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J.P Morgan increases target price for Coca-Cola Hellenic

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The worst of the margin pain is now behind CCH J.P Morgan sais in a report published yesterday and sees a return to 20%+ EPS growth in FY13E/14E/15E as the severe input cost headwinds of FY11 and FY12E ameliorate significantly.

The bank expects the shift in CCH’s primary listing from Athens to London to precipitate a substantial re-rating through time (with passive index demand totaling 10% of the free float).

J.P Morgan increases target price at €23 (previously €20)  based on DCF model and assuming EV/EBITDA parity with other “mature” market Coke bottlers.
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