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Coca-Cola Hellenic

Coca-Cola HBC AG (Hellenic) is responsible for the manufacturing, merchandising and distribution of beverages to customers and vending partners. It distributes products through licensed territory agreements across Europe and also Nigeria. The Coca-Cola Company (TCCC) indirectly holds a 22.96% share in Hellenic, while Kar-Tess Holding, a Luxembourg-based company linked to the wealthy Greek David-Leventis family, is the largest shareholder with 23.0%. Brands licensed from TCCC account for around 69% of the company's volume. The remainder derives from four other categories: the company's own brands (i.e. Amita, Fruice), products licensed from third parties (including Nestea from Nestlé) and distribution of third-party products. The company operates in 28 markets and enjoys market leadership in all bar one (Slovakia). Russia is the company's largest country market, accounting for 17% of the group's revenue in 2017, with Italy and Nigeria contributing 14% and 8%, respectively. (22 Oct 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Coca-Cola HBC AG: Small Share Buyback

Worth Watching: 03 Dec 2018, 6:28 AM ET - Coca-Cola HBC AG (CCHLN: Baa1/BBB+/NR), often known as Hellenic, where we hold an Underperform opinion relative to its European food & beverage peers, announced today a share buyback programme that wasn't large enough to imply that large M&A wa ..
Focused

Coca-Cola HBC: 3Q18 – Fizzing but Thirsty for M&A

Worth Watching: 08 Nov 2018, 10:16 AM ET - Coca-Cola HBC (CCHLN: Baa1/BBB+/NR), often known as Hellenic, where we hold an Underperform opinion relative to its European food & beverage peers, reported solid 3Q18 trading which led management to confirm its revenue and margin growth guidanc ..

October 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the ten companies on which we launched coverage in North American and Europe during the month of October.
Focused

Coke Bottlers: CCBA Sale Delayed Until 2019

Worth Watching: 31 Oct 2018, 12:15 PM ET - Coke Bottlers: The Coca-Cola Company (TCCC) updated the market yesterday (30 Oct 2018) during its 3Q18 conference call with the news that it now expects to sell an equity stake in Coca-Cola Beverages Africa (CCBA) in 2019 rather than by the end ..

Coca-Cola Euro Partners 3Q18: Summer Never Lasts

IG Note: 25 Oct 2018, 3:40 PM ET - Despite a sparkling summer which led to double-digit rises for revenue and operating profit in 3Q18, management left full year guidance unchanged as the company cycles a tougher comp next quarter. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Spotlight on Coca-Cola HBC AG: Underperform

Company Spotlight: 15 Oct 2018, 11:27 PM ET - We initiate coverage on Coca-Cola HBC AG (Hellenic), the world's fourth largest independent Coca-Cola bottler based on revenue, since we believe that there is a high chance that the company might announce major M&A in the next few months. 

Coca-Cola Euro Partners: 2Q18 - Still Fine

Worth Watching: 09 Aug 2018, 1:30 PM ET - Coca-Cola Euro Partners (CCE: A3/BBB+/BBB+) reported 2Q18 results that looked neutral overall for the company's bonds. Revenue and operating profit were broadly flat year on year, albeit volume declined. LTM credit metrics improved modestly yea ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.

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