Down goes our EBIT by 7% over 2014-16, hopefully for the last time, mainly due to FX headwinds and on weaker than expected Italy, Ukraine and Poland. Operating leverage; 1% beat on 2015 & 2016 sales could up our target price by E2.5. This could be derived by a better Greece/Nigeria/Italy/Romania and why not Russia. On the other hand we lack conviction to discounting this and maintain our DOI rating.

4Q was unexciting with volume +1%, of which developing was -5% and emerging +4%.  E per case down 2.7% (-1.9% in 3Q, -1.5% in 2Q) on our calculations. In 2013 net income was E221m and FCF at E444m, broadly in line with our estimates. We model EBIT margin at 6.4% this year, 7.6% next and 8.2% in 2016E. We believe to own the shares would warrant … to access this report  contact@researchgreece.com

3Q was unexciting with sales -5% and comparable EBIT margin upping 40 bps at 10.8% on our calculations; this is in the price. We model EBIT margin at 6.2% this year, 7.4% next and 9% in 2015E. We still believe is very hard to achieve double digit margins in 2014. We agree with management 2013 to be the inflexion year for operating margins… to access this report  contact@researchgreece.com