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Coca-Cola HBC AG (EEE) Fair Value & Analysis

Consumer Defensive · GR · Market cap €19.3B · ISIN CH0198251305

What is Coca-Cola HBC AG really worth?

CC Coca-Cola HBC AG EEE · AT
Price€52.80
Fair Value€46.77
Upside−11.4%
Quality66/100

A solid business, but trading 13% above our fair value of €46.77.

Strengths

Healthy Growth (revenue 5y +13.6 %/yr)
Moderate debt · generates free cash flow
Wide moat 67/100

Risks

!Thin margins · 8.1% net margin

For context

·2.27% dividend yield
Evidence: High Range €27.04 – €67.73

Fair value as of: Aug 22, 2026

From 26 valuation models · updated 14 days ago

Share price −9.9% over the past month.

What runs behind every stock

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

What matters now

  • A fairly wide model range (€27.04 to €67.73) leaves room in how you read the outcome.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

€59.90 €16.44 Fair Value €46.77 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range €16.44 – €59.90 · fair‑value band €27.04 – €67.73 · the €52.80 price screens above the €46.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Coca-Cola HBC AG (EEE) currently trades at €52.80, while our model-based Fair Value estimate is €46.77, implying the stock looks roughly 12.9% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of €48.75 per share, and 7 of the 26 models we run sit above the €52.80 price. Bear case: the Asset-Based group reads lowest at €7.07, and 19 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 €1.1B. Fundamentals as of Aug 22, 2026

Our scenario range runs from €27.04 (bear case) to €67.73 (bull case); at €52.80, 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. The share trades about 5% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at −11%, EEE 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 €0.9444 per share, which is 2.0 % 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 €23.79 €39.61 €64.87 78
Growth DCF €24.01 €39.50 €64.13 77
Owner Earnings €19.00 €31.75 €52.12 75
All 26 models by family
DCF Models
FCF DCF €23.79 €39.61 €64.87 78
Owner Earnings €19.00 €31.75 €52.12 75
5Y Revenue Exit €28.76 €49.89 €77.64 71
5Y EBITDA Exit €35.60 €63.12 €96.24 74
5Y P/E Exit €31.63 €55.44 €81.28 70
10Y Revenue Exit €25.71 €44.82 €72.03 65
10Y EBITDA Exit €31.19 €54.18 €86.69 67
10Y P/E Exit €28.62 €48.75 €74.90 63
Earnings-Based
Graham-Dodd €17.55 €63.73 €85.96 64
Lynch FV €15.14 €21.62 €28.11 61
PEG = 1.0 €15.14 €21.62 €28.11 57
EPV €28.69 €33.63 €37.95 74
Dividend Discount
Gordon GGM €9.43 €19.61 €31.11 66
DDM Multi-Stage €9.43 €16.54 €20.58 66
Multiples
P/E Multiple €40.64 €54.18 €67.73 63
P/S Multiple €32.90 €43.86 €54.83 58
P/B Multiple €32.90 €43.86 €54.83 55
EV/EBIT €46.01 €61.66 €77.32 66
EV/EBITDA €46.34 €62.11 €77.88 67
EV/Revenue €32.47 €46.80 €61.13 53
Asset-Based
NCAV (Graham) €5.27 €7.07 €10.55 54
Growth DCF
Growth DCF €24.01 €39.50 €64.13 77
Rev-Margin DCF €28.76 €49.52 €74.36 71
Economic Profit
Residual Income €16.86 €22.07 €103.69 64
ROIC Compounder €31.44 €40.60 €51.53 72
Growth Earnings
Growth-Adj P/E €28.61 €40.87 €53.14 67

Widest divergence: DCF Models (€48.75) versus Asset-Based (€7.07). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 20.4
P/S ratio 1.65 P/E × margin
EPS (TTM) €2.59 price ÷ EPS = P/E 20.4
Dividend yield 2.3% payout 46.3%
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 +8.1%
EPS growth (YoY) +7.0%
Balance sheet & cash flow
Free cash flow €761M FY2025
Net debt €1.1B FY2025 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

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

Profitability 64
Margins and returns on capital today
Quality Growth 50
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 52
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 81
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, distribution, and sale of non-alcoholic ready-to-drink beverages under franchise in Switzerland and internationally.

Full company description

Coca-Cola HBC AG engages in the production, distribution, and sale of non-alcoholic ready-to-drink beverages under franchise in Switzerland and internationally. The company offers sparkling soft drinks, adult sparkling, hydration drinks, juices, ready-to-drink tea, energy drinks, dairy, coffee, water, plant-based drinks, premium spirits and flavored alcoholic beverages, and snacks. It 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; and distributes third-party products, such as Monster energy drinks, and beer. The company serves retail outlets, include supermarkets, discounters, convenience stores, wholesalers, hotels, restaurants, cafés, and e-commerce retailers. Coca-Cola HBC AG was founded 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 €11.6B in FY2025 versus €7.2B in FY2021, a compound +12.8%/yr. Reported net income was €940M in FY2025, compounding +14.5%/yr from FY2021.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€11.6B
Latest YoY
+7.9%
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.
+8.1%
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.
+13.6%
Avg. revenue growth/yr (10Y) 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.
+6.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+16.3% (14.0 + 2.3)
Revenue +12.8%/yr
FY21 €7.2B
FY22 €9.2B
FY23 €10.2B
FY24 €10.8B
FY25 €11.6B
Net income +14.5%/yr
FY21 €547M
FY22 €415M
FY23 €637M
FY24 €821M
FY25 €940M

EEE screens 13% overvalued. Compare with PepsiCo, Inc →

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

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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 22, 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 (EEE) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of €46.77 versus a price of €52.80, about −11% upside (overvalued).
What is the fair value of EEE?
Our model-based fair value for Coca-Cola HBC AG is €46.77 (as of Aug 22, 2026), built from audited fundamentals. The current price: €52.80.
What is the quality score of EEE?
Coca-Cola HBC AG has a Quality Score of 66/100. 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 (EEE)?
Coca-Cola HBC AG reported trailing-twelve-month revenue of about €11.6B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of EEE?
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 22, 2026).
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