# Coca Cola HBC AG (CCH.LSE)

Canonical: https://gigainvestors.com/s/CCH.LSE

Analysis as of: 2026-10-16T07:34:41.247Z. Financial observations: FY2010–FY2025.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 4,430.00 per share; close as of 2026-10-15.

Estimated value: low GBX 3,296.29 per share, central GBX 4,005.46 per share, high GBX 4,505.55 per share. Buy at or below the central value GBX 4,005.46 per share. Valuation as of 2026-10-16T07:34:41.247Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 22.1%

- ROIC, second-lowest year: 18.2%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 36.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.2%

- FY2017: 21.8%

- FY2018: 23.5%

- FY2019: 20.7%

- FY2020: 17.8%

- FY2021: 22.3%

- FY2022: 19.4%

- FY2023: 24.1%

- FY2024: 29.6%

- FY2025: 28.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.0B

- Net income, five-year total: EUR 3.3B

- Return on incremental invested capital: 35.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -6.3 pp

- Working capital / revenue, final three-year average: 4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.94×

- FY2022: 0.90×

- FY2023: 0.93×

- FY2024: 0.89×

- FY2025: 0.83×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.8% vs 28.9%

- Per-share earnings: 0.94 to 2.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 8.9B

- Cumulative retained earnings: EUR -1.3B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.6%

- Per-share value change: EUR 1.32

- Per-share value, starting three-year median: EUR 0.94

- Per-share value, ending three-year median: EUR 2.26

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 882M

- Cumulative net income, 10 years: EUR 5.5B

- ROIC, first three-year median: 21.8%

- ROIC, last three-year median: 28.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.94

- FY2017: EUR 1.16

- FY2018: EUR 1.20

- FY2019: EUR 1.34

- FY2020: EUR 1.13

- FY2021: EUR 1.49

- FY2022: EUR 1.13

- FY2023: EUR 1.72

- FY2024: EUR 2.26

- FY2025: EUR 2.54

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -5.7%

- FY2018: -5.1%

- FY2019: -5.3%

- FY2020: -7.2%

- FY2021: -7.0%

- FY2022: -8.3%

- FY2023: -7.6%

- FY2024: -5.4%

- FY2025: -4.7%

## Holders

## Price story

Price needs cash profits to grow 6.2% a year for ten years · "100 basis points to 19.4%, driven by higher profit." (CCH filing, Mar 2026) · sales +6%

Story as of 2026-10-16T10:00:01.940Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2024–2025

sales +6%; source https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: EUR 6.2B 

- FY2017: EUR 6.5B 

- FY2018: EUR 6.7B 

- FY2019: EUR 7.0B 

- FY2020: EUR 6.1B 

- FY2021: EUR 7.2B 

- FY2022: EUR 9.2B 

- FY2023: EUR 10B 

- FY2024: EUR 11B 

- FY2025: EUR 11B 

### Gross margin · FY2025

gross margin 36.8%; source https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml; observed 2026-03-24.

- FY2016: 37.0% 

- FY2017: 37.4% 

- FY2018: 37.8% 

- FY2019: 37.7% 

- FY2020: 37.9% 

- FY2021: 36.2% 

- FY2022: 34.2% 

- FY2023: 34.9% 

- FY2024: 36.1% 

- FY2025: 36.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in beverages non-alcoholic; annual sales are EUR 11.4 billion.

- Source: https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: revenue 11394975826; grossProfit 4190841253; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCH.LSE: Coca-Cola HBC AG engages in the production, sale, and distribution of non-alcoholic ready-to-drink beverages under franchise in Switzerland, West Coast of Ireland, Central and Eastern Europe, Nigeria, and internationally. It offers sparkling soft drinks, adult sparkling, hydration drinks, juices, ready-to-drink tea and coffee, sports and energy drinks, plant-based drinks, hard seltzers, premium spirit, dairy, and snacks; and distributes third-party products. The company markets and sells its products under several brands, including Coca-Cola, Fanta, Sprite, Adez, Averna, Amita, Aquarius, Aperol, Avra, Deep RiverRock, Fruice, Kinley, Schweppes, and various other brands. It serves various consumer channels, such as supermarkets, convenience stores, vending machines, hotels, cafés, and restaurants, as well as e-commerce channels. Coca-Cola HBC AG was incorporated in 1969 and is headquartered in Steinhausen, Switzerland.

### Why customers stay

Margins ranged from 34.9% to 36.8% during 2023–25; it earns 22.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 36.1%.

- Source: https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.18207313246172593],[2017,0.2184841195598913],[2018,0.23480357953579328],[2019,0.2070049129358047],[2020,0.17834001108545408],[2021,0.2229232701918254],[2022,0.19408877522830967],[2023,0.2405846005159958],[2024,0.2962519119569292],[2025,0.28943287694285086]]; median 0.22070369487585834. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

NSR per case grew 8.5% organically, due to pricing actions and continued improvement in category mix.

- Source: https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml (filed 2026-03-24); Volume grew by 4.4% organically. NSR per case grew 8.5% organically, due to pricing actions and continued improvement in category mix. Comparable EBIT grew by 23.2% onan organic basis and 27.5% on a reported basis.

### Where the cash goes

Spends 28% of cash earnings on expansion; earns 35% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 347800000; owner earnings 301600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 108800000; upkeep 301100000; owner earnings 426000000. Growth capex / owner earnings = 0.25539906103286386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 51512126.53319752; upkeep 385687873.4668025; owner earnings 367312126.5331975. Growth capex / owner earnings = 0.14024074570960804.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 97700000; upkeep 375500000; owner earnings 445300000. Growth capex / owner earnings = 0.21940264989894454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 0; upkeep 419200000; owner earnings 332260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 175200000; upkeep 331300000; owner earnings 515140000. Growth capex / owner earnings = 0.34010171992079824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 118600000; upkeep 404800000; owner earnings 374200000. Growth capex / owner earnings = 0.3169428113308391.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: growth capex 224200000; upkeep 386500000; owner earnings 594480000. Growth capex / owner earnings = 0.37713632081819404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 202403306.9141479; upkeep 412996693.0858521; owner earnings 732103306.9141479. Growth capex / owner earnings = 0.2764682320139872.

- Source: https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml (filed 2026-03-24); FY2025: growth capex 214189469.05998635; upkeep 524822012.94001365; owner earnings 764255110.0599864. Growth capex / owner earnings = 0.2802591258345327.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Incremental return on capital 0.35002533605683755, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,144700000],[2017,160500000],[2018,198800000],[2019,933100000],[2020,225700000],[2021,233600000],[2022,260200000],[2023,287200000],[2024,339700000],[2025,367640048]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCH.LSE SharesStats.PercentInsiders = 46.408 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years; actual growth was 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate 0.0758112223370293. Price 4430; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7029728127382061 → FY2025 2.0985641991871775. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,766.00 per share

- 2016-11: GBX 1,700.00 per share

- 2016-12: GBX 1,770.00 per share

- 2017-01: GBX 1,812.00 per share

- 2017-02: GBX 1,945.00 per share

- 2017-03: GBX 2,061.00 per share

- 2017-04: GBX 2,142.00 per share

- 2017-05: GBX 2,253.00 per share

- 2017-06: GBX 2,258.00 per share

- 2017-07: GBX 2,292.00 per share

- 2017-08: GBX 2,644.00 per share

- 2017-09: GBX 2,525.00 per share

- 2017-10: GBX 2,545.00 per share

- 2017-11: GBX 2,369.00 per share

- 2017-12: GBX 2,420.00 per share

- 2018-01: GBX 2,366.00 per share

- 2018-02: GBX 2,385.00 per share

- 2018-03: GBX 2,634.00 per share

- 2018-04: GBX 2,444.00 per share

- 2018-05: GBX 2,570.00 per share

- 2018-06: GBX 2,531.00 per share

- 2018-07: GBX 2,734.00 per share

- 2018-08: GBX 2,638.00 per share

- 2018-09: GBX 2,613.00 per share

- 2018-10: GBX 2,310.00 per share

- 2018-11: GBX 2,334.00 per share

- 2018-12: GBX 2,452.00 per share

- 2019-01: GBX 2,558.00 per share

- 2019-02: GBX 2,536.00 per share

- 2019-03: GBX 2,615.00 per share

- 2019-04: GBX 2,741.00 per share

- 2019-05: GBX 2,852.00 per share

- 2019-06: GBX 2,972.00 per share

- 2019-07: GBX 2,836.00 per share

- 2019-08: GBX 2,730.00 per share

- 2019-09: GBX 2,657.00 per share

- 2019-10: GBX 2,350.00 per share

- 2019-11: GBX 2,579.00 per share

- 2019-12: GBX 2,565.00 per share

- 2020-01: GBX 2,786.00 per share

- 2020-02: GBX 2,474.00 per share

- 2020-03: GBX 1,737.00 per share

- 2020-04: GBX 2,015.00 per share

- 2020-05: GBX 2,038.00 per share

- 2020-06: GBX 2,028.00 per share

- 2020-07: GBX 2,003.00 per share

- 2020-08: GBX 1,994.00 per share

- 2020-09: GBX 1,912.00 per share

- 2020-10: GBX 1,755.00 per share

- 2020-11: GBX 2,162.00 per share

- 2020-12: GBX 2,377.00 per share

- 2021-01: GBX 2,163.00 per share

- 2021-02: GBX 2,238.00 per share

- 2021-03: GBX 2,310.00 per share

- 2021-04: GBX 2,502.00 per share

- 2021-05: GBX 2,569.00 per share

- 2021-06: GBX 2,614.00 per share

- 2021-07: GBX 2,719.00 per share

- 2021-08: GBX 2,629.00 per share

- 2021-09: GBX 2,399.00 per share

- 2021-10: GBX 2,533.00 per share

- 2021-11: GBX 2,322.00 per share

- 2021-12: GBX 2,555.00 per share

- 2022-01: GBX 2,441.00 per share

- 2022-02: GBX 1,904.00 per share

- 2022-03: GBX 1,599.50 per share

- 2022-04: GBX 1,637.50 per share

- 2022-05: GBX 1,747.50 per share

- 2022-06: GBX 1,822.00 per share

- 2022-07: GBX 2,012.00 per share

- 2022-08: GBX 1,970.00 per share

- 2022-09: GBX 1,894.00 per share

- 2022-10: GBX 1,902.50 per share

- 2022-11: GBX 2,015.00 per share

- 2022-12: GBX 1,973.00 per share

- 2023-01: GBX 1,961.50 per share

- 2023-02: GBX 2,127.00 per share

- 2023-03: GBX 2,213.00 per share

- 2023-04: GBX 2,424.00 per share

- 2023-05: GBX 2,388.00 per share

- 2023-06: GBX 2,345.00 per share

- 2023-07: GBX 2,292.00 per share

- 2023-08: GBX 2,278.00 per share

- 2023-09: GBX 2,249.00 per share

- 2023-10: GBX 2,132.00 per share

- 2023-11: GBX 2,196.00 per share

- 2023-12: GBX 2,305.00 per share

- 2024-01: GBX 2,328.00 per share

- 2024-02: GBX 2,465.00 per share

- 2024-03: GBX 2,503.00 per share

- 2024-04: GBX 2,590.00 per share

- 2024-05: GBX 2,648.00 per share

- 2024-06: GBX 2,698.00 per share

- 2024-07: GBX 2,840.00 per share

- 2024-08: GBX 2,820.00 per share

- 2024-09: GBX 2,664.00 per share

- 2024-10: GBX 2,710.00 per share

- 2024-11: GBX 2,804.00 per share

- 2024-12: GBX 2,732.00 per share

- 2025-01: GBX 2,810.00 per share

- 2025-02: GBX 3,360.00 per share

- 2025-03: GBX 3,504.00 per share

- 2025-04: GBX 3,900.00 per share

- 2025-05: GBX 3,862.00 per share

- 2025-06: GBX 3,804.00 per share

- 2025-07: GBX 3,946.00 per share

- 2025-08: GBX 3,736.00 per share

- 2025-09: GBX 3,504.00 per share

- 2025-10: GBX 3,454.00 per share

- 2025-11: GBX 3,788.00 per share

- 2025-12: GBX 3,842.00 per share

- 2026-01: GBX 3,950.00 per share

- 2026-02: GBX 4,810.00 per share

- 2026-03: GBX 4,246.00 per share

- 2026-04: GBX 4,280.00 per share

- 2026-05: GBX 4,264.00 per share

- 2026-06: GBX 4,920.00 per share

- 2026-07: GBX 5,010.00 per share

- 2026-08: GBX 4,570.00 per share

- 2026-09: GBX 4,354.00 per share

- 2026-10: GBX 4,328.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 740.98 per share, central GBX 828.84 per share, high GBX 945.80 per share

- FY2017: low GBX 849.98 per share, central GBX 943.54 per share, high GBX 1,068.09 per share

- FY2018: low GBX 995.57 per share, central GBX 1,105.94 per share, high GBX 1,252.86 per share

- FY2019: low GBX 1,312.26 per share, central GBX 1,447.98 per share, high GBX 1,628.66 per share

- FY2020: low GBX 1,124.88 per share, central GBX 1,242.32 per share, high GBX 1,398.64 per share

- FY2021: low GBX 1,488.40 per share, central GBX 1,659.20 per share, high GBX 1,873.04 per share

- FY2022: low GBX 1,709.10 per share, central GBX 1,990.63 per share, high GBX 2,259.99 per share

- FY2023: low GBX 2,012.57 per share, central GBX 2,405.55 per share, high GBX 2,740.93 per share

- FY2024: low GBX 2,313.99 per share, central GBX 2,827.35 per share, high GBX 3,216.88 per share

- FY2025: low GBX 2,811.30 per share, central GBX 3,521.02 per share, high GBX 4,021.49 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300EFP3TNG7JGVE49/2025-12-31/ESEF/GB/0/549300EFP3TNG7JGVE49-2025-12-31/reports/549300EFP3TNG7JGVE49-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-03-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations