5/12/2022 11:39 AM
Recommendation: We issue a Buy rating and target price of CZK381 for soft drinks producer Kofola CeskoSlovensko (the recommendation and target price were in revision). Kofola is one of the main players on the nonalcoholic beverages market in Central and Eastern Europe. The company’s portfolio primarily relies on carbonated drinks and mineral waters. The pandemic and related restrictive measures have had a significant impact on Kofola’s results, especially in the HoReCa sector. The company’s numbers have recovered to pre-pandemic levels, and we believe there is still a significant upside. We expect all three segments (CzechoSlovakia, Adriatic region and Fresh&Herbs) to organically grow in the future. Moreover, another avenue is presented in the M&A where Kofola is fairly active.
Autor: Bohumil Trampota,Kevin Tran Nguyen
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