Coca Cola İçecek (CCOLA) Company Report

We are raising our target price for Coca-Cola İçecek from TL 672.00 per share to TL 985.00, in line with strong performance and growth targets. Our 12-month target price indicates a potential return of 36%, and we maintain our BUY recommendation. The main catalysts for our valuation are: i) the positive impact of market gains on sales volumes, and ii) the continuation of high operational profitability. For the 2024T period, our estimates for CCOLA show a 7.6x EV/EBITDA and 9.6x P/E ratios, and for the 2025T period, it trades at 5.4x EV/EBITDA and 6.8x P/E ratios.