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	$ 226,388.9		$ 238,177.9		$ 33,471.0		$ 11,313.0		$ 9,807.0		$ 8,359.0		34%	29%	25%	(7%)	(11%)	(0%)	(8%)	7%	(8%)

PepsiCo, Inc.			PEP	197,647.4		229,322.2		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	41,978.4		56,559.4		11,431.0		3,524.0		2,836.0		1,303.0		31%	25%	11%	4%	4%	12%	10%	16%	60%
Monster Beverage Corporation			MNST	44,382.0		42,999.7		4,419.6		1,611.2		1,548.4		1,192.8		36%	35%	27%	8%	8%	10%	13%	12%	10%
National Beverage Corp.			FIZZ	4,473.9		4,162.4		1,030.2		205.3		187.8		146.6		20%	18%	14%	5%	8%	16%	23%	16%	22%

Mean																26%	23%	16%	5%	6%	9%	13%	0%	24%
Median																25%	22%	13%	4%	6%	11%	12%	14%	16%

High																36%	35%	27%	8%	8%	16%	23%	16%	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	0.55	13%	41%	9%	12%	79%	6.8x	4.9x	12.9x	11.1x	11.2x

PepsiCo, Inc.			PEP	Dec-28	0.56	14%	51%	8%	11%	85%	6.2x	5.5x	11.7x	7.7x	9.9x
Keurig Dr Pepper Inc.			KDP	Dec-31	0.52	6%	6%	3%	8%	53%	7.4x	7.3x	5.7x	5.0x	4.6x
Monster Beverage Corporation			MNST	Dec-31	1.12	39%	27%	22%	0%	19%	0.7x	(0.4x)	NM	NM	NM
National Beverage Corp.			FIZZ	May-02	1.31	53%	34%	23%	0%	28%	1.0x	(0.7x)	59.6x	52.8x	54.5x

Mean						28%	29%	14%	5%	46%	3.8x	2.9x	65.5x	59.7x	61.7x
Median						27%	30%	15%	4%	41%	3.6x	2.5x	35.7x	30.2x	32.2x

High						53%	51%	23%	11%	85%	7.4x	7.3x	NM	NM	NM
Low						6%	6%	3%	0%	19%	0.7x	(0.7x)	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	2020E Revenue	2021E Revenue	LTM EBITDA	2020E EBITDA	2021E EBITDA	LTM EBIT	2020E EBIT	2021E EBIT	LTM EBITDA Margin	Total Debt / EBITDA	LTM EPS	2020E EPS	2021E EPS
The Coca-Cola Company	KO	$ 52.7	88%	$ 226,388.9	$ 238,177.9	7.1x	7.2x	6.5x	21.1x	21.7x	19.9x	24.3x	24.2x	22.3x	34%	6.8x	27.3x	27.7x	25.0x

PepsiCo, Inc.	PEP	143.0	97%	197,647.4	229,322.2	3.3x	3.3x	3.1x	18.2x	17.5x	16.0x	21.6x	20.9x	18.9x	18%	6.2x	28.3x	26.3x	24.2x
Keurig Dr Pepper Inc.	KDP	29.8	95%	41,978.4	56,559.4	4.9x	4.9x	4.7x	16.0x	15.1x	14.0x	19.9x	18.7x	17.0x	31%	7.4x	32.8x	21.2x	18.6x
Monster Beverage Corporation	MNST	84.1	95%	44,382.0	42,999.7	9.7x	9.5x	8.5x	26.7x	25.7x	22.9x	27.8x	26.8x	23.9x	36%	0.7x	37.9x	37.5x	33.2x
National Beverage Corp.	FIZZ	95.9	97%	4,473.9	4,162.4	4.0x	3.9x	3.6x	20.3x	18.5x	17.4x	22.2x	20.0x	18.8x	20%	1.0x	30.7x	28.3x	26.7x

Mean						5.5x	5.4x	5.0x	20.3x	19.2x	17.6x	22.9x	21.6x	19.7x	26%	3.8x	32.4x	28.3x	25.7x
1st Quartile						3.9x	3.7x	3.5x	17.7x	16.9x	15.5x	21.2x	19.7x	18.4x	20%	0.9x	30.1x	25.0x	22.8x
Median						4.5x	4.4x	4.2x	19.3x	18.0x	16.7x	21.9x	20.5x	18.9x	25%	3.6x	31.7x	27.3x	25.4x
3rd Quartile						6.1x	6.1x	5.7x	21.9x	20.3x	18.8x	23.6x	22.4x	20.2x	32%	6.5x	34.1x	30.6x	28.3x

High						9.7x	9.5x	8.5x	26.7x	25.7x	22.9x	27.8x	26.8x	23.9x	36%	7.4x	37.9x	37.5x	33.2x
Low						3.3x	3.3x	3.1x	16.0x	15.1x	14.0x	19.9x	18.7x	17.0x	18%	0.7x	28.3x	21.2x	18.6x
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	2020E	2021E	2020E EBITDA Margin	LTM Debt / EBITDA	LTM Int. Exp / EBITDA	2020E	2021E	LT EPS Growth	Dividend Yield
The Coca-Cola Company	KO	$ 52.7	88%	$ 226,388.9	$ 238,177.9	21.7x	19.9x	33%	6.8x	0.1x	27.7x	25.0x	6%	12%

PepsiCo, Inc.	PEP	143.0	97%	197,647.4	229,322.2	17.5x	16.0x	19%	6.2x	0.1x	26.3x	24.2x	15%	11%
Keurig Dr Pepper Inc.	KDP	29.8	95%	41,978.4	56,559.4	15.1x	14.0x	32%	7.4x	0.2x	21.2x	18.6x	2%	8%
Monster Beverage Corporation	MNST	84.1	95%	44,382.0	42,999.7	25.7x	22.9x	37%	0.7x	0.0x	37.5x	33.2x	7%	0%
National Beverage Corp.	FIZZ	95.9	97%	4,473.9	4,162.4	18.5x	17.4x	21%	1.0x	0.0x	28.3x	26.7x	(17%)	0%

Mean						19.2x	17.6x	27%	3.8x	0.1x	28.3x	25.7x	2%	5%
1st Quartile						16.9x	15.5x	20%	0.9x	0.0x	25.0x	22.8x	(2%)	0%
Median						18.0x	16.7x	27%	3.6x	0.1x	27.3x	25.4x	5%	4%
3rd Quartile						20.3x	18.8x	34%	6.5x	0.1x	30.6x	28.3x	9%	9%

High						25.7x	22.9x	37%	7.4x	0.2x	37.5x	33.2x	15%	11%
Low						15.1x	14.0x	19%	0.7x	0.0x	21.2x	18.6x	(17%)	0%