Comparable Company Analysis

The Coca-Cola Company
Benchmarking Analysis - Financial Statistics and Ratios, Page 1
($ in millions, except per share data)

				Market Valuation				LTM Financial Statistics								LTM Profitability Margins			Growth Rates 1 year
																			Revenue		EBITDA		EPS
Company			Ticker	Equity Value		Enterprise Value		Revenue		EBITDA		EBIT		Net Income		EBITDA (%)	EBIT (%)	Net Income (%)	Hist. 1-year	Est. 1-year	Hist. 1-year	Est. 1-year	Hist. 1-year	Est. 1-year
The Coca-Cola Company			KO	$ 211,820.6		$ 220,343.5		$ 33,471.0		$ 11,313.0		$ 9,807.0		$ 8,359.0		34%	29%	25%	(7%)	(11%)	(0%)	(9%)	7%	(8%)

PepsiCo, Inc.			PEP	195,961.4		222,991.3		68,557.0		12,583.0		10,632.0		7,094.0		18%	16%	10%	4%	4%	(3%)	4%	(43%)	5%
Keurig Dr Pepper Inc.			KDP	45,918.7		61,301.8		11,431.0		3,524.0		2,836.0		1,303.0		31%	25%	11%	4%	4%	12%	11%	16%	60%
Monster Beverage Corporation			MNST	46,879.0		43,689.4		4,419.6		1,611.2		1,548.4		1,192.8		36%	35%	27%	8%	8%	10%	13%	12%	11%
National Beverage Corp.			FIZZ	6,040.1		5,674.2		1,050.4		225.3		207.8		161.1		21%	20%	15%	8%	7%	34%	30%	37%	29%

Mean																27%	24%	16%	6%	6%	13%	14%	6%	26%
Median																26%	22%	13%	6%	6%	11%	12%	14%	20%

High																36%	35%	27%	8%	8%	34%	30%	37%	60%
Low																18%	16%	10%	4%	4%	(3%)	4%	(43%)	5%
The Coca-Cola Company
Benchmarking Analysis - Financial Statistics and Ratios, Page 2
($ in millions, except per share data)

				General		Return on Investment				LTM Leverage Ratios			LTM Coverage Ratios
Company			Ticker	FYE	Beta	ROIC (%)	ROE (%)	ROA (%)	Implied Div. Yield (%)	Debt / Tot. Cap. (%)	Debt / EBITDA (x)	Net Debt / EBITDA (x)	EBITDA / Int. Exp (x)	(EBITDA - Cpx) / Int. (x)	EBIT / Int. Exp. (x)
The Coca-Cola Company			KO	Dec-31	0.58	13%	41%	9%	14%	79%	6.8x	4.9x	12.9x	11.1x	11.2x

PepsiCo, Inc.			PEP	Dec-28	0.58	14%	51%	8%	12%	85%	6.2x	5.5x	11.7x	7.7x	9.9x
Keurig Dr Pepper Inc.			KDP	Dec-31	0.61	6%	6%	3%	7%	53%	7.4x	7.3x	5.7x	5.0x	4.6x
Monster Beverage Corporation			MNST	Dec-31	1.11	39%	27%	22%	0%	19%	0.7x	(0.4x)	NM	NM	NM
National Beverage Corp.			FIZZ	May-02	1.37	61%	34%	24%	0%	26%	0.9x	(0.9x)	90.2x	80.4x	83.2x

Mean						30%	29%	14%	5%	46%	3.8x	2.9x	73.1x	66.6x	68.8x
Median						27%	30%	15%	4%	39%	3.5x	2.5x	51.0x	44.0x	46.6x

High						61%	51%	24%	12%	85%	7.4x	7.3x	NM	NM	NM
Low						6%	6%	3%	0%	19%	0.7x	(0.9x)	5.7x	5.0x	4.6x
The Coca-Cola Company
Comparable Companies Analysis
($ in millions, except per share data)

						Enterprise Value /											Price /
Company	Ticker	Current Share Price	% of 52-wk high	Equity Value	Enterprise Value	LTM Revenue	2021E Revenue	2022E Revenue	LTM EBITDA	2021E EBITDA	2022E EBITDA	LTM EBIT	2021E EBIT	2022E EBIT	LTM EBITDA Margin	Total Debt / EBITDA	LTM EPS	2021E EPS	2022E EPS
The Coca-Cola Company	KO	$ 48.5	81%	$ 211,820.6	$ 220,343.5	6.6x	6.7x	6.0x	19.5x	20.2x	18.2x	22.5x	23.1x	20.6x	34%	6.8x	25.1x	25.6x	22.9x

PepsiCo, Inc.	PEP	138.0	93%	195,961.4	222,991.3	3.3x	3.2x	3.0x	17.7x	17.0x	15.5x	21.0x	21.3x	19.6x	18%	6.2x	27.3x	25.3x	23.4x
Keurig Dr Pepper Inc.	KDP	33.2	NM	45,918.7	61,301.8	5.4x	5.3x	5.1x	17.4x	16.4x	15.0x	21.6x	19.1x	17.4x	31%	7.4x	36.5x	23.6x	20.6x
Monster Beverage Corporation	MNST	85.9	90%	46,879.0	43,689.4	9.9x	9.6x	8.6x	27.1x	26.2x	23.3x	28.2x	27.2x	24.2x	36%	0.7x	38.7x	38.1x	33.7x
National Beverage Corp.	FIZZ	181.5	NM	6,040.1	5,674.2	5.4x	5.3x	5.0x	25.2x	23.9x	23.3x	27.3x	26.0x	25.3x	21%	0.9x	52.6x	50.6x	49.5x

Mean						6.0x	5.9x	5.4x	21.9x	20.9x	19.3x	24.5x	23.4x	21.7x	27%	3.8x	38.8x	34.4x	31.8x
1st Quartile						4.8x	4.8x	4.5x	17.6x	16.9x	15.4x	21.5x	20.8x	19.1x	21%	0.8x	34.2x	24.9x	22.7x
Median						5.4x	5.3x	5.1x	21.5x	20.5x	19.4x	24.5x	23.7x	21.9x	26%	3.5x	37.6x	31.7x	28.5x
3rd Quartile						6.5x	6.4x	6.0x	25.7x	24.5x	23.3x	27.5x	26.3x	24.5x	32%	6.5x	42.2x	41.2x	37.6x

High						9.9x	9.6x	8.6x	27.1x	26.2x	23.3x	28.2x	27.2x	25.3x	36%	7.4x	52.6x	50.6x	49.5x
Low						3.3x	3.2x	3.0x	17.4x	16.4x	15.0x	21.0x	19.1x	17.4x	18%	0.7x	27.3x	23.6x	20.6x
The Coca-Cola Company
Comparable Companies Analysis
($ in millions, except per share data)

						EV / EBITDA					P/E
Company	Ticker	Current Share Price	% of 52-wk high	Equity Value	Enterprise Value	2021E	2022E	2021E EBITDA Margin	LTM Debt / EBITDA	LTM Int. Exp / EBITDA	2021E	2022E	LT EPS Growth	Dividend Yield
The Coca-Cola Company	KO	$ 48.5	81%	$ 211,820.6	$ 220,343.5	20.2x	18.2x	33%	6.8x	0.1x	25.6x	22.9x	5%	14%

PepsiCo, Inc.	PEP	138.0	93%	195,961.4	222,991.3	17.0x	15.5x	19%	6.2x	0.1x	25.3x	23.4x	4%	12%
Keurig Dr Pepper Inc.	KDP	33.2	NM	45,918.7	61,301.8	16.4x	15.0x	33%	7.4x	0.2x	23.6x	20.6x	5%	7%
Monster Beverage Corporation	MNST	85.9	90%	46,879.0	43,689.4	26.2x	23.3x	37%	0.7x	0.0x	38.1x	33.7x	10%	0%
National Beverage Corp.	FIZZ	181.5	NM	6,040.1	5,674.2	23.9x	23.3x	22%	0.9x	0.0x	50.6x	49.5x	(15%)	0%

Mean						20.9x	19.3x	28%	3.8x	0.1x	34.4x	31.8x	1%	5%
1st Quartile						16.9x	15.4x	21%	0.8x	0.0x	24.9x	22.7x	(0%)	0%
Median						20.5x	19.4x	27%	3.5x	0.0x	31.7x	28.5x	4%	4%
3rd Quartile						24.5x	23.3x	34%	6.5x	0.1x	41.2x	37.6x	6%	8%

High						26.2x	23.3x	37%	7.4x	0.2x	50.6x	49.5x	10%	12%
Low						16.4x	15.0x	19%	0.7x	0.0x	23.6x	20.6x	(15%)	0%