Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Coca-Cola HBC AG (CCH.L)

Price updated 06 Nov 2026 09:55; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 13:18.

Starts from Fiscal year 2025 financials in GBP and a share price of GBP 41.18. Growth begins at 15.5% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 14.9%, net 8.1%, free cash flow 6.4% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Year 1 uses analyst consensus revenue growth (22.2%); year 2 is halfway back to the model's own path.
GBP 40.86Model fair value (Free-cash-flow DCF); range GBP 28.99 to GBP 62.95
-1%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; annual data only; profit and cash flow steady for 3 years.

11.5%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
GBP 24.40BRevenue in year 10 (base)
GBP 1.98BNet income in year 10 (base)
GBP 1.57BFree cash flow in year 10 (base)
GBP 2.17Dividend per share in year 10 (base)
GBP 105.07Implied share price in year 10 (base), today GBP 41.18
10.5%Year-10 free cash flow per share vs today's price

Free cash flow over time

GBP 0 GBP 533.62M GBP 1.07B GBP 1.60B GBP 2.13B FY2020 FY2022 FY2024 Fiscal year 2025 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 16.2% GBP 1.14B 6.4%
Base 22.2% GBP 1.57B 9.9%
Bull 28.2% GBP 2.13B 13.3%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
Fiscal year 2025– GBP 9.51BGBP 1.42BGBP 770.33MGBP 611.09M 2.121.680.848.8441.18
Year 122.2% GBP 11.62BGBP 1.73BGBP 941.65MGBP 746.99M 2.592.061.0310.4150.28
Year 218.2% GBP 13.73BGBP 2.05BGBP 1.11BGBP 882.58M 3.062.431.2212.2559.34
Year 312.6% GBP 15.46BGBP 2.31BGBP 1.25BGBP 993.82M 3.452.741.3714.3366.74
Year 411.1% GBP 17.18BGBP 2.57BGBP 1.39BGBP 1.10B 3.843.041.5316.6374.09
Year 59.7% GBP 18.85BGBP 2.81BGBP 1.53BGBP 1.21B 4.213.341.6719.1781.18
Year 68.2% GBP 20.40BGBP 3.05BGBP 1.65BGBP 1.31B 4.553.611.8121.9187.86
Year 76.8% GBP 21.78BGBP 3.25BGBP 1.77BGBP 1.40B 4.863.861.9424.8393.81
Year 85.3% GBP 22.94BGBP 3.42BGBP 1.86BGBP 1.47B 5.124.062.0427.9198.79
Year 93.9% GBP 23.82BGBP 3.56BGBP 1.93BGBP 1.53B 5.324.222.1231.11102.61
Year 102.4% GBP 24.40BGBP 3.64BGBP 1.98BGBP 1.57B 5.444.322.1734.39105.07

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.