Goldman Sachs has initiated coverage of Coca-Cola Hellenic Bottling Co. The broker has pegged the shares at 'outperform' with a fair value of €29.

In a note to clients, Goldman Sachs said that it finds the company's growth profile attractive and has confidence in the management's ability to generate superior growth relative to its soft drinks peers.

The broker added that the company should benefit from improving returns, a better relationship with the Coca-Cola Company, innovation and strong cost management.

Consequently, Goldman Sachs said it believes that there is upside from the current valuation.