Coca-Cola Içecek Anonim Sirketi (IBSE:CCOLA) - Share price, News & Analysis

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

CCOLA (TRY136.6) is trading below our estimate of [[fair value]] (TRY170.25)

CCOLA fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	6/6
Past Performance	4/6
Financial Health	4/6
Dividends	4/6

CCOLA Stock Overview

Coca-Cola Içecek Anonim Sirketi, together with its subsidiaries, engages in bottling and distributing of alcohol-free beverages primarily in Turkey, Pakistan, Central Asia, and the Middle East.

Rewards

Trading at 19.8% below our estimate of its fair value

Earnings are forecast to grow 34.65% per year

Earnings grew by 65.6% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Coca-Cola Içecek Anonim Sirketi Competitors

Kristal Kola ve Mesrubat Sanayi Ticaret

IBSE:KRSTL

₺1.4b

Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

IBSE:AEFES

₺16.2b

Kent Gida Maddeleri Sanayii ve Ticaret

IBSE:KENT

₺37.6b

Türk Tuborg Bira ve Malt Sanayii

IBSE:TBORG

₺7.7b

Price History & Performance

Summary of all time highs, changes and price drops for Coca-Cola Içecek Anonim Sirketi
Historical stock prices
Current Share Price	₺136.60
52 Week High	₺148.00
52 Week Low	₺75.95
Beta	0.80
1 Month Change	8.33%
3 Month Change	19.83%
1 Year Change	76.26%
3 Year Change	339.79%
5 Year Change	233.99%
Change since IPO	1,596.89%

Shareholder Returns

	CCOLA	TR Beverage	TR Market
7D	-0.6%	2.4%	1.3%
1Y	76.3%	52.0%	61.7%

Return vs Industry: CCOLA exceeded the TR Beverage industry which returned 52% over the past year.

Return vs Market: CCOLA exceeded the TR Market which returned 61.7% over the past year.

Price Volatility

Is CCOLA's price volatile compared to industry and market?
CCOLA volatility
CCOLA Average Weekly Movement	4.1%
Beverage Industry Average Movement	6.0%
Market Average Movement	5.9%
10% most volatile stocks in TR Market	8.7%
10% least volatile stocks in TR Market	4.1%

Stable Share Price: CCOLA is less volatile than 75% of TR stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CCOLA's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1990	9,606	Burak Basarir	https://www.cci.com.tr

Coca-Cola Içecek Anonim Sirketi, together with its subsidiaries, engages in bottling and distributing of alcohol-free beverages primarily in Turkey, Pakistan, Central Asia, and the Middle East. It is involved in the production, distribution, and sale of sparkling and still beverages under the Coca-Cola, Coca-Cola Zero, Coca-Cola Zero Sugar, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade, Monster, Burn, Gladiator, and Fuse tea brand names, as well as Schweppes brand name. The company’s product portfolio also includes juices, water, sports and energy drinks, tea, and iced tea.

Coca-Cola Içecek Anonim Sirketi Fundamentals Summary

How do Coca-Cola Içecek Anonim Sirketi's earnings and revenue compare to its market cap?
CCOLA fundamental statistics
Market Cap	₺34.75b
Earnings (TTM)	₺2.50b
Revenue (TTM)	₺26.85b

13.9x

P/E Ratio

1.3x

P/S Ratio

Is CCOLA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CCOLA income statement (TTM)
Revenue	₺26.85b
Cost of Revenue	₺17.64b
Gross Profit	₺9.21b
Other Expenses	₺6.71b
Earnings	₺2.50b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	9.82
Gross Margin	34.30%
Net Profit Margin	9.30%
Debt/Equity Ratio	91.5%

How did CCOLA perform over the long term?

See historical performance and comparison

Dividends

1.7%

Current Dividend Yield

24%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CCOLA. This is calculated by dividing CCOLA's market cap by their current preferred multiple.
What is CCOLA's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺34.75b

CCOLA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	7.9x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

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

CCOLA PE Ratio vs Peers

The above table shows the PE ratio for CCOLA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	89.6x
KRSTL Kristal Kola ve Mesrubat Sanayi Ticaret	113.9x	n/a	₺1.4b
AEFES Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi	25.3x	40.0%	₺16.2b
KENT Kent Gida Maddeleri Sanayii ve Ticaret	213.4x	n/a	₺37.6b
TBORG Türk Tuborg Bira ve Malt Sanayii	5.9x	n/a	₺7.7b
CCOLA Coca-Cola Içecek Anonim Sirketi	13.9x	34.7%	₺34.7b

Forward PE

Price-To-Earnings vs Peers: CCOLA is good value based on its Price-To-Earnings Ratio (13.9x) compared to the peer average (89.6x).

Price to Earnings Ratio vs Industry

How does CCOLA's PE Ratio compare vs other companies in the Asian Beverage Industry?

Price-To-Earnings vs Industry: CCOLA is good value based on its Price-To-Earnings Ratio (13.9x) compared to the Asian Beverage industry average (26x)

Price to Earnings Ratio vs Fair Ratio

What is CCOLA'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.

CCOLA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.9x
Fair PE Ratio	9.8x

Price-To-Earnings vs Fair Ratio: CCOLA is expensive based on its Price-To-Earnings Ratio (13.9x) compared to the estimated Fair Price-To-Earnings Ratio (9.8x).

Share Price vs Fair Value

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

Below Fair Value: CCOLA (TRY136.6) is trading below our estimate of fair value (TRY170.25)

Significantly Below Fair Value: CCOLA is trading below fair value, but not by a significant amount.

Price to Earnings Growth Ratio

PEG Ratio: CCOLA is good value based on its PEG Ratio (0.4x)

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Future Growth

How is Coca-Cola Içecek Anonim Sirketi forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

34.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CCOLA's forecast earnings growth (34.7% per year) is above the savings rate (9%).

Earnings vs Market: CCOLA's earnings (34.7% per year) are forecast to grow faster than the TR market (16.1% per year).

High Growth Earnings: CCOLA's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CCOLA's revenue (21.2% per year) is forecast to grow faster than the TR market (13.8% per year).

High Growth Revenue: CCOLA's revenue (21.2% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CCOLA's Return on Equity is forecast to be high in 3 years time (27%)

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Past Performance

How has Coca-Cola Içecek Anonim Sirketi performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

54.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CCOLA has high quality earnings.

Growing Profit Margin: CCOLA's current net profit margins (9.3%) are lower than last year (9.7%).

Past Earnings Growth Analysis

Earnings Trend: CCOLA has become profitable over the past 5 years, growing earnings by 54.6% per year.

Accelerating Growth: CCOLA's earnings growth over the past year (65.6%) exceeds its 5-year average (54.6% per year).

Earnings vs Industry: CCOLA earnings growth over the past year (65.6%) exceeded the Beverage industry 16.6%.

Return on Equity

High ROE: CCOLA's Return on Equity (16.5%) is considered low.

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Financial Health

How is Coca-Cola Içecek Anonim Sirketi's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CCOLA's short term assets (TRY19.4B) exceed its short term liabilities (TRY11.4B).

Long Term Liabilities: CCOLA's short term assets (TRY19.4B) exceed its long term liabilities (TRY15.5B).

Debt to Equity History and Analysis

Debt Level: CCOLA's net debt to equity ratio (40.6%) is considered high.

Reducing Debt: CCOLA's debt to equity ratio has increased from 76.2% to 91.5% over the past 5 years.

Debt Coverage: CCOLA's debt is well covered by operating cash flow (23%).

Interest Coverage: CCOLA's interest payments on its debt are well covered by EBIT (10.7x coverage).

Balance Sheet

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Dividend

What is Coca-Cola Içecek Anonim Sirketi current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.73%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CCOLA's dividend (1.73%) is higher than the bottom 25% of dividend payers in the TR market (0.7%).

High Dividend: CCOLA's dividend (1.73%) is low compared to the top 25% of dividend payers in the TR market (3.57%).

Stability and Growth of Payments

Stable Dividend: CCOLA's dividend payments have been volatile in the past 10 years.

Growing Dividend: CCOLA's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (24%), CCOLA's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (38.2%), CCOLA's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

5.4yrs

Average management tenure

CEO

Burak Basarir

8.42yrs

Tenure

Mr. Burak Basarir has been Chief Executive Officer of Coca-Cola Icecek at Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi since June 2021 and had been its Group Chief Executive Officer of Soft Drinks...

Leadership Team

Experienced Management: CCOLA's management team is seasoned and experienced (5.4 years average tenure).

Board Members

Experienced Board: CCOLA's board of directors are considered experienced (4.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/27 00:00
End of Day Share Price	2022/06/27 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31