Financials The Coca-Cola Company

Equities

KO

US1912161007

Non-Alcoholic Beverages

Market Closed - Nyse Other stock markets 01:30:02 27/04/2024 am IST			Pre-market 06:01:16 pm
61.74 ^USD	0.00%		61.69	-0.08%

01:18pm	Earnings, Tech Outlooks Lift Wall Street Pre-Bell; Asia, Europe Up	MT
12:28pm	European Midday Briefing : Fed Rate Decision, Earnings in Focus This Week	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,37,147	2,35,671	2,55,753	2,75,082	2,54,779	2,66,173	-	-
Enterprise Value (EV) ¹	2,68,735	2,67,550	2,85,889	3,02,600	2,83,180	2,93,998	2,92,546	2,90,465
P/E ratio	26.7 x	30.6 x	26.3 x	29 x	23.9 x	22.6 x	21.2 x	19.6 x
Yield	2.89%	2.99%	2.84%	2.77%	-	3.11%	3.27%	3.51%
Capitalization / Revenue	6.36 x	7.14 x	6.62 x	6.39 x	5.56 x	5.82 x	5.54 x	5.27 x
EV / Revenue	7.21 x	8.11 x	7.4 x	7.03 x	6.19 x	6.43 x	6.09 x	5.75 x
EV / EBITDA	22.8 x	23.7 x	22.8 x	22.2 x	19.6 x	19.5 x	18.1 x	16.9 x
EV / FCF	31.9 x	30.9 x	25.4 x	31.7 x	29.1 x	30.6 x	24.8 x	21.9 x
FCF Yield	3.13%	3.24%	3.94%	3.15%	3.44%	3.27%	4.02%	4.56%
Price to Book	12.5 x	12.2 x	11.2 x	11.4 x	9.86 x	9.93 x	8.91 x	8.3 x
Nbr of stocks (in thousands)	42,84,491	42,97,435	43,19,420	43,24,513	43,23,414	43,11,191	-	-
Reference price ²	55.35	54.84	59.21	63.61	58.93	61.74	61.74	61.74
Announcement Date	30/01/20	10/02/21	10/02/22	14/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	37,280	32,999	38,658	43,046	45,784	45,726	48,049	50,503
EBITDA ¹	11,774	11,306	12,561	13,605	14,464	15,113	16,164	17,178
EBIT ¹	10,409	9,770	11,109	12,345	13,336	13,851	14,806	15,900
Operating Margin	27.92%	29.61%	28.74%	28.68%	29.13%	30.29%	30.81%	31.48%
Earnings before Tax (EBT) ¹	10,786	9,749	12,425	11,686	12,952	14,637	15,624	17,291
Net income ¹	8,920	7,747	9,771	9,542	10,714	11,888	12,590	13,754
Net margin	23.93%	23.48%	25.28%	22.17%	23.4%	26%	26.2%	27.23%
EPS ²	2.070	1.790	2.250	2.190	2.470	2.737	2.912	3.144
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	9,619	11,774	13,242
FCF margin	22.58%	26.26%	29.12%	22.15%	21.29%	21.04%	24.5%	26.22%
FCF Conversion (EBITDA)	71.49%	76.66%	89.63%	70.08%	67.39%	63.65%	72.84%	77.09%
FCF Conversion (Net income)	94.36%	111.88%	115.22%	99.92%	90.97%	80.91%	93.52%	96.28%
Dividend per Share ²	1.600	1.640	1.680	1.760	-	1.922	2.017	2.167
Announcement Date	30/01/20	10/02/21	10/02/22	14/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	10,044	9,470	10,502	11,302	11,100	10,195	10,959	11,966	11,911	10,948	10,971	11,848	11,877	10,974	11,405
EBITDA ¹	3,376	2,433	3,626	3,787	3,565	2,627	3,774	4,061	3,826	2,803	3,826	4,236	4,059	3,043	4,075
EBIT ¹	3,014	2,092	3,302	3,465	3,258	2,320	3,488	3,780	3,536	2,532	3,508	3,911	3,645	2,710	3,735
Operating Margin	30.01%	22.09%	31.44%	30.66%	29.35%	22.76%	31.83%	31.59%	29.69%	23.13%	31.98%	33.01%	30.69%	24.69%	32.75%
Earnings before Tax (EBT) ¹	3,084	2,960	3,458	2,284	3,444	2,500	4,053	2,880	3,537	2,482	3,666	4,189	3,990	2,820	3,947
Net income ¹	2,471	2,414	2,781	1,905	2,825	2,031	3,107	2,547	3,087	1,973	2,940	3,415	3,235	2,224	3,278
Net margin	24.6%	25.49%	26.48%	16.86%	25.45%	19.92%	28.35%	21.29%	25.92%	18.02%	26.8%	28.82%	27.24%	20.27%	28.74%
EPS ²	0.5700	0.5600	0.6400	0.4400	0.6500	0.4700	0.7200	0.5900	0.7100	0.4600	0.6817	0.7919	0.7536	0.5226	0.7258
Dividend per Share ²	0.4200	0.4200	0.4400	0.4400	0.4400	0.4400	0.4600	0.4600	-	-	0.4093	0.4793	0.4793	0.5464	0.4914
Announcement Date	27/10/21	10/02/22	25/04/22	26/07/22	25/10/22	14/02/23	24/04/23	26/07/23	24/10/23	13/02/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	31,588	31,879	30,136	27,518	28,401	27,825	26,373	24,292
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.683 x	2.82 x	2.399 x	2.023 x	1.964 x	1.841 x	1.632 x	1.414 x
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	9,619	11,774	13,242
ROE (net income / shareholders' equity)	49.6%	40.5%	47.7%	40.5%	46.6%	46.3%	45.4%	45.9%
ROA (Net income/ Total Assets)	10.5%	8.92%	10.8%	11.5%	12.2%	12.4%	12.7%	13.5%
Assets ¹	84,799	86,838	90,809	82,638	87,820	96,098	98,971	1,01,641
Book Value Per Share ²	4.430	4.490	5.300	5.570	5.980	6.210	6.930	7.430
Cash Flow per Share ²	2.430	2.280	2.910	2.530	2.670	2.870	3.060	3.710
Capex ¹	2,054	1,177	1,367	1,484	1,852	2,146	2,228	2,233
Capex / Sales	5.51%	3.57%	3.54%	3.45%	4.05%	4.69%	4.64%	4.42%
Announcement Date	30/01/20	10/02/21	10/02/22	14/02/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Coca-Cola Company

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

61.74 USD

Average target price

66.14 USD

Spread / Average Target

+7.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
THE COCA-COLA COMPANY	+4.77%	266B
KEURIG DR PEPPER INC.	+1.20%	45.71B
VARUN BEVERAGES LIMITED	+20.15%	22.74B
CELSIUS HOLDINGS, INC.	+34.19%	17.05B
ARCA CONTINENTAL, S.A.B. DE C.V.	-9.31%	16.6B
COCA-COLA HELLENIC	+11.50%	11.7B
SWIRE PACIFIC LIMITED	-1.51%	10.8B
SUNTORY BEVERAGE & FOOD LIMITED	+8.37%	9.89B
COCA-COLA CONSOLIDATED, INC.	-11.41%	7.71B
COCA-COLA IÇECEK ANONIM SIRKETI	+36.25%	5.46B

Other Non-Alcoholic Beverages