | — |
| Gross profit | £3.95B | £3.45B | £3.10B | £2.92B | £2.47B |
| EBITDA | £1.61B | £1.51B | £1.33B | £1.16B | £1.12B |
| Net income | £864M | £805M | £695M | £554M | £354M |
| Free cash flow | £644M | £639M | £648M | £642M | £561M |
| Capital expenditure | £733M | £644M | £521M | £531M | £447M |
| Total debt | n/a | £3.42B | £3.29B | £2.97B | £3.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Coca-Cola HBC CCH.L | $20.5B | -2% | +13% | 11% | 17.2× | 4.9% |
| Coca-Cola Europacific Partners CCEP | $51.0B | +23% | +10% | 14% | 21.8× | 3.9% |
| Coca-Cola Consolidated COKE | $13.8B | +19% | +11% | 13% | n/a | -1.3% |
| PepsiCo PEP | $193B | -8% | +6% | 16% | 16.6× | -5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CCH.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +11.3% | lowest of 14 |
| 6-month return | -1.9% | +8.2% | 4th lowest of 14 |
| Distance from 52-week high | -19.4% | -8.2% | 4th lowest of 14 |
| Revenue growth (TTM) | +12.8% | +18.2% | 6th lowest of 14 |
| Operating margin | 11.4% | 13.5% | 5th lowest of 14 |
| Forward P/E | 17.2× | 16.8× | 7th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 4.9% | 3.2% | 6th most demanding of 14 |
| Growth delivered (Del g) | +12.8% | +13.8% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -7.9 pp | -15.4 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +9.8 pp | +5.0 pp | 5th highest of 14 |
| EV / EBITDA | 10.3× | 13.8× | 6th cheapest of 13 |
| Net debt / EBITDA | 0.7× | 1.9× | 6th least indebted of 13 |
| Bond spread | 91 bp | 76 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Coca-Cola HBC CCH.L | United Kingdom | $20.5B | -2% | +13% | 11% | 17.2× | 4.9% | +12.8% |
| Swire Pacific 0019.HK | Hong Kong | $17.0B | +23% | +7% | 12% | 11.4× | 6.9% | +2.9% |
| Fomento Economico Mexicano SAB de CV Sponsored ADR FMX | United States | $26.1B | +7% | +18% | 9% | 24.2× | -6.9% | +13.8% |
| Varun Beverages VBL.NS | India | $15.7B | -14% | +22% | 17% | 42.8× | 37.2% | +26.8% |
| Coca-Cola Consolidated COKE | United States | $13.8B | +19% | +11% | 13% | n/a | -1.3% | +7.6% |
| Eastroc Beverage (Group) 9980.HK | Hong Kong | $11.7B | -40% | +18% | 26% | 13.2× | 3.2% | +32.2% |
| Tingyi 0322.HK | Hong Kong | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% | +2.4% |
| Suntory Beverage & Food 2587.T | Japan | $9.58B | +9% | +7% | 9% | 17.2× | -7.5% | +7.8% |
| Keurig Dr Pepper KDP | United States | $49.8B | +28% | +43% | 17% | 14.8× | 6.3% | +7.4% |
| Coca-Cola Europacific Partners CCEP | United States | $51.0B | +23% | +10% | 14% | 21.8× | 3.9% | +14.3% |
| Celsius CELH | United States | $8.14B | 0% | +83% | 19% | 22.7× | 7.6% | +80.7% |
| Primo Brands PRMB | United States | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% | +27.8% |
| Nongfu Spring 9633.HK | Hong Kong | $64.9B | -1% | +27% | 38% | 24.0× | -0.2% | +17.3% |
| Coca-Cola FEMSA SAB de CV Sponsored ADR KOF | United States | $6.01B | +8% | +17% | 14% | 16.5× | -20.1% | +12.2% |
Coca-Cola HBC has 8 bonds outstanding with $5.54B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 3.96%, a spread of 91 bp over government bonds.