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Coca-Cola HBC AG

CCHGY
57
Beverages - Non-Alcoholic · Consumer Defensive
Price
$61.06
-0.72 (-1.17%)
Market Cap
$22.25B
Exchange
Other OTC
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Good
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Mixed
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§Winston Score History

The full picture

Coca-Cola HBC is one of the largest bottlers of Coca-Cola products in the world. It produces, distributes, and sells drinks like Coca-Cola, Fanta, Sprite, and various water, juice, coffee, and energy drink brands. The company serves retailers, restaurants, and other food-service customers across roughly 29 countries, mainly in Europe and parts of Africa.

Coca-Cola HBC makes money by buying concentrate from The Coca-Cola Company, turning it into finished beverages, and selling them to stores and businesses. It is headquartered in Switzerland and listed in London, with a market cap around $22 billion. Its long-term partnership with The Coca-Cola Company and extensive distribution network across emerging and developed markets give it a strong competitive position. Key growth drivers include expanding into premium and non-carbonated drink categories, though currency swings and input cost inflation in its diverse geographic footprint remain ongoing risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

47.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€4.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Coca-Cola HBC AG is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 366.3M (2021) → 363.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
37.7%
Modest — 37.7% gross margin
Profit after running costs
Operating Margin
11.9%
Modest — 11.9% operating margin
Return on the money invested
ROCE
14.1%
Good — 14.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.8%
Steady sales growth (+9.8% YoY)
Profit growth
EPS YoY
+10.0%
Earnings growing (+10.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
160%
Turns 160% of profit into real cash
Spare cash per sale
FCF Margin
6.1%
Modest free cash flow (6.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.44
Elevated debt (1.44)
Covers its interest
Interest Cover
8.91x
Comfortably covers interest (8.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
22.1x
Growth-priced — P/E 22.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (22.1 → 14.6)

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Dividends

Dividend
Dividend Yield
2.15%
Moderate income — 2.15% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-17.0%
Dividend cut (-17.0% YoY) — warning sign

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