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CCE

Coca-Cola European Partners

$36.01

-0.06 (-0.17%)

07:33
03/21/17
03/21
07:33
03/21/17
07:33

Coca-Cola European Partners affirms FY17 guidance

For 2017, CCEP affirms prior guidance, including expectations of modest low single-digit revenue growth, with operating profit and diluted earnings per share growth to be up high single-digits. Excluding synergies, CCEP expects core operating profit growth to modestly exceed revenue growth. Each of these growth figures are on a comparable and fx-neutral basis when compared to the 2016 pro forma comparable results. At recent rates, currency translation would reduce 2017 full-year diluted earnings per share by approximately 2.0 percent. The Company expects 2017 free cash flow in a range of EURO$700 million to EURO$800 million, including the expected benefit from improved working capital offset by the impact of restructuring and integration costs. Capital expenditures are expected to be in a range of EURO$575 million to EURO$625 million, including EURO$75 million to EURO$100 million of capital expenditures related to synergies. Weighted-average cost of debt is expected to be approximately 2.0 percent. The comparable effective tax rate for 2017 is expected to be in a range of 24 percent to 26 percent. CCEP does not expect to repurchase shares in 2017. CCEP remains on track to achieve pre-tax run-rate savings of EURO$315 million to EURO$340 million through synergies by mid-2019. Further, CCEP expects to exit 2017 with run-rate savings of approximately one-half of the target. Restructuring cash costs to achieve these synergies are expected to be approximately 2 1/4 times expected savings and includes cash costs associated with pre-transaction close accruals. Given these factors, currency exchange rates, and our outlook for 2017, CCEP expects year-end net debt to EBITDA for 2017 to be under 3 times.

  • 21

    Mar

  • 21

    Mar

CCE Coca-Cola European Partners
$36.01

-0.06 (-0.17%)

01/09/17
01/09/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Accenture (ACN) initiated with an Outperform at William Blair. 2. Coca-Cola European Partners was initiated with an Overweight at Barclays, while Coca-Cola (KO) and Dr Pepper Snapple (DPS) were initiated with an Equal Weight. 3. TiGenix (TIG) was initiated with a Buy at BofA/Merrill, a Buy at Canaccord, and an Outperform at Cowen. 4. WildHorse Resource (WRD) was initiated with an Overweight at Barclays, an Overweight at Piper Jaffray, an Outperform at Wells Fargo, a Buy at BofA/Merrill, a Buy at Guggenheim, and an Outperform at BMO Capital. 5. Hormel Foods (HRL) initiated with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/17
UBSW
01/11/17
UPGRADE
Target $38
UBSW
Buy
Coca-Cola European Partners upgraded to Buy from Neutral at UBS
UBS analyst Stephen Powers upgraded Coca-Cola European Partners to Buy citing a "compelling" valuation following the recent selloff and his belief the company's top-line progress can be sustained into FY17. The analyst raised his price target for the shares to $38 from $35.
03/07/17
ARGS
03/07/17
INITIATION
Target $44
ARGS
Buy
Coca-Cola European Partners initiated with a Buy at Argus
Argus analyst Stephen Biggar initiated Coca-Cola European Partners with a Buy and a $44 price target citing attractive valuation and favorable earnings outlook.
03/07/17
03/07/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Aduro Biotech (ADRO) reinitiated with a Buy at Roth Capital. 2 Foundation Building Materials (FBM) initiated with a Buy at SunTrust and Citi, an Outperform at Raymond James and RBC Capital, and an Overweight at Barclays. 3. Coca-Cola European Partners (CCE) initiated with a Buy at Argus. 4. Agrium (AGU) initiated with an Outperform at Bernstein. 5. Teleflex (TFX) initiated with a Buy at Needham. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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HUN

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VRX

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AEM

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HUN

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PSIX

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FB

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ISTR

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URBN

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