The Coca-Cola Company | |||||||||||||||||||||||||||
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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 |
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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) |
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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 |
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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 |
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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% |

Data sourced from © 2020, S&P Global Market Intelligence.