Key risks that could prevent the achievement of our target price include: (1) better or worse consumer demand in the main markets, relative to our expectations; (2) higher- or lower-than-expected commodity costs, for example sugar and PET; (3) good or bad weather in key markets; (4) implementation of tax increases or other regulatory changes that target soft drinks; (5) non-alignment of strategic, financial and operational goals with The Coca-Cola Company, which supplies concentrate and central marketing, impeding CCH from achieving its own growth targets; (6) transactional FX risks; and (7) CCH could do transformational M&A that could result in upgrades to our estimates, however this may not materialise, potentially leading to some P/E de-rating.