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The full-year results for Coca-Cola Europacific Partners PLC (AMS:CCEP) were released last week, making it a good time to revisit its performance. Coca-Cola Europacific Partners reported €17b in revenue, roughly in line with analyst forecasts, although statutory earnings per share (EPS) of €3.29 beat expectations, being 6.6% higher than what the analysts expected. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.
Check out our latest analysis for Coca-Cola Europacific Partners
Taking into account the latest results, the consensus forecast from Coca-Cola Europacific Partners' 16 analysts is for revenues of €18.1b in 2023, which would reflect a reasonable 4.5% improvement in sales compared to the last 12 months. Statutory per-share earnings are expected to be €3.36, roughly flat on the last 12 months. Before this earnings report, the analysts had been forecasting revenues of €18.1b and earnings per share (EPS) of €3.37 in 2023. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.
The analysts reconfirmed their price target of €59.55, showing that the business is executing well and in line with expectations. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on Coca-Cola Europacific Partners, with the most bullish analyst valuing it at €69.00 and the most bearish at €46.50 per share. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Coca-Cola Europacific Partners' past performance and to peers in the same industry. We would highlight that Coca-Cola Europacific Partners' revenue growth is expected to slow, with the forecast 4.5% annualised growth rate until the end of 2023 being well below the historical 7.9% p.a. growth over the last five years. Compare this to the 81 other companies in this industry with analyst coverage, which are forecast to grow their revenue at 5.2% per year. Factoring in the forecast slowdown in growth, it looks like Coca-Cola Europacific Partners is forecast to grow at about the same rate as the wider industry.