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Coca-Cola Europacific Partners (CCEP; Baa1, NR, BBB+; Stable) {CCEP NA Equity} 1Q24 Results

CONSUMER CYCLICALS

FY guidance is unch on 1Q results, we don't see near term rating risk with leverage cycling lower on EBIT growth. Coca-Cola reports next week; CCEP has a 1-notch uplift on KO (A1, A+; S) support.

  • The bottler/distributor has reported 1Q sales at (adj.) €4.7b at comparable growth of +5.3% (gross +7.5%) driven by revenue per unit case growth of +3.4% and +2% increase in volume.
  • Volume growth was in Australia/SE Asia (+8.1%) and offset Europe -1.4%. * FY24 guidance largely unch (& in line with medium term objectives) at organic revenue growth at +4% (c+4.3%), comparable EBIT growth of +7%, FCF at €1.7b (c€1.9b) & is net of expected 5% capex spend.
  • Reaffirms dividend payout ratio at 50% (c~50%/€900m)

Earnings call at midday London; https://edge.media-server.com/mmc/p/hrsihmv5/
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