Coca-Cola HBC AG

DB:C0Q Stock Report

Market Cap: €12.4b

Coca-Cola HBC Valuation

Is C0Q undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of C0Q when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: C0Q (€34.3) is trading below our estimate of fair value (€56.22)

Significantly Below Fair Value: C0Q is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for C0Q?

Key metric: As C0Q is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for C0Q. This is calculated by dividing C0Q's market cap by their current earnings.
What is C0Q's PE Ratio?
PE Ratio19.6x
Earnings€632.40m
Market Cap€12.38b

Price to Earnings Ratio vs Peers

How does C0Q's PE Ratio compare to its peers?

The above table shows the PE ratio for C0Q vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14x
MUT Mineralbrunnen Überkingen-Teinach GmbH KGaA
11.9xn/a€98.2m
SZU Südzucker
6.7x-10.2%€2.2b
AC * Arca Continental. de
15.7x8.0%Mex$296.1b
COKE Coca-Cola Consolidated
21.7xn/aUS$11.8b
C0Q Coca-Cola HBC
19.6x11.9%€10.3b

Price-To-Earnings vs Peers: C0Q is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (14x).

Price to Earnings Ratio vs Industry

How does C0Q's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
C0Q 19.6xIndustry Avg. 17.1xNo. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: C0Q is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the European Beverage industry average (17x).

Price to Earnings Ratio vs Fair Ratio

What is C0Q's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

C0Q PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.6x
Fair PE Ratio23.2x

Price-To-Earnings vs Fair Ratio: C0Q is good value based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (23.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst C0Q forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€34.30
€35.41
+3.2%
8.0%€38.94€29.13n/a14
Nov ’25€32.34
€34.47
+6.6%
9.4%€38.23€28.05n/a14
Oct ’25€31.80
€33.70
+6.0%
9.3%€37.92€27.41n/a14
Sep ’25€33.32
€33.73
+1.2%
8.0%€37.92€27.41n/a14
Aug ’25€34.18
€33.46
-2.1%
8.5%€37.89€27.75n/a14
Jul ’25€32.48
€33.02
+1.7%
8.1%€37.60€27.48n/a14
Jun ’25€31.26
€32.60
+4.3%
8.1%€35.14€27.48n/a14
May ’25€30.24
€32.60
+7.8%
8.0%€35.14€27.48n/a14
Apr ’25€29.35
€32.05
+9.2%
8.1%€35.01€27.47n/a14
Mar ’25€28.85
€31.74
+10.0%
8.1%€35.10€27.47n/a15
Feb ’25€26.96
€30.13
+11.8%
9.4%€34.76€26.23n/a15
Jan ’25€26.40
€29.77
+12.8%
9.9%€34.67€25.88n/a15
Dec ’24€25.94
€29.64
+14.3%
11.1%€35.66€25.88n/a14
Nov ’24€24.10
€30.00
+24.5%
10.5%€35.77€25.88€32.3414
Oct ’24€25.77
€31.49
+22.2%
10.0%€36.72€26.73€31.8015
Sep ’24€26.70
€31.74
+18.9%
9.2%€36.49€26.73€33.3217
Aug ’24€26.65
€31.88
+19.6%
10.8%€36.92€23.66€34.1816
Jul ’24€27.17
€30.74
+13.2%
9.9%€34.55€23.66€32.4817
Jun ’24€27.72
€30.62
+10.5%
10.1%€34.55€23.66€31.2617
May ’24€27.32
€28.34
+3.8%
11.3%€34.17€23.66€30.2415
Apr ’24€24.86
€27.57
+10.9%
9.6%€31.72€23.66€29.3514
Mar ’24€24.64
€27.55
+11.8%
9.7%€31.70€23.66€28.8514
Feb ’24€22.09
€26.43
+19.7%
8.3%€30.74€23.66€26.9614
Jan ’24€22.12
€27.95
+26.4%
10.3%€33.85€23.85€26.4013
Dec ’23€23.30
€27.91
+19.8%
10.2%€33.85€23.85€25.9413
Nov ’23€21.95
€27.25
+24.2%
9.9%€31.42€21.70€24.1013

Analyst Forecast: Target price is less than 20% higher than the current share price.

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