Starting coverage of the Greek-based Coke bottler Coca Cola Hellenic Bottling (CCHBC), the investment bank JP Morgan said the company was attractively valued in relation to its peers.
The bank gave CCHBC an “overweight”.
“The stock trades at a discount to bottlers like CCE and Amatil due to a misperception of risk and in part because it has been dragged down by a decline in the Athens Stock Exchange,” said the report this week.
Pointing out that 70% of CCHBC’s core profits came from markets in the euro zone, JP Morgan said the “higher risk” discount to global peers was not warranted.
