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	$ 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)
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
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
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%