CCEP - Coca-Cola Europacific Partners: Limited Upside Despite Improved Growth Profile

2024-07-05 13:45:44 ET

Summary

• Shares of Coca-Cola Europacific Partners have done well since my previous update last October, outperforming the wider global staples space by around 20 points.
• Sales growth remains robust and ahead of management's growth algorithm, with the company looking at an interesting mix of near and longer-term growth drivers on the horizon.
• That said, the 30%-plus total return since my last piece has left the valuation looking rich here, with little upside left unless growth meaningfully overshoots management targets.

Shares of Coca-Cola Europacific Partners ( CCEP ) have enjoyed a good spell since my last update on the firm, significantly outperforming the broader global staples space ( KXI ) with a circa 30% total return in that time....

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