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Investing.com -- European beverage stocks will enter 2026 offering broad valuation appeal after another year of weak share price performance, though the sector remains cheap for a reason and will require clearer delivery on earnings to unlock upside.
Analyst Mitch Collett said 9 of 10 companies in the group trade at a discount to the wider European staples sector on 12 month forward earnings, and most also sit below their long term average multiples. Six trade at a discount to the P/E range seen in 2000 to 2005.
This creates meaningful opportunities if companies can show steadier growth next year.
Analysts downgraded Anheuser Busch InBev to Hold and cut its price target to EUR59 from EUR64.
Diageo was kept at Hold with a reduced target of 1790p. Remy Cointreau stayed at Sell with a slightly higher EUR32 target.
Upgrades were more limited. Heineken was raised to Buy with a new EUR84 target from EUR74.
Ratings were unchanged for Carlsberg at Buy with a lower DKK1130 target, Coca Cola Europacific Partners at Buy with a higher 8340p target, Coca Cola Hellenic at Buy with a slightly reduced 4470p target, and Royal Unibrew at Buy with a modestly higher DKK640 target.
Collett wrote that the sector’s long running problems, including weak earnings delivery and rising structural concerns, have kept investors cautious.
Disappointing 2025 performance added to those worries. He said the best risk reward now lies in companies less exposed to those headwinds and in those positioned to post reasonable growth in 2026, adding that buying the least challenged names should work in the current backdrop.