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 | $ 218,869.9 | $ 232,049.9 | $ 33,014.0 | $ 11,507.0 | $ 9,971.0 | $ 7,768.0 | 35% | 30% | 24% | (11%) | 11% | (4%) | 7% | (14%) | 19% | |||||||||||

PepsiCo, Inc. | PEP | 183,529.3 | 217,127.3 | 70,372.0 | 12,725.0 | 10,807.0 | 7,175.0 | 18% | 15% | 10% | 5% | 7% | 2% | 13% | (2%) | 18% | |||||||||||

Keurig Dr Pepper Inc. | KDP | 44,371.1 | 58,534.1 | 11,618.0 | 3,542.0 | 2,889.0 | 1,325.0 | 30% | 25% | 11% | 4% | 4% | 7% | 16% | 6% | 72% | |||||||||||

Monster Beverage Corporation | MNST | 45,641.6 | 43,555.3 | 4,598.6 | 1,694.3 | 1,633.4 | 1,409.6 | 37% | 36% | 31% | 9% | 14% | 15% | 13% | 30% | (0%) | |||||||||||

National Beverage Corp. | FIZZ | 5,103.9 | 4,738.0 | 1,050.4 | 225.3 | 207.8 | 161.1 | 21% | 20% | 15% | 8% | 8% | 34% | 32% | 37% | 31% | |||||||||||

Mean | 27% | 24% | 17% | 7% | 8% | 14% | 18% | 18% | 30% | ||||||||||||||||||

Median | 26% | 22% | 13% | 6% | 7% | 11% | 14% | 18% | 25% | ||||||||||||||||||

High | 37% | 36% | 31% | 9% | 14% | 34% | 32% | 37% | 72% | ||||||||||||||||||

Low | 18% | 15% | 10% | 4% | 4% | 2% | 13% | (2%) | (0%) | ||||||||||||||||||

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 | 0.62 | 13% | 37% | 9% | 13% | 76% | 5.7x | 4.8x | 11.6x | 10.4x | 10.0x | ||||||||||||||

PepsiCo, Inc. | PEP | Dec-26 | 0.6 | 14% | 50% | 8% | 12% | 85% | 6.2x | 5.5x | 11.3x | 7.5x | 9.6x | ||||||||||||||

Keurig Dr Pepper Inc. | KDP | Dec-31 | 0.6 | 6% | 6% | 3% | 8% | 52% | 7.3x | 7.3x | 5.9x | 5.1x | 4.8x | ||||||||||||||

Monster Beverage Corporation | MNST | Dec-31 | 1.09 | 41% | 30% | 25% | 0% | 17% | 0.6x | (0.6x) | NM | NM | NM | ||||||||||||||

National Beverage Corp. | FIZZ | May-02 | 1.12 | 61% | 34% | 24% | 0% | 26% | 0.9x | (0.9x) | 90.2x | 80.4x | 83.2x | ||||||||||||||

Mean | 30% | 30% | 15% | 5% | 45% | 3.8x | 2.8x | 79.4x | 74.3x | 75.1x | |||||||||||||||||

Median | 27% | 32% | 16% | 4% | 39% | 3.5x | 2.4x | 50.7x | 43.9x | 46.4x | |||||||||||||||||

High | 61% | 50% | 25% | 12% | 85% | 7.3x | 7.3x | NM | NM | NM | |||||||||||||||||

Low | 6% | 6% | 3% | 0% | 17% | 0.6x | (0.9x) | 5.9x | 5.1x | 4.8x | |||||||||||||||||

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 | $ 50.8 | 91% | $ 218,869.9 | $ 232,049.9 | 7.0x | 6.3x | 6.0x | 20.2x | 18.8x | 17.3x | 23.3x | 21.7x | 19.9x | 35% | 5.7x | 28.4x | 23.8x | 22.0x | ||||||||

PepsiCo, Inc. | PEP | 133.0 | 89% | 183,529.3 | 217,127.3 | 3.1x | 2.9x | 2.8x | 17.1x | 15.1x | 14.2x | 20.1x | 19.0x | 17.6x | 18% | 6.2x | 26.0x | 22.0x | 20.3x | ||||||||

Keurig Dr Pepper Inc. | KDP | 31.5 | 94% | 44,371.1 | 58,534.1 | 5.0x | 4.8x | 4.7x | 16.5x | 14.3x | 13.6x | 20.3x | 16.6x | 15.7x | 30% | 7.3x | 33.9x | 19.7x | 17.9x | ||||||||

Monster Beverage Corporation | MNST | 86.4 | 91% | 45,641.6 | 43,555.3 | 9.5x | 8.3x | 7.5x | 25.7x | 22.8x | 20.7x | 26.7x | 23.7x | 21.5x | 37% | 0.6x | 32.7x | 32.8x | 29.5x | ||||||||

National Beverage Corp. | FIZZ | 54.7 | 56% | 5,103.9 | 4,738.0 | 4.5x | 4.4x | 4.2x | 21.0x | 19.6x | 19.3x | 22.8x | 21.4x | 21.1x | 21% | 0.9x | 31.7x | 30.0x | 29.6x | ||||||||

Mean | 5.5x | 5.1x | 4.8x | 20.1x | 17.9x | 16.9x | 22.5x | 20.2x | 19.0x | 27% | 3.8x | 31.1x | 26.1x | 24.3x | |||||||||||||

1st Quartile | 4.2x | 4.0x | 3.8x | 16.9x | 14.9x | 14.0x | 20.2x | 18.4x | 17.1x | 21% | 0.8x | 30.3x | 21.4x | 19.7x | |||||||||||||

Median | 4.8x | 4.6x | 4.4x | 19.0x | 17.4x | 16.7x | 21.5x | 20.2x | 19.4x | 26% | 3.5x | 32.2x | 26.0x | 24.9x | |||||||||||||

3rd Quartile | 6.1x | 5.7x | 5.4x | 22.2x | 20.4x | 19.7x | 23.8x | 22.0x | 21.2x | 32% | 6.5x | 33.0x | 30.7x | 29.5x | |||||||||||||

High | 9.5x | 8.3x | 7.5x | 25.7x | 22.8x | 20.7x | 26.7x | 23.7x | 21.5x | 37% | 7.3x | 33.9x | 32.8x | 29.6x | |||||||||||||

Low | 3.1x | 2.9x | 2.8x | 16.5x | 14.3x | 13.6x | 20.1x | 16.6x | 15.7x | 18% | 0.6x | 26.0x | 19.7x | 17.9x | |||||||||||||

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 | $ 50.8 | 91% | $ 218,869.9 | $ 232,049.9 | 18.8x | 17.3x | 34% | 5.7x | 0.1x | 23.8x | 22.0x | 2% | 13% | |||||||||||||

PepsiCo, Inc. | PEP | 133.0 | 89% | 183,529.3 | 217,127.3 | 15.1x | 14.2x | 19% | 6.2x | 0.1x | 22.0x | 20.3x | 24% | 12% | |||||||||||||

Keurig Dr Pepper Inc. | KDP | 31.5 | 94% | 44,371.1 | 58,534.1 | 14.3x | 13.6x | 34% | 7.3x | 0.2x | 19.7x | 17.9x | (0%) | 8% | |||||||||||||

Monster Beverage Corporation | MNST | 86.4 | 91% | 45,641.6 | 43,555.3 | 22.8x | 20.7x | 36% | 0.6x | 0.0x | 32.8x | 29.5x | (9%) | 0% | |||||||||||||

National Beverage Corp. | FIZZ | 54.7 | 56% | 5,103.9 | 4,738.0 | 19.6x | 19.3x | 22% | 0.9x | 0.0x | 30.0x | 29.6x | (15%) | 0% | |||||||||||||

Mean | 17.9x | 16.9x | 28% | 3.8x | 0.1x | 26.1x | 24.3x | (0%) | 5% | ||||||||||||||||||

1st Quartile | 14.9x | 14.0x | 22% | 0.8x | 0.0x | 21.4x | 19.7x | (10%) | 0% | ||||||||||||||||||

Median | 17.4x | 16.7x | 28% | 3.5x | 0.0x | 26.0x | 24.9x | (5%) | 4% | ||||||||||||||||||

3rd Quartile | 20.4x | 19.7x | 35% | 6.5x | 0.1x | 30.7x | 29.5x | 6% | 9% | ||||||||||||||||||

High | 22.8x | 20.7x | 36% | 7.3x | 0.2x | 32.8x | 29.6x | 24% | 12% | ||||||||||||||||||

Low | 14.3x | 13.6x | 19% | 0.6x | 0.0x | 19.7x | 17.9x | (15%) | 0% |

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