Coca-Cola Europacific Partners: Earnings Can Keep Compounding

Coca-Cola Europacific Partners earns a buy rating, driven by diversified growth levers beyond price increases. CCEP's robust local bottling and distribution network enables volume and mix improvements through energy drinks, zero-sugar options, smaller packs, and APS expansion. Management guides to 3–4% revenue and ~7% operating profit growth in FY2026, with at least EUR1.7 billion in comparable free cash flow. Valuation at ~20x NTM PE appears justified by earnings growth and capital returns, supporting an 18% total return expectation by FY2027.

I recommend a buy rating for Coca-Cola Europacific Partners ( CCEP ). My view is that CCEP has more ways to grow than simply raising the price of Coke. Its local bottling and distribution network