Coca-Cola Europacific Partners (CCEP)

• Market cap: $34.6B
• 1 day: 0.62%
• 5 days: -4.38%
• 1 month: -1.08%
• 3 months: -7.30%
• 6 months: 2.45%
• Year to date: 13.05%
• 1 year: 16.60%
• 5 years: 48.62%
• 10 years: 68.35%

About: CCEP is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, and primarily operates in developed Europe (80% of 2023 revenue and EBIT) and Australasia (20%).In 2023, CCEP sold 3.3 billion unit cases of beverages, which we estimate equates to roughly 9% of the global Coke system volume. Coke's largest bottler, Coca-Cola Femsa sold 4 billion unit cases (12%), and the third-largest, Coca-Cola HBC, serving Eastern Europe and North Africa, sold 2.8 billion unit cases (8%).TCCC owns 19% of the equity of CCEP, Olive Partners, a holding company of bottling operations, owns a further 36%, and the remaining 45% is free float.

Employees: 33,295

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

456% more call options, than puts

Call options by funds: $177M | Put options by funds: $31.8M

53% more first-time investments, than exits

New positions opened: 69 | Existing positions closed: 45

5% more funds holding

Funds holding: 492 [Q2] → 516 (+24) [Q3]

1% more capital invested

Capital invested by funds: $10.7B [Q2] → $10.8B (+$140M) [Q3]

2.06% less ownership

Funds ownership: 31.88% [Q2] → 29.82% (-2.06%) [Q3]

11% less repeat investments, than reductions

Existing positions increased: 175 | Existing positions reduced: 197

50% less funds holding in top 10

Funds holding in top 10: 8 [Q2] → 4 (-4) [Q3]

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $82 9% upside
• Avg. target: $85 13% upside
• High target: $90 20% upside

4 analyst ratings

• positive: 3 75%
• neutral: 1 25%
• negative: 0 0%

UBS Sanjeet Auija 50% 1-year accuracy 1 / 2 met price target	20% upside $90	Buy Maintained	12 Dec 2024
Bernstein Nadine Sarwat 0 / 0 met price target	9% upside $82	Market Perform Initiated	3 Dec 2024
Barclays Lauren Lieberman 46% 1-year accuracy 41 / 90 met price target	14% upside $86	Overweight Maintained	7 Nov 2024
Evercore ISI Group Robert Ottenstein 47% 1-year accuracy 7 / 15 met price target	9% upside $82	Outperform Maintained	6 Nov 2024