Tacirler Investment Company Report

CCOLA – A Sparkling Investment 

We are renewing our target price for Coca-Cola İçecek to 672.00 TL per share in line with strong performance and growth targets. While our 12-month target price indicates 66% return potential, we maintain our BUY recommendation. The main catalysts of our valuation are; i) high food inflation and strong domestic market demand, ii) new market gains with effective growth strategy, iii) strong outlook in export sales volumes and iv) improving profitability margins with strong operational growth. In our 2023T period forecasts, CCOLA is traded at 6.0x EV/EBITDA and 11.3x P/E multipliers, and in our 2024T period forecasts, it is traded at 3.4x EV/EBITDA and 5.8x P/E multipliers.