September 16, 2024 11:21 GMT
Coca-Cola (CCEP: Baa1/NR/BBB+) 7.5Y Guidance
CONSUMER STAPLES
- exp. €500m 7.5Y Guidance +100 (+/-2) WPR vs. FV +90 (8-12bp NIC)
- rare to see a HSD NIC in high-grade non-cyclical. Books are still firm at >€2.75b.
- the bottler not the concentrate producer KO. KO has a 19% stake in CCEP.
- Equal-rated brewers and spirit players below - no firm view on its curve which looks fair.
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