Coca-Cola İçecek Target Price Update

CCOLA announced its 4Q24 financial results with a net loss of TL351 million, significantly below the market expectation of TL2,182 million and our own estimate. The pressure on gross profitability from its Turkey operations and the contraction in operational margins impacted the results. We view the results as slightly negative. However, we find the company’s forward-looking guidance and the strategic process shared during the investor meeting positive. Accordingly, we revise our 12-month target price for CCOLA from TL84.00 to TL80.00 while maintaining our 'BUY' recommendation. Based on our target price, which implies a 46% upside potential, the company is trading at 6.8x P/E and 5.5x EV/EBITDA multiples in line with our 2025 estimates.