Our target price for CCI is TL70.0, based on a target EV/EBITDA of 7x applied to our 2025 estimate, in line with YE multiples average over the last 5 years.

The following risks may impede the achievement of our target price:
(1) A sharp slowdown in domestic consumption: Political instability could affect consumer sentiment. (2) Currency devaluation: With all sales generated from emerging markets, Coca-Cola Icecek is vulnerable to local currency devaluation. (3) A pricing war in the core markets: New competitors emerging in the soft drinks market could drive prices and margins lower.(4) Increased raw material costs: Increased sugar prices and packaging costs have the potential to drive margins below our expectations. (5) Acquisition overpayment: There is a risk that Coca-Cola Icecek may end up paying over fair value to continue its international expansion at the expense of shareholder value.