Nomura Securities Starts Coca-Cola Hellenic Bottling (CCH) at Neutral; Reducing PT & Estimates

Nomura Securities initiates coverage on Coca-Cola Hellenic Bottling (NYSE: CCH) with a Neutral. PT EUR12.50.

Analyst, Edward Murphy, said, "We reduce our FY11 and FY12 earnings forecasts by 9% and 11% respectively to reflect weak Q4 reporting (releases numbers on 15 Feb), FX headlines and slower top-line momentum in 2012 given the challenging macro backdrop – this drives our PT down from EUR 14 to EUR 12.5. For FY12, we now expect EPS of EUR 0.88 vs. consensus of EUR 0.95. Given the company’s exposure to a number of fragile economies, we also see the risk of growth of the modern retail channel, where price-led promotional activity has an adverse effect on net revenue per case. While in the long-term we expect volumes, pricing and margins to return to their pre-2008 levels, we remain cautious on the shares in the near-term with the stock trading on 15.8x ‘12E, in line with the European beverages average."

For an analyst ratings summary and ratings history on Coca-Cola Hellenic Bottling click here. For more ratings news on Coca-Cola Hellenic Bottling click here.

Shares of Coca-Cola Hellenic Bottling closed at $19.01 yesterday.

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