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Coca Cola HBC AG (CCH) Fair Value & Analysis

Consumer Defensive · GB · Market cap 18.1B GBX · ISIN CH0198251305

What is Coca Cola HBC AG really worth?

CC Coca Cola HBC AG CCH · LSE
Price£45.34
Fair Value£44.75
Upside−1.3%
Quality63/100

A solid business, currently priced close to our fair value of £44.75.

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Strengths

Healthy Growth (revenue 5y +13.2 %/yr)
Moderate debt · generates free cash flow

Risks

!Thin margins · 8.1% net margin
!Mixed vs. peers (6/15)
!Moderate moat 61/100

For context

·2.27% dividend yield
Evidence: High Range £27.26 – £66.51

Fair value as of: Aug 14, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 14, 2026, revised from £46.93 to £44.75 (−4.6%) since Jul 16, 2026. Share price −9.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (£27.26 to £66.51) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

£51.70 £12.71 Fair Value £44.75 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range £12.71 – £51.70 · fair‑value band £27.26 – £66.51 · the £45.34 price screens above the £44.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Coca Cola HBC AG (CCH) currently trades at £45.34, while our model-based Fair Value estimate is £44.75, implying the stock looks roughly 1.3% fairly valued today. The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of £46.17 per share, and 8 of the 26 models we run sit above the £45.34 price. Bear case: the Asset-Based group reads lowest at £7.08, and 18 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Coca Cola HBC AG generated revenue of £11.6B at a net margin of 8.1%. Revenue grew 7.3% year over year. It earns a return on equity of 26.0%. Net debt stands at £1.6B. Fundamentals as of Aug 14, 2026

Our scenario range runs from £27.26 (bear case) to £66.51 (bull case); at £45.34, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at −1%, CCH screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly £0.8159 per share, which is 1.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF £21.52 £33.41 £51.27 79
Growth DCF £21.98 £32.62 £47.70 78
Owner Earnings £17.73 £27.61 £42.45 75
All 26 models by family
DCF Models
FCF DCF £21.52 £33.41 £51.27 79
Owner Earnings £17.73 £27.61 £42.45 75
5Y Revenue Exit £26.58 £44.11 £66.41 72
5Y EBITDA Exit £33.10 £56.16 £82.89 74
5Y P/E Exit £29.88 £50.21 £71.32 70
10Y Revenue Exit £23.56 £39.08 £59.71 66
10Y EBITDA Exit £28.66 £47.39 £72.15 67
10Y P/E Exit £26.62 £43.29 £63.42 63
Earnings-Based
Graham-Dodd £17.23 £50.44 £66.66 65
Lynch FV £10.52 £15.02 £19.53 61
PEG = 1.0 £10.52 £15.02 £19.53 57
EPV £23.04 £27.04 £30.54 74
Dividend Discount
Gordon GGM £9.26 £19.26 £30.55 66
DDM Multi-Stage £9.26 £14.91 £20.21 66
Multiples
P/E Multiple £39.90 £53.21 £66.51 63
P/S Multiple £32.30 £43.07 £53.84 58
P/B Multiple £32.30 £43.07 £53.84 55
EV/EBIT £43.71 £58.60 £73.49 66
EV/EBITDA £44.56 £59.73 £74.90 67
EV/Revenue £30.93 £44.59 £58.25 53
Asset-Based
NCAV (Graham) £5.28 £7.08 £10.56 54
Growth DCF
Growth DCF £21.98 £32.62 £47.70 78
Rev-Margin DCF £26.58 £44.03 £63.68 72
Economic Profit
Residual Income £16.34 £21.38 £94.48 64
ROIC Compounder £24.60 £31.06 £38.42 72
Growth Earnings
Growth-Adj P/E £32.32 £46.17 £60.02 67

Widest divergence: Growth Earnings (£46.17) versus Asset-Based (£7.08). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 20.2
P/S ratio 1.63 P/E × margin
EPS (TTM) £2.25 price ÷ EPS = P/E 20.2
Dividend yield 2.3% payout 45.7%
Net margin 8.1% FY2025
Return on equity 26.0% TTM
More key figures
Profitability
Return on assets (EBIT) 10.0% avg 5y
Operating margin 11.7% TTM
Growth
Revenue (TTM) £11.6B TTM
Revenue growth (YoY) +7.3% 3y avg +7.4%
EPS growth (YoY) +7.0%
Balance sheet & cash flow
Free cash flow 733M GBX FY2025
Net debt 1.6B GBX FY2025 · ≈ 2.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 67

Profitability 63
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 63
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Coca Cola HBC AG reported revenue of €11.4B in FY2025 versus €7.2B in FY2021, a compound +12.3%/yr. Reported net income was €923M in FY2025, compounding +14.0%/yr from FY2021.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£11.4B
Latest YoY
+6.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.2%
Avg. revenue growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+16.1% (13.8 + 2.3)
Revenue +12.3%/yr
FY21 €7.2B
FY22 €9.2B
FY23 €10.2B
FY24 €10.8B
FY25 €11.4B
Net income +14.0%/yr
FY21 €547M
FY22 €415M
FY23 €637M
FY24 €821M
FY25 €923M
Character of growth · EPS growth decomposed (2014-2025) +11.1 % p.a.
Revenue per share +6.0 %

of which total revenue +6.0 % · buybacks/dilution +0.0 %

EBIT margin +3.9 %
Tax rate −1.0 %
Residual (interest, one-offs) +2.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Coca Cola HBC AG Fair Value". https://www.fairvalue-calculator.com/stock/CCH

Peer Group

Beverages - Non-Alcoholic · 87 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Above median
Fair Value upside −1% · Above median
Return on equity (TTM) 26% · Top 25%
Return on assets 8% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 12% · Above median
Revenue growth 7% · Below median
Dividend yield (TTM) 2.3% · Below median
Debt / equity 0.75× · Higher than 75% of peers

Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 20.2× · Pricier than median
P/B 6.35× · Pricier than 75% of peers
P/S (TTM) 2.11× · Pricier than median
P/FCF 33.4× · Pricier than 75% of peers
EV/EBITDA 14.6× · Pricier than 75% of peers
PEG 2.02× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE32 · sector 19
FUTURE37 · sector 43
PAST100 · sector 51
HEALTH62 · sector 97
DIVIDEND45 · sector 54

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
The Coca-Cola Company KO $89.06 $36.57 −59%
PepsiCo, Inc PEP $139.72 $106.91 −23%
Monster Beverage Corporation MNST $46.70 $35.82 −23%
Nongfu Spring Co 9633 HK$42.54 HK$30.90 −27%
Coca-Cola Europacific Partners PLC CCEP €92.10 €70.86 −23%
Keurig Dr Pepper Inc KDP $32.18 $30.99 −4%
Coca-Cola FEMSA, S.A. KOF $112.58 $108.50 −4%
Varun Beverages Limited VBL ₹431.00 ₹187.49 −56%
Eastroc Beverage (Group) Co 605499 ¥123.07 ¥107.57 −13%
MIXUE Group 2097 HK$232.60 HK$307.46 +32%

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Frequently asked questions

Is Coca Cola HBC AG (CCH) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of £44.75 versus a price of £45.34, about −1% upside (fairly valued).
What is the fair value of CCH?
Our model-based fair value for Coca Cola HBC AG is £44.75 (as of Aug 14, 2026), built from audited fundamentals. The current price: £45.34.
What is the quality score of CCH?
Coca Cola HBC AG has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Coca Cola HBC AG (CCH)?
Coca Cola HBC AG reported trailing-twelve-month revenue of about £11.6B (latest available figure, as of Aug 14, 2026).
What is the net profit margin of CCH?
The net profit margin of Coca Cola HBC AG is about 8.1%, meaning it keeps roughly 8.1% of revenue as net income. Based on the latest reported figures.
Does Coca Cola HBC AG pay a dividend?
Coca Cola HBC AG currently shows a dividend yield of about 2.27% relative to its recent price (as of Aug 14, 2026).
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