Coca-Cola Europacific Partners plc (CCEP)
NEUTRALファンダメンタル
60
株価
$109.90
時価総額
$47.70B
パート1 · 企業の価値
概要
Coca-Cola Europacific Partners does not make Coca-Cola's recipe or set its marketing; it is the independent bottler that turns concentrate supplied by The Coca-Cola Company into finished drinks and gets them onto shelves and into fridges across Europe, Australia, the Pacific and Indonesia. It owns the factories, trucks and delivery routes, negotiates with individual retailers, and also bottles some Coca-Cola-owned brands like Costa Coffee alongside sparkling and still drinks under long-term bottling agreements.
収益の仕組み
Revenue is unit case volume multiplied by price, shaped by which brands, package sizes and sales channels each case comes from: a can sold through a vending machine or a bar earns a different margin than a large bottle sold in a supermarket. CCEP owns the manufacturing, packaging and delivery, letting it capture wholesale and retail margin, but it pays for concentrate and shares brand investment with The Coca-Cola Company, so its own pricing and product decisions stay bounded by the bottling agreement.
セグメント別売上高
Bottling and distribution across most of Western and parts of Central Europe, CCEP's original and largest geography.
Bottling and distribution in Australia, the Pacific islands, the Philippines and Indonesia, added through mergers that turned CCEP from a European into a global bottler.
競争優位性(moat)
規模の経済 · 狭いOwning the region's densest bottling plants and delivery routes for Coca-Cola brands is expensive to replicate, and the long-term bottling agreements give CCEP exclusivity in its territories. The advantage is narrow rather than wide because it depends entirely on The Coca-Cola Company continuing to want CCEP as its bottler and on Coca-Cola brands themselves staying popular; CCEP has no control over the product's formulation or brand strategy.
需要を左右する要因
ディフェンシブSoft drinks are a low-ticket, habitual purchase that people keep buying through recessions, which makes overall volume fairly steady. The more variable part is mix: consumers can trade down from premium packages or immediate-consumption channels like bars and vending toward cheaper large-format packs at the supermarket, which lowers average price even if volume holds up.
主なリスク
- Dependence on The Coca-Cola Company — Nearly all of CCEP's revenue comes from Coca-Cola-branded products, and it is the sole supplier of the concentrates and syrups needed to make them. Any strategic shift or reputational problem at The Coca-Cola Company affects CCEP directly, and CCEP does not control marketing or product formulation.
- Bottling agreement is not owned outright — CCEP's right to bottle Coca-Cola products rests on long-term agreements rather than owning the brand; the terms of those agreements, including territory and product scope, are negotiated with and can be changed by The Coca-Cola Company.
- Input cost and currency exposure — As a manufacturer operating across many currencies, CCEP is exposed to swings in packaging, sugar and energy costs and to foreign-exchange movements between its many European, Australian and Indonesian markets.
強気材料
Buyers argue that owning the exclusive bottling rights for the world's leading soft-drink brand across a large, diversified set of markets provides steady, recession-resistant cash flow, and that continued mix shift toward premium packaging and immediate-consumption channels can keep growing revenue even where volume growth is modest.
弱気材料
Sellers fear that a business this dependent on a single brand owner has little room to diversify away from decisions made in Atlanta, that rising health consciousness and sugar taxes could weigh on sparkling-drink volumes over time, and that input-cost inflation can compress margins in a business with limited pricing power of its own.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$18.99B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$1.96B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$1.58B
自己資本合計
$9.64B
負債合計
$12.19B
流動比率
0.89
利払い倍率
-
負債/EBITDA
3.45
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$105.25
現在株価
$109.90
安全マージン
-4.4%
適正価値レンジ
$88.21 - $122.30
推定方法
バリュエーション指標
P/E レシオ
24.80
ROE
23.5%
P/B レシオ
5.90
P/FCF
30.13
粗利益率
36.3%
ROIC
10.3%
収益性レーダー
Value Creation (Economic Moat)
ROIC
10.3%
WACC
6.4%
ROIC − WACC
+4.0 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格(13)
- Price CAGR 13.15%
- ROIC 10.4%
- Gross Margin 36.3%
- Debt/Equity ratio
- Operating Margin 12.7%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 24.8%
- Revenue Growth 5Y 9.4%
- Analyst Consensus 73% Buy
- Earnings Quality (OCF/NI) 1.55
- Net Margin Trend 9.3% vs 6.9%
不合格(8)
- P/FCF 30.13
- P/B Ratio 5.90
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -0.1%
- PEG Ratio 2.11
- Piotroski F-Score 2/9
データなし(6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Damian Paul Gammell | CEO & Executive Director | 55 |
| Mr. Ed Walker | Chief Financial Officer | - |
| Ms. Francesca Faure | Chief Information Officer | - |
| Sarah Willett | Vice President of Investor Relations | - |
| Ms. Svetlana Walker | General Counsel & Company Secretary | - |
| Ms. Veronique Vuillod | Chief People & Culture Officer | - |
| Mr. Stephen Clifford Moorhouse | Chief Customer Service & Supply Chain Officer | 58 |
| Mr. Leendert den Hollander | Chief Strategy Officer | 56 |
| Mr. Stephen Lusk | Chief Commercial Officer | - |
| Joe Franses | Vice President of Sustainability of CCEP | - |
監査リスク
1
取締役会リスク
7
報酬リスク
4
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for CCEP, sourced from Markets Gazette.