AP Equity Research

Financial Model Analyst, Prince Verma

& Valuation princevermadsc23@[Link]

March 3, 2026 12:30 PM IST

Overview : The Coca-Cola Company is a global non-alcoholic beverage leader with ~200 brands sold in over 200
countries, serving ~2.2 billion drinks daily. Its asset-light bottling model and strong brand portfolio support
Coca-Cola Company (The)
pricing power, stable cash flows, and consistent shareholder returns. A diversified geographic footprint and Industry: Beverages (Non-
disciplined capital allocation further enhance earnings resilience and long-term value creation. Alcoholic)

Business Model Snapshot : The Company focuses on brand ownership, concentrate production, and global
Valuation
marketing, while bottling partners manage manufacturing, logistics, and retail execution.
CMP $80.22
Refranchising has structurally shifted the business toward an asset-light model, enhancing margins, returns,
Intrinsic Value $84.09
and scalability.
Upside 4.8%

Key Investment Highlights : Global beverage leader with diversified geographic exposure, outperforming peers with Stock Data (as on Mar 3, 2026)
higher dependence on North America.
Asset-light, franchise-based bottling model drives high ROIC and resilient free cash flows. Company Name Coca-Cola Company (The)
Strong management execution with completed refranchising and focus on emerging markets. Stock Exchange NYSE
Portfolio expansion into coffee, sports drinks, and value-added dairy supports long-term growth. ISIN US1912161007
Competitive Positioning & Moat : Coca-Cola’s unmatched global scale, distribution reach, and brand equity Tcker KO
create high barriers to entry and sustained pricing power. A geographically diversified revenue base and deep CEO James Quincey
bottler relationships enable consistent execution across developed and emerging markets, limiting peer Market Cap 345.00B USD
replication. Dividend Yiled 2.64%
P/E (TTM) 26.84x
Valuation : Our base-case valuation for Coca-Cola indicates an intrinsic value of approximately $85.70 per Basic EPS (TTM) 3.05
share, implying modest upside from current levels. This assessment is driven primarily by our DCF and dividend Shares Float 4.27B
discount analyses, reflecting the company’s resilient cash flows, strong brand equity, and stable long-term
growth. While near-term trading multiples appear conservative, we believe they understate Coca-Cola’s Fiscal Year Ending in $
structural advantages, including pricing power, global scale, and a predictable dividend profile. The company’s 2025A 2026P 2027P
defensive business model and low earnings volatility continue to support a valuation premium relative to pure Rev 47.94B 50.57B 51.64B
multiple-based approaches. Net Inc 13.10B 13.06B 11.60B
EBITDA 14.81B 15.02B 14.94B
Outlook : We expect Coca-Cola to deliver steady mid-single-digit revenue growth supported by pricing actions EPS 3.04 3.05 2.73
and brand strength across key markets. Margins should remain resilient through disciplined cost management,
while foreign-exchange and input-cost pressures may limit near-term expansion. Strong cash-flow generation
and a continued focus on shareholder returns underpin stable total returns, positioning Coca-Cola as a Dividends
defensive, income-oriented investment rather than a high-growth opportunity.

Top 10 ShareHolders % Holding Market Value (USD bn) [Link] Shares

Berkshire Hathway, Inc 9.30% 26.52B 400.00M
Vanguard Group Inc 8.58% 24.46B 368.88M
BlackRock, Inc. 7.36% 20.99B 316.53M
State Street Corp 3.86% 11.08B 165.85M
Earnings Retained Payout Ratio (TTM)
FMR Corp 2.52% 7.17B 108.24M
Morgan Stanley 2.22% 6.33B 95.45M
Geode Capital Management 2.08% 5.91B 89.55M Dividend Yield (TTM) 2.64%
Jpmorgan Chase & Co 2.04% 5.82B 87.80M Last Payment 0.51
Charles Schwab Investment 1.68% 4.78B 72.14M Last Ex-Dividend Date Dec 1, 2025
Northern Trust Corp 0.96% 2.72B 41.13M Last Payment Date Dec 15, 2025
Source : MSN (Sep 29, 2025)
P = Analyst Research estimates,
RECENT NEWS A = ActualCompany reported data

Coca-Cola is making significant moves with a $1.4 billion investment in Argentina and gearing up for its upcoming
earnings release, expected to show a 1.82% year-over-year growth. Meanwhile, concerns about potential insider trading
related to Super Bowl ad predictions are surfacing, as Pepsi ramps up competition with a new ad campaign targeting Coca-
Cola.
Market Performance: Coca-Cola's stock recently rose 1.88%, outperforming the S&P 500, showing investor confidence
ahead of its earnings release.
Regulatory Challenges: The rise of prediction markets for Super Bowl ads raises concerns about insider trading, as
employees may have advance knowledge of ad placements.
Source: Yahoo Finance

See final page for analyst certification, information sources, and important disclosures.
I am an independent, non-SEBI registered research initiative. The authors have no business relationship, compensation arrangement, or known material
conflict of interest with the company discussed at the time of publication. This document is prepared for educational and research purposes only and does
not constitute investment advice, a recommendation, or an offer to buy or sell any securities.
Control Panel for Coca-Cola Company
($ in Millions Except Per Share Data)

General Assumptions Growth Rates & Margin

Scenario Base Case 2026P 2027P 2028P 2029P 2030P

Growth rates & margins
Input Revenue growth 6.0% 2.1% 4.9% 4.3% 4.8%
Company Name Coca-Cola Company Gross profit margin 60.0% 59.2% 59.8% 59.6% 59.5%
Ticker KO SG&A % of sales 31.0% 30.8% 30.6% 30.5% 30.5%
Latest closing share price $80.22 Other operating charges % of sales 1.5% 2.0% 2.2% 2.2% 2.2%
Shares Outstanding 4,300.72 Tax rate 18.5% 18.5% 18.5% 18.5% 18.5%
Share Price Date 28-02-25
Most recent fiscal year end 31-12-25

Valuation for Coca-Cola Company Property & Equipment

Cash Capex (% of Revenue) 3.0%
Dividend Payout Ratio 78% Asset Average Useful Life 10.0 years
Dividend Growth Rate 4.5%
Share Price $80.22
Source:
Cost of Debt 4.2% TradingView - YTM on 3.72% 8/37 Bond
Tax rate 20.4% From terminal year of UFCF forecast
Cost of debt (after tax) 3.3% Cost of debt x (1 - tax rate)

Risk free rate 4.3% US DT : 10 Year US Treasury Yield as on 30 jan 2026

Beta 0.39 Yahoo finance
Market risk premium 5.5% Market risk premium from NYU(Aswath Damodaran)
Cost of equity 6.4% RfR + Beta x MRP

long term growth rate (perpetuity approach) 3.0%

Share Prices for Comps Analysis (As of 27-01-26)

Coca-Cola Company $73.43
Keurig Dr Pepper $26.82
Monster Beverage $80.05
NATIONAL BEVERAGE $34.00
PepsiCo $148.69
Income Statement for Coca-Cola Company
(in $ Millions, Except Per Share Data)
Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Revenue $38,655 $43,004 $45,754 $47,061 $47,941 $50,817 $51,885 $54,427 $56,767 $59,492
Cost of sale (enter as -) ($15,357) ($18,000) ($18,520) ($18,324) ($18,397) ($20,327) ($21,169) ($21,880) ($22,934) ($24,094)
Gross Profit $23,298 $25,004 $27,234 $28,737 $29,544 $30,490 $30,716 $32,547 $33,833 $35,398
Selling, general and administrative expenses ($12,144) ($12,880) ($13,972) ($14,582) ($14,521) ($15,753) ($15,980) ($16,655) ($17,314) ($18,145)
Other operating charges ($846) ($1,215) ($1,951) ($4,163) ($1,261) ($762) ($1,038) ($1,197) ($1,249) ($1,309)
Operating Profit (EBIT) $10,308 $10,909 $11,311 $9,992 $13,762 $13,975 $13,698 $14,695 $15,270 $15,944
Interest Income $276 $449 $907 $988 $786 $817 $1,528 $2,122 $2,816 $3,591
Interest Expense ($1,597) ($882) ($1,527) ($1,656) ($1,654) ($2,106) ($2,106) ($2,106) ($2,106) ($2,106)
Equity income (loss) — net $1,438 $1,472 $1,691 $1,770 $2,031 $1,438 $1,472 $1,691 $1,770 $2,031
Other income (loss) — net $2,000 ($262) $570 $1,992 $1,073 $2,000 ($262) $570 $1,992 $1,073
Income Before Income Taxes (EBT) $12,425 $11,686 $12,952 $13,086 $15,998 $16,124 $14,329 $16,972 $19,743 $20,533
Income taxes ($2,621) ($2,115) ($2,249) ($2,437) ($2,861) ($2,983) ($2,651) ($3,140) ($3,652) ($3,799)
Consolidated Net Income $9,804 $9,571 $10,703 $10,649 $13,137 $13,141 $11,678 $13,832 $16,091 $16,734
Less: Net income (loss) attributable to noncontrolling interests ($33) ($29) $11 ($18) ($30) ($20) ($20) ($20) ($20) ($20)
Net income attributable to shareowners $9,771 $9,542 $10,714 $10,631 $13,107 $13,121 $11,659 $13,812 $16,071 $16,714
Basic Shares ( mill ) 4,315 4,328 4,323 4,309 4303 4,289 4,266 4,250 4,246 4,236
Diluted Shares ( mill ) 4,340 4,350 4,339 4,320 4313 4,299 4,276 4,260 4,256 4,246
Earnings Per Share (Basic Shares) $2.26 $2.20 $2.48 $2.47 $3.05 $3.06 $2.73 $3.25 $3.78 $3.95
Earnings Per Share (Diluted Shares) $2.25 $2.19 $2.47 $2.46 $3.04 $3.05 $2.73 $3.24 $3.78 $3.94

Depreciation & Amortization $1,452 $1,260 $1,128 $1,075 $1,050 $1,114 $1,310 $1,498 $1,682 $1,863
EBITDA $11,760 $12,169 $12,439 $11,067 $14,812 $15,089 $15,008 $16,194 $16,953 $17,807
Stock based compensation $337 $356 $254 $286 $279 $296 $302 $317 $330 $346
Adjusted EBITDA $12,097 $12,525 $12,693 $11,353 $15,091 $15,384 $15,310 $16,510 $17,283 $18,153

Growth rates & margins

Revenue growth 11.3% 6.4% 2.9% 1.9% 6.0% 2.1% 4.9% 4.3% 4.8%
Gross profit margin 60.3% 58.1% 59.5% 61.1% 61.6% 60.0% 59.2% 59.8% 59.6% 59.5%
SG&A % of sales 31.4% 30.0% 30.5% 31.0% 30.3% 31.0% 30.8% 30.6% 30.5% 30.5%
Other operating charges % of sales 2.2% 2.8% 4.3% 8.8% 2.6% 1.5% 2.0% 2.2% 2.2% 2.2%
Tax rate 21.1% 18.1% 17.4% 18.6% 17.9% 18.5% 18.5% 18.5% 18.5% 18.5%
Balance Sheet for Coca-Cola Company
(in $ Millions, unless specified)
Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Assets
Current Assets :
Cash and Cash Equivalents $9,684 $9,519 $9,366 $10,828 $10,270 $19,606 $24,003 $21,922 $29,503 $34,068
Short - term Investments & Marketable securities $2,941 $2,112 $4,297 $3,743 $5,536 $4,507 $3,487 $5,831 $4,882 $6,377
Total Cash, Cash Equivalents and short term Investments $12,625 $11,631 $13,663 $14,571 $15,806 $24,113 $27,490 $27,753 $34,385 $40,445
Accounts receivables $3,512 $3,487 $3,410 $3,569 $3,038 $3,811 $3,891 $4,071 $4,258 $4,462
Inventories $3,414 $4,233 $4,424 $4,728 $4,425 $4,804 $5,003 $5,157 $5,420 $5,694
Prepaid expenses & other current assets $2,994 $3,240 $5,235 $3,129 $2,433 $3,500 $3,448 $3,459 $3,464 $3,499
Assets held for sale $0 $0 $0 $0 $5,342 $5,342 $5,342 $5,342 $5,342 $5,342
Total Current Assets $22,545 $22,591 $26,732 $25,997 $31,044 $41,570 $45,175 $45,782 $52,869 $59,441

Non-Current Assets :
Equity method investments $17,598 $18,264 $19,671 $18,087 $20,235 $18,439 $16,643 $14,846 $13,050 $11,254
Property, plant and equipment $9,920 $9,841 $9,236 $10,303 $9,613 $10,024 $10,270 $10,404 $10,425 $10,347
Goodwill $19,363 $18,782 $18,358 $18,139 $15,491 $15,491 $15,491 $15,491 $15,491 $15,491
Trademarks with indefinite lives $14,465 $14,214 $14,349 $13,301 $12,531 $12,531 $12,531 $12,531 $12,531 $12,531
Other non-current asset $8,334 $7,325 $7,796 $13,403 $14,696 $14,292 $13,888 $13,484 $13,080 $12,676
Deferred income tax assets $2,129 $1,746 $1,561 $1,319 $1,206 $1,206 $1,206 $1,206 $1,206 $1,206
Total Non-Current Assets $71,809 $70,172 $70,971 $74,552 $73,772 $71,982 $70,028 $67,962 $65,783 $63,505

Total Assets $94,354 $92,763 $97,703 $1,00,549 $1,04,816 $1,13,553 $1,15,203 $1,13,744 $1,18,651 $1,22,946

Liabilities & Share Holders Equity

Current Liabilities :
Accounts payable and accrued expenses $14,619 $15,749 $15,485 $21,715 $14,813 $18,090 $18,750 $19,455 $20,375 $21,382
Loans and notes payable & Current maturities of Long-term debt $4,645 $2,772 $6,517 $2,147 $3,373 $3,423 $3,369 -$1,184 -$1,171 -$1,121
Accrued income taxes $686 $1,203 $1,569 $1,387 $525 $1,495 $1,329 $1,570 $1,831 $1,904
Liabilities held for sale $0 $0 $0 $0 $2,570 $2,570 $2,570 $2,570 $2,570 $2,570
Total Current Liabilities $19,950 $19,724 $23,571 $25,249 $21,281 $25,578 $26,018 $22,411 $23,605 $24,736

Non-Current Liabilites :
Long term debt $38,116 $36,377 $35,547 $42,375 $42,119 $42,119 $42,119 $42,119 $42,119 $42,119
Other non-current liabilities $8,607 $7,922 $8,466 $4,084 $4,735 $6,763 $6,763 $6,763 $6,763 $6,763
Deferred Income tax liabilities $2,821 $2,914 $2,639 $2,469 $2,406 $2,406 $2,406 $2,406 $2,406 $2,406
Total Non-Current Liabilites $49,544 $47,213 $46,652 $48,928 $49,260 $51,288 $51,288 $51,288 $51,288 $51,288

Shareholders Equity :
Common stock $1,760 $1,760 $1,760 $1,760 $1,760 $1,760 $1,760 $1,760 $1,760 $1,760
Capital Structure $18,116 $18,822 $19,209 $19,801 $20,581 $21,209 $21,821 $22,389 $22,963 $23,502
Retained earnings $69,094 $71,019 $73,782 $76,054 $80,382 $83,584 $86,471 $89,846 $93,732 $97,775
Other comprehensive income ($14,330) ($14,895) ($14,275) ($16,843) ($14,131) ($14,131) ($14,131) ($14,131) ($14,131) ($14,131)
Treasury Stock ($51,641) ($52,601) ($54,535) ($55,916) ($56,423) ($57,841) ($60,130) ($61,925) ($62,671) ($64,089)
Equity attributable to shareowners $22,999 $24,105 $25,941 $24,856 $32,169 $34,581 $35,791 $37,939 $41,653 $44,817
Equity attributable to noncontrolling interests $1,861 $1,721 $1,539 $1,516 $2,106 $2,106 $2,106 $2,106 $2,106 $2,106
Total Share Holders Equity $24,860 $25,826 $27,480 $26,372 $34,275 $36,687 $37,897 $40,045 $43,759 $46,923

Total Liabilities & Equity $94,354 $92,763 $97,703 $1,00,549 $1,04,816 $1,13,553 $1,15,203 $1,13,744 $1,18,651 $1,22,946

Balance Check OK! OK! OK! OK! OK! OK! OK! OK! OK! OK!
Cash Flow Statement for Coca-Cola Company
(in $ Millions, unless specified)
Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year $7,110 $10,025 $9,825 $9,692 $11,488 $11,010 $20,346 $24,743 $22,662 $30,243

Net income $9,804 $9,571 $10,703 $10,649 $13,137 $13,141 $11,678 $13,832 $16,091 $16,734
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation & amortization $1,452 $1,260 $1,128 $1,075 $1,050 $1,114 $1,310 $1,498 $1,682 $1,863
Stock based compensation $337 $356 $254 $286 $279 $296 $302 $317 $330 $346
Other Non-Cash Adjustments ($293) $436 $360 $1,029 $150 $163 $163 $163 $163 $163
Net change in operating assets and liabilities $1,325 ($605) ($846) ($6,234) ($7,208) $3,893 $103 $438 $563 $404
Operating Activities $12,625 $11,018 $11,599 $6,805 $7,408 $18,606 $13,557 $16,249 $18,829 $19,510

Purchases of investments ($6,030) ($3,751) ($6,698) ($5,640) ($6,160) ($6,030) ($3,751) ($6,698) ($5,640) ($6,160)
Proceeds from disposals of investments $7,059 $4,771 $4,354 $6,589 $4,665 $7,059 $4,771 $4,354 $6,589 $4,665
Acquisitions of businesses, equity method investments and nonmarketable securities ($4,766) ($73) ($62) ($315) ($461) ($228) ($228) ($228) ($228) ($228)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities $2,180 $458 $430 $3,485 $3,567 $2,024 $2,024 $2,024 $2,024 $2,024
Net Purchases of property, plant and equipment ($1,259) ($1,409) ($1,778) ($2,024) ($2,099) ($1,525) ($1,557) ($1,633) ($1,703) ($1,785)
Collateral (paid) received associated with hedging activities — net $0 ($1,465) $366 $235 $330 $310 $310 $310 $310 $310
Other investing activities $51 $706 $39 $194 $91 $94 $94 $94 $94 $94
Collateral (paid) received associated with hedging activities — net & Other investing activities $51 ($759) $405 $429 $421 $404 $404 $404 $404 $404
Investing Activities ($2,765) ($763) ($3,349) $2,524 ($67) $1,705 $1,664 ($1,776) $1,446 ($1,079)

Net debt issuance / (repayment) $228 ($958) $1,857 $2,528 $13 $50 ($54) ($4,553) $13 $50
Issuances of stock $702 $837 $539 $747 $313 $628 $613 $568 $574 $539
Share repurchases ($111) ($1,418) ($2,289) ($1,795) ($746) ($1,418) ($2,289) ($1,795) ($746) ($1,418)
Dividends paid ($7,252) ($7,616) ($7,952) ($8,359) ($8,779) ($10,235) ($9,094) ($10,774) ($12,535) ($13,037)
Other financing activities ($353) ($1,095) ($465) ($31) ($279)
Proceeds from sale of a noncontrolling interest 0 0 0 0 1338
Financing Activities ($6,786) ($10,250) ($8,310) ($6,910) ($8,140) ($10,975) ($10,824) ($16,554) ($12,695) ($13,866)

Effect of FX Rate Changes on Cash: ($159) ($205) ($73) ($623) $321

Net increase / (decrease) in cash $2,915 ($200) ($133) $1,796 ($478) $9,336 $4,397 ($2,081) $7,581 $4,565

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year $10,025 $9,825 $9,692 $11,488 $11,010 $20,346 $24,743 $22,662 $30,243 $34,808
Less: Restricted cash and restricted cash equivalents ($341) ($306) ($326) ($660) ($740) ($740) ($740) ($740) ($740) ($740)
Cash and Cash Equivalents $9,684 $9,519 $9,366 $10,828 $10,270 $19,606 $24,003 $21,922 $29,503 $34,068
Schedules for Coca-Cola Company
($ in Millions Except Per Share Data)
Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
EOP 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30
BOP 01-01-21 01-01-22 01-01-23 01-01-24 01-01-25 01-01-26 01-01-27 01-01-28 01-01-29 01-01-30
Days 365 365 365 366 365 365 365 366 365 365

SHARES OUTSTANDING
Basic Shares (M) 4,315 4,328 4,323 4,309 4,303 4,289 4,266 4,250 4,246 4,236
Dilutive Shares (M) 4,340 4,350 4,339 4,320 4,313 4,299 4,276 4,260 4,256 4,246

$ amount of shares repurchased 1,418 2,289 1,795 746 1,418

$ amount of new shares issued 296 302 317 330 346
Average share price 80.22 86.64 93.57 101.05 109.14
Share price increase 8% 8% 8% 8%

Depreciation Schedule

PP&E Opening Balance, Net $9,920 $9,841 $9,236 $10,303 $9,613 $10,024 $10,270 $10,404 $10,425
Plus: Capex $1,259 $1,409 $1,778 $2,024 $2,099 $1,525 $1,557 $1,633 $1,703 $1,785

Depreciation on Existing PP&E $961 $1,002 $1,027 $1,040 $1,043

Depreciation on New Capex

2026 $152 $152 $152 $152 $152
2027 $156 $156 $156 $156
2028 $163 $163 $163
2029 $170 $170
2030 $178
Depreciation on New Capex $152 $308 $471 $642 $820

Less: Total Depreciation Expense ($1,114) ($1,310) ($1,498) ($1,682) ($1,863)

PP&E Closing Balance, Net $9,920 $9,841 $9,236 $10,303 $9,613 $10,024 $10,270 $10,404 $10,425 $10,347

Operating Working Capital Schedule

Current Assets
Inventories $3,414 $4,233 $4,424 $4,728 $4,425 $4,804 $5,003 $5,157 $5,420 $5,694
Inventory Turnover days 78 85 91 91 86 86 86 86 86
Accounts Receivables $3,512 $3,487 $3,410 $3,569 $3,038 $3,811 $3,891 $4,071 $4,258 $4,462
Days payable 30 28 27 25 27 27 27 27 27
Prepaid Expenses & Other Current Assets $2,994 $3,240 $5,235 $3,129 $2,433 $3,663 $3,775 $3,949 $4,117 $4,315
Days Prepaid 81 97 82 64 81 81 81 81 81
Total Current Assets $9,920 $10,960 $13,069 $11,426 $9,896 $12,278 $12,669 $13,176 $13,795 $14,471

Current liabilities
Accounts payable and accured expenses $14,619 $15,749 $15,485 $21,715 $14,813 $18,090 $18,750 $19,455 $20,375 $21,382
Days payable 173 165 184 195 179 179 179 179 179
Accrued income taxes $686 $1,203 $1,569 $1,387 $525 $1,495 $1,329 $1,570 $1,831 $1,904
Days payable 163 225 222 122 183 183 183 183 183
Other noncurrent liablities $8,607 $7,922 $8,466 $4,084 $4,735 $6,763 $6,763 $6,763 $6,763 $6,763
Total Current Liabilities $23,912 $24,874 $25,520 $27,186 $20,073 $26,348 $26,842 $27,788 $28,969 $30,049

Total Operating Working Capital ($13,992) ($13,914) ($12,451) ($15,760) ($10,177) ($14,070) ($14,173) ($14,611) ($15,174) ($15,578)
Change in total operating working capital ($3,893) ($103) ($438) ($563) ($404)

Debt Schedule
Cash Available to pay down debt
Cash at beginning of year $10,270 $30,581 $45,802 $60,275 $80,550
Cash flow before debt paydown $20,311 $15,221 $14,472 $20,275 $18,431
Minimum cash cushion ($10,000) ($10,000) ($10,000) ($10,000) ($10,000)
Total cash available to pay down debt $20,581 $35,802 $50,275 $70,550 $88,981

Revolver
Short term debt (beginning of year) $3,373 $3,373 $3,373 $3,373 $3,373
Mandatory issuances / (retirements) - - - - -
Non-mandatory issuances / (retirements)
Short term debt (end of year) $3,373 $3,373 $3,373 $3,373 $3,373 $3,373
Short term interest expense ($187) ($187) ($187) ($187) ($187)
$0 $0 $0 $0 $0
Long term debt
Long term debt (beginning of year) $42,119 $42,119 $42,119 $42,119 $42,119
Mandatory issuances / (retirements) - - - - -
Non-mandatory issuances / (retirements)
Long term debt (end of year) $42,119 $42,119 $42,119 $42,119 $42,119 $42,119
Long term interest expense ($2,106) ($2,106) ($2,106) ($2,106) ($2,106)
$0 $0 $0 $0 $0
Total issuances / (retirements) - - - - -
Total interest expense ($2,293) ($2,293) ($2,293) ($2,293) ($2,293)
Cash at the end of the year $10,270 $30,581 $45,802 $60,275 $80,550 $98,981
Interest income $817 $1,528 $2,122 $2,816 $3,591
4% 4% 4% 4% 4%
NOPAT

EBIT $10,308 $10,909 $11,311 $9,992 $13,762 $13,975 $13,698 $14,695 $15,270 $15,944
Tax Rate 21.1% 18.1% 17.4% 18.6% 17.9% 18.5% 18.5% 18.5% 18.5% 18.5%
NOPAT $8,134 $8,935 $9,347 $8,131 $11,301 $11,389 $11,163 $11,977 $12,445 $12,994

Invested Capital

Total Debt $42,761 $39,149 $42,064 $44,522 $45,492 $45,542 $45,488 $40,935 $40,948 $40,998
Total Equity $24,860 $25,826 $27,480 $26,372 $34,275 $36,687 $37,897 $40,045 $43,759 $46,923
Cash & Cash Equivalents $12,625 $11,631 $13,663 $14,571 $15,806 $24,113 $27,490 $27,753 $34,385 $40,445
Invested Capital $54,996 $53,344 $55,881 $56,323 $63,961 $58,116 $55,895 $53,227 $50,322 $47,476
Scenario Analysis for Coca-Cola Company

Active case: Base Case Variance from 2026P 2027P 2028P 2029P 2030P
base case 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30
Revenue growth NM 6.0% 2.1% 4.9% 4.3% 4.8%
Gross profit margin NM 60.0% 59.2% 59.8% 59.6% 59.5%
SG&A % of sales NM 31.0% 30.8% 30.6% 30.5% 30.5%

Revenue growth
Best case 2.0% 8.0% 4.1% 6.9% 6.3% 6.8%
Base case NM 6.0% 2.1% 4.9% 4.3% 4.8%
Weak case (1.5%) 4.5% 0.6% 3.4% 2.8% 3.3%
Gross profit margin
Best case 0.5% 60.5% 59.7% 60.3% 60.1% 60.0%
Base case NM 60.0% 59.2% 59.8% 59.6% 59.5%
Weak case (1.0%) 59.0% 58.2% 58.8% 58.6% 58.5%
SG&A % of sales
Best case (0.4%) 30.6% 30.4% 30.2% 30.1% 30.1%
Base case NM 31.0% 30.8% 30.6% 30.5% 30.5%
Weak case 0.6% 31.6% 31.4% 31.2% 31.1% 31.1%
Ratio Analysis for Coca-Cola Company
($ in Millions Except Per Share Data)
Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Growth Ratios
Revenue Growth (%) 11.3% 6.4% 2.9% 1.9% 6.0% 2.1% 4.9% 4.3% 4.8%
EPS Growth (Diluted) (%) (2.6%) 12.6% (0.3%) 23.5% 0.4% (10.7%) 18.9% 16.5% 4.2%
Dividend Growth (%) 5.0% 4.4% 5.1% 5.0% 16.6% (11.1%) 18.5% 16.4% 4.0%
EBITDA Growth (%) 3.5% 2.2% (11.0%) 33.8% 1.9% (0.5%) 7.9% 4.7% 5.0%
Net Income Growth (%) (2.3%) 12.3% (0.8%) 23.3% 0.1% (11.1%) 18.5% 16.4% 4.0%

Operating Profitability Ratios

Gross Margin (%) 60.3% 58.1% 59.5% 61.1% 61.6% 60.0% 59.2% 59.8% 59.6% 59.5%
EBITDA Margin (%) 30.4% 28.3% 27.2% 23.5% 30.9% 29.7% 28.9% 29.8% 29.9% 29.9%
EBIT Margin (%) 26.7% 25.4% 24.7% 21.2% 28.7% 27.5% 26.4% 27.0% 26.9% 26.8%
Net Profit Margin (%) 25.3% 22.2% 23.4% 22.6% 27.3% 25.8% 22.5% 25.4% 28.3% 28.1%

Return Ratios
Return on Invested Capital ROIC (%) 16.5% 17.1% 14.5% 18.8% 18.7% 19.6% 22.0% 24.0% 26.6%
Return on Equity ROE (%) 37.7% 40.2% 39.5% 43.2% 37.0% 31.3% 35.4% 38.4% 36.9%

Cash Flow
CFO/Net Income 1.29x 1.15x 1.08x 0.64x 0.57x 1.42x 1.16x 1.18x 1.17x 1.17x
Free Cash Flow Margin (%) 35.9% 28.9% 29.2% 18.8% 19.8% 39.6% 29.1% 32.9% 36.2% 35.8%
FCF Conversion (FCF / EBITDA) 0.97x 0.79x 0.79x 0.43x 0.36x 1.13x 0.80x 0.90x 1.01x 1.00x
Capex as % of Revenue 3.3% 3.3% 3.9% 4.3% 4.4% 3.0% 3.0% 3.0% 3.0% 3.0%
Depreciation & Amortization as % of Revenue 3.8% 2.9% 2.5% 2.3% 2.2% 2.2% 2.5% 2.8% 3.0% 3.1%
Change in Working Capital as % of Change in Revenue 3.4% (1.4%) (1.8%) (13.2%) (15.0%) 7.7% 0.2% 0.8% 1.0% 0.7%

Leverage & Coverage Ratios

Net Debt/EBITDA 2.56x 2.26x 2.28x 2.71x 2.00x 1.42x 1.20x 0.81x 0.39x 0.03x
Interest Coverage Ratio (EBIT / Interest Expense) 6.45x 12.37x 7.41x 6.03x 8.32x 6.64x 6.50x 6.98x 7.25x 7.57x
Debt/Total Capital 0.63x 0.60x 0.60x 0.63x 0.57x 0.55x 0.55x 0.51x 0.48x 0.47x
Debt/Equity 1.72x 1.52x 1.53x 1.69x 1.33x 1.24x 1.20x 1.02x 0.94x 0.87x

Liquidity Ratios
Current Ratio 1.13x 1.15x 1.13x 1.03x 1.46x 1.63x 1.74x 2.04x 2.24x 2.40x
Quick Ratio (Acid-Test) 0.81x 0.77x 0.72x 0.72x 0.89x 1.09x 1.21x 1.42x 1.64x 1.82x
Cash Ratio 0.63x 0.59x 0.58x 0.58x 0.74x 0.94x 1.06x 1.24x 1.46x 1.64x

Efficiency / Activity Ratios

Asset Turnover 0.46x 0.48x 0.47x 0.47x 0.47x 0.45x 0.48x 0.49x 0.49x
Inventory Turnover 4.71x 4.28x 4.00x 4.02x 4.41x 4.32x 4.31x 4.34x 4.34x
Payables Turnover 1.01x 1.15x 1.00x 1.00x 1.12x 1.10x 1.11x 1.10x 1.10x
Common Size for Coca-Cola Company

Income Statement for Coca-Cola Company

Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of sale (enter as -) (39.7%) (41.9%) (40.5%) (38.9%) (38.4%) (40.0%) (40.8%) (40.2%) (40.4%) (40.5%)
Gross Profit 60.3% 58.1% 59.5% 61.1% 61.6% 60.0% 59.2% 59.8% 59.6% 59.5%
Selling, general and administrative expenses (31.4%) (30.0%) (30.5%) (31.0%) (30.3%) (31.0%) (30.8%) (30.6%) (30.5%) (30.5%)
Other operating charges (2.2%) (2.8%) (4.3%) (8.8%) (2.6%) (1.5%) (2.0%) (2.2%) (2.2%) (2.2%)
Operating Profit (EBIT) 26.7% 25.4% 24.7% 21.2% 28.7% 27.5% 26.4% 27.0% 26.9% 26.8%
Interest Income 0.7% 1.0% 2.0% 2.1% 1.6% 1.6% 2.9% 3.9% 5.0% 6.0%
Interest Expense (4.1%) (2.1%) (3.3%) (3.5%) (3.5%) (4.1%) (4.1%) (3.9%) (3.7%) (3.5%)
Equity income (loss) — net 3.7% 3.4% 3.7% 3.8% 4.2% 2.8% 2.8% 3.1% 3.1% 3.4%
Other income (loss) — net 5.2% (0.6%) 1.2% 4.2% 2.2% 3.9% (0.5%) 1.0% 3.5% 1.8%
Income Before Income Taxes (EBT) 32.1% 27.2% 28.3% 27.8% 33.4% 31.7% 27.6% 31.2% 34.8% 34.5%
wvg (6.8%) (4.9%) (4.9%) (5.2%) (6.0%) (5.9%) (5.1%) (5.8%) (6.4%) (6.4%)
Consolidated Net Income 25.4% 22.3% 23.4% 22.6% 27.4% 25.9% 22.5% 25.4% 28.3% 28.1%
Less: Net income (loss) attributable to noncontrolling interests (0.1%) (0.1%) 0.0% (0.0%) (0.1%) (0.0%) (0.0%) (0.0%) (0.0%) (0.0%)
Net income attributable to shareowners 25.3% 22.2% 23.4% 22.6% 27.3% 25.8% 22.5% 25.4% 28.3% 28.1%

Balance Sheet for Coca-Cola Company

Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Assets
Current Assets :
Cash and Cash Equivalents 10.3% 10.3% 9.6% 10.8% 9.8% 17.3% 20.8% 19.3% 24.9% 27.7%
Short - term Investments & Marketable securities 3.1% 2.3% 4.4% 3.7% 5.3% 4.0% 3.0% 5.1% 4.1% 5.2%
Total Cash, Cash Equivalents and short term Investments 13.4% 12.5% 14.0% 14.5% 15.1% 21.2% 23.9% 24.4% 29.0% 32.9%
Accounts receivables 3.7% 3.8% 3.5% 3.5% 2.9% 3.4% 3.4% 3.6% 3.6% 3.6%
Inventories 3.6% 4.6% 4.5% 4.7% 4.2% 4.2% 4.3% 4.5% 4.6% 4.6%
Prepaid expenses & other current assets 3.2% 3.5% 5.4% 3.1% 2.3% 3.1% 3.0% 3.0% 2.9% 2.8%
Assets held for sale 0.0% 0.0% 0.0% 0.0% 5.1% 4.7% 4.6% 4.7% 4.5% 4.3%
Total Current Assets 23.9% 24.4% 27.4% 25.9% 29.6% 36.6% 39.2% 40.2% 44.6% 48.3%

Non-Current Assets :
Equity method investments 18.7% 19.7% 20.1% 18.0% 19.3% 16.2% 14.4% 13.1% 11.0% 9.2%
Property, plant and equipment 10.5% 10.6% 9.5% 10.2% 9.2% 8.8% 8.9% 9.1% 8.8% 8.4%
Goodwill 20.5% 20.2% 18.8% 18.0% 14.8% 13.6% 13.4% 13.6% 13.1% 12.6%
Trademarks with indefinite lives 15.3% 15.3% 14.7% 13.2% 12.0% 11.0% 10.9% 11.0% 10.6% 10.2%
Other non-current asset 8.8% 7.9% 8.0% 13.3% 14.0% 12.6% 12.1% 11.9% 11.0% 10.3%
Deferred income tax assets 2.3% 1.9% 1.6% 1.3% 1.2% 1.1% 1.0% 1.1% 1.0% 1.0%
Total Non-Current Assets 76.1% 75.6% 72.6% 74.1% 70.4% 63.4% 60.8% 59.8% 55.4% 51.7%

Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Current Liabilities :
Accounts payable and accrued expenses 15.5% 17.0% 15.8% 21.6% 14.1% 15.9% 16.3% 17.1% 17.2% 17.4%
Loans and notes payable & Current maturities of Long-term debt 4.9% 3.0% 6.7% 2.1% 3.2% 3.0% 2.9% (1.0%) (1.0%) (0.9%)
Accrued income taxes 0.7% 1.3% 1.6% 1.4% 0.5% 1.3% 1.2% 1.4% 1.5% 1.5%
Liabilities held for sale 0.0% 0.0% 0.0% 0.0% 2.5% 2.3% 2.2% 2.3% 2.2% 2.1%
Total Current Liabilities 21.1% 21.3% 24.1% 25.1% 20.3% 22.5% 22.6% 19.7% 19.9% 20.1%

Non-Current Liabilites :
Long term debt 40.4% 39.2% 36.4% 42.1% 40.2% 37.1% 36.6% 37.0% 35.5% 34.3%
Other non-current liabilities 9.1% 8.5% 8.7% 4.1% 4.5% 6.0% 5.9% 5.9% 5.7% 5.5%
Deferred Income tax liabilities 3.0% 3.1% 2.7% 2.5% 2.3% 2.1% 2.1% 2.1% 2.0% 2.0%
Total Non-Current Liabilites 52.5% 50.9% 47.7% 48.7% 47.0% 45.2% 44.5% 45.1% 43.2% 41.7%

Shareholders Equity :
Common stock 1.9% 1.9% 1.8% 1.8% 1.7% 1.5% 1.5% 1.5% 1.5% 1.4%
Capital Structure 19.2% 20.3% 19.7% 19.7% 19.6% 18.7% 18.9% 19.7% 19.4% 19.1%
Retained earnings 73.2% 76.6% 75.5% 75.6% 76.7% 73.6% 75.1% 79.0% 79.0% 79.5%
Other comprehensive income (15.2%) (16.1%) (14.6%) (16.8%) (13.5%) (12.4%) (12.3%) (12.4%) (11.9%) (11.5%)
Treasury Stock (54.7%) (56.7%) (55.8%) (55.6%) (53.8%) (50.9%) (52.2%) (54.4%) (52.8%) (52.1%)
Equity attributable to shareowners 24.4% 26.0% 26.6% 24.7% 30.7% 30.5% 31.1% 33.4% 35.1% 36.5%
Equity attributable to noncontrolling interests 2.0% 1.9% 1.6% 1.5% 2.0% 1.9% 1.8% 1.9% 1.8% 1.7%
Total Share Holders Equity 26.3% 27.8% 28.1% 26.2% 32.7% 32.3% 32.9% 35.2% 36.9% 38.2%

Total Liabilities & Equity 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Cash Flow Statement for Coca-Cola Company

Historical Projected
Fiscal Year 2021A 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P 2030P
Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 18.4% 23.3% 21.5% 20.6% 24.0% 21.7% 39.2% 45.5% 39.9% 50.8%

Net income 25.4% 22.3% 23.4% 22.6% 27.4% 25.9% 22.5% 25.4% 28.3% 28.1%
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation & amortization 3.8% 2.9% 2.5% 2.3% 2.2% 2.2% 2.5% 2.8% 3.0% 3.1%
Stock based compensation 0.9% 0.8% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Other Non-Cash Adjustments (0.8%) 1.0% 0.8% 2.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Net change in operating assets and liabilities 3.4% (1.4%) (1.8%) (13.2%) (15.0%) 7.7% 0.2% 0.8% 1.0% 0.7%
Operating Activities 32.7% 25.6% 25.4% 14.5% 15.5% 36.6% 26.1% 29.9% 33.2% 32.8%

Purchases of investments (15.6%) (8.7%) (14.6%) (12.0%) (12.8%) (11.9%) (7.2%) (12.3%) (9.9%) (10.4%)
Proceeds from disposals of investments 18.3% 11.1% 9.5% 14.0% 9.7% 13.9% 9.2% 8.0% 11.6% 7.8%
Acquisitions of businesses, equity method investments and nonmarketable securities (12.3%) (0.2%) (0.1%) (0.7%) (1.0%) (0.4%) (0.4%) (0.4%) (0.4%) (0.4%)
Proceeds from disposals of businesses, equity method investments and nonmarketable securities 5.6% 1.1% 0.9% 7.4% 7.4% 4.0% 3.9% 3.7% 3.6% 3.4%
Net Purchases of property, plant and equipment (3.3%) (3.3%) (3.9%) (4.3%) (4.4%) (3.0%) (3.0%) (3.0%) (3.0%) (3.0%)
Collateral (paid) received associated with hedging activities — net 0.0% (3.4%) 0.8% 0.5% 0.7% 0.6% 0.6% 0.6% 0.5% 0.5%
Other investing activities 0.1% 1.6% 0.1% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Collateral (paid) received associated with hedging activities — net & Other investing activities 0.1% (1.8%) 0.9% 0.9% 0.9% 0.8% 0.8% 0.7% 0.7% 0.7%
Investing Activities (7.2%) (1.8%) (7.3%) 5.4% (0.1%) 3.4% 3.2% (3.3%) 2.5% (1.8%)

Net debt issuance / (repayment) 0.6% (2.2%) 4.1% 5.4% 0.0% 0.1% (0.1%) (8.4%) 0.0% 0.1%
Issuances of stock 1.8% 1.9% 1.2% 1.6% 0.7% 1.2% 1.2% 1.0% 1.0% 0.9%
Share repurchases (0.3%) (3.3%) (5.0%) (3.8%) (1.6%) (2.8%) (4.4%) (3.3%) (1.3%) (2.4%)
Dividends paid (18.8%) (17.7%) (17.4%) (17.8%) (18.3%) (20.1%) (17.5%) (19.8%) (22.1%) (21.9%)
Other financing activities (0.9%) (2.5%) (1.0%) (0.1%) (0.6%) 0.0% 0.0% 0.0% 0.0% 0.0%
Proceeds from sale of a noncontrolling interest 0.0% 0.0% 0.0% 0.0% 2.8% 0.0% 0.0% 0.0% 0.0% 0.0%
Financing Activities (17.6%) (23.8%) (18.2%) (14.7%) (17.0%) (21.6%) (20.9%) (30.4%) (22.4%) (23.3%)

Effect of FX Rate Changes on Cash: (0.4%) (0.5%) (0.2%) (1.3%) 0.7%

Net increase / (decrease) in cash 7.5% (0.5%) (0.3%) 3.8% (1.0%) 18.4% 8.5% (3.8%) 13.4% 7.7%

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at End of Year 25.9% 22.8% 21.2% 24.4% 23.0% 40.0% 47.7% 41.6% 53.3% 58.5%
Less: Restricted cash and restricted cash equivalents (0.9%) (0.7%) (0.7%) (1.4%) (1.5%) (1.5%) (1.4%) (1.4%) (1.3%) (1.2%)
Cash and Cash Equivalents 25.1% 22.1% 20.5% 23.0% 21.4% 38.6% 46.3% 40.3% 52.0% 57.3%
WACC for Coca-Cola Company

Net Debt Shares outstanding

Source doc 10k 2025 Source doc Date Shares

Source date 31-12-2025 Basic shares 10k 2025 18-02-26 4,300.72
Gross debt and equivalents Restricted stock / RSUs 10k 2025 31-12-25 4.54
Debt $45,492 Options / warrants 10k 2025 31-12-25 6.86
Convertible debt 0 Performance Based 10k 2025 31-12-25 2.62
Preferred stock 0 Convertible preferred stock 0
Noncontrolling (minority) interests $2,106 Net diluted shares outstanding 4,314.74
Finance Leases 0
Nonoperating assets
Cash & Cash Equivalent $15,806
Treasury Stock Method
Net debt $31,792
Source doc Date Shares
WACC Options exercisable 10k 2024 31-12-24 20
Exercise price 10k 2024 31-12-24 $52.69
Cost of capital assumptions Gross proceeds from exercise of options 10k 2024 31-12-24 1,053.80
Shares Purchased in open market 10k 2024 31-12-24 13.14
Cost of Debt 4.2% Dilution from exercisable options 6.86
Tax rate 20.4%
Cost of debt (after tax) 3.3%

Risk free rate 4.26%

Beta 0.39
Market risk premium 5.50%
Cost of equity 6.41%

Capital weights (capital structure)

Target
Current (override) % of total
Equity $3,46,129 91.59%
Debt $31,792 8.41%

Cost of capital (WACC) 6.15%

DCF Valuation for Coca-Cola Company

Most recent fiscal year end 31-12-25 Discount Rate (WACC) 6.15%
End of first fiscal year 31-12-26 Share Price (Public Co) $80.22
Most recent quarter end date 31-12-25 Share Price Date 28-02-25
Valuation date 07-03-26 Midyear Convention 1
Portion of year 1 cashflows in forecast 81.7%

Unlevered Free Cash Flows

Actual Forecast
Fiscal year ended 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30 31-12-30

Revenue 47,941 $50,817 $51,885 $54,427 $56,767 $59,492

% growth 6.0% 2.1% 4.9% 4.3% 4.8%
EBITDA $14,812 $15,089 $15,008 $16,194 $16,953 $17,807
% margin 29.7% 28.9% 29.8% 29.9% 29.9%
EBIT $13,762 $13,975 $13,698 $14,695 $15,270 $15,944
% margin 27.5% 26.4% 27.0% 26.9% 26.8%

Tax of EBIT $2,463 $2,585 $2,534 $2,719 $2,825 $2,950

Tax Rate 17.9% 18.5% 18.5% 18.5% 18.5% 18.5%
NOPAT (aka EBIAT) $11,299 $11,389 $11,163 $11,977 $12,445 $12,994

Depreciation & amortization $1,050 $1,114 $1,310 $1,498 $1,682 $1,863

Changes in net working capital ($3,893) ($103) ($438) ($563) ($404)
Capital expenditures ($2,099) ($1,525) ($1,557) ($1,633) ($1,703) ($1,785)
as a % of revenue 4.4% 3.0% 3.0% 3.0% 3.0% 3.0%

Unlevered Free Cash Flows (UFCF) $14,871 $11,021 $12,281 $12,987 $13,476

Net working capital (WC Assets - WC Liabilites) ($10,177) ($14,070) ($14,173) ($14,611) ($15,174) ($15,578)
as a % of revenue 29.3% 27.9% 28.2% 27.9% 27.4%

Present value of UFCF on Mar 07, 2026 valuation date

Val Date Year 1 - Stub Year 2 Year 3 Year 4 Year 5
Date of discounting cash flows 07-03-26 03-08-26 01-07-27 01-07-28 01-07-29 01-07-30
Unlevered free cash flows (UFCF) stub adjusted 81.7% $12,145 $11,021 $12,281 $12,987 $13,476
Present value of unlevered free cash flows $11,852 $10,188 $10,694 $10,653 $10,414

Terminal value - growth in perpetuity approach Terminal value - EBITDA multiple approach
long term growth rate 3.0% Terminal year EBITDA $17,807
2030 FCF x (1+g) $13,881 EBITDA multiple 21x
Terminal value in 2030 $4,41,018 Terminal value in 2024 $3,73,938
Present value of terminal value $3,40,813 Present value of terminal value $2,88,975
Present value of stage 1 cash flows $53,801 Present value of stage 1 cash flows $53,801
Total enterprice value (TEV) $3,94,615 Enterprise value (stage 1 + 2) $3,42,776

Terminal value as % of TEV 86.4% Terminal value as % of TEV 84.3%

Stage 1 cash flows as % of TEV 13.6% Stage 1 cash flows as % of TEV 15.7%
Implied TV exit EBITDA Multiple 24.8x Implied terminal growth rate 2.5%

Valuation
Perpetuity EBITDA
Enterprise value $3,94,615 $3,42,776
Net debt $31,792 $31,792
Equity value $3,62,823 $3,10,984
Share outstanding $4,315 $4,315
Equity value per share $84.09 $72.07

Year 1 Multiples Perpetuity EBITDA

EV / Revenue 7.77x 6.75x
EV / EBITDA 26.15x 22.72x
EV / EBIT 28.24x 24.53x

Equity Value Per Share

Long term growth rate (g):
$84.09 2.5% 2.8% 3.0% 3.3% 3.5%
6.6% $63.42 $67.32 $71.76 $76.85 $82.74
6.4% $67.87 $72.34 $77.47 $83.41 $90.38
WACC: 6.1% $72.93 $78.10 $84.09 $91.11 $99.46
5.9% $78.73 $84.77 $91.85 $100.27 $110.44
5.6% $85.46 $92.60 $101.08 $111.33 $123.97

Data Table
Equity Value Per Share
Exit EBITDA Multiple
$72.07 20.0x 20.5x 21.0x 21.5x 22.0x
6.6% $67.47 $69.03 $70.59 $72.16 $73.72
6.4% $68.17 $69.75 $71.33 $72.91 $74.49
WACC: 6.1% $68.89 $70.48 $72.07 $73.67 $75.26
5.9% $69.61 $71.22 $72.83 $74.44 $76.05
5.6% $70.34 $71.96 $73.59 $75.22 $76.85
Divdend Discount Model for Coca-Cola Company
($ in Millions Except Per Share Data)

Two Stage Model Assumptions

Divdend Per Share (DPS) - Current Period $2.04 Midyear Convention 1
Cost of Equity (Ke) 6.41% Val Date 07-03-26

Dividend Growth Rate (g) :

Stage 1 Dividend Growth 4.5%
Stage 2 Terminal Growth 3.0%
Stage 1
Base Year Year 1 Year 2 Year 3 Year 4 Year 5
Stage 1 Dividends 31-12-25 31-12-26 31-12-27 31-12-28 31-12-29 31-12-30

Midyear Convention Adjustment 31-12-25 03-08-26 01-07-27 01-07-28 01-07-29 01-07-30

Dividends Per Share (DPS) $2.04 $2.13 $2.23 $2.33 $2.43 $2.54
Cost of Equity (Ke) 6.41% 6.41% 6.41% 6.41% 6.41% 6.41%
Discounting Factor 0.94 0.88 0.83 0.78 0.73
Present Value (PV) of Dividend $2.08 $2.05 $2.02 $1.98 $1.94

Terminal value
Stage 2 terminal growth rate 3.0%
2030 DPS x (1+g) $2.62
Terminal value in 2030 $76.90
Present value of terminal value $58.81

Equity Value per Share

PV of Stage 1 Dividends $10.07
PV of Terminal Value $58.81
Intrinsic Value per Share $68.88

Equity Value Per Share

Long term growth rate (g):
$68.88 2.0% 2.5% 3.0% 3.5% 4.0%
Data Table 7.4% $53.09 $53.30 $53.51 $53.73 $53.94
6.9% $59.73 $59.97 $60.21 $60.46 $60.70
6.4% $68.31 $68.59 $68.88 $69.16 $69.45
6.1% $74.78 $75.10 $75.42 $75.74 $76.05
5.8% $82.65 $83.00 $83.36 $83.71 $84.07
Earnings Power Value for Coca-Cola Company
($ in Millions Except Per Share Data)

Fiscal Year 2021A 2022A 2023A 2024A 2025A

Fiscal Year End Date 31-12-21 31-12-22 31-12-23 31-12-24 31-12-25

Net Revenue $38,655 $43,004 $45,754 $47,061 $47,941

% Growth 11.3% 6.4% 2.9% 1.9%

EBIT $10,308 $10,909 $11,311 $9,992 $13,762

% Operating Margin 26.7% 25.4% 24.7% 21.2% 28.7%

Current Net Revenue $47,941

(x) Average Operating Margin 25.3%
Normalized EBIT $12,148

Tax rate 21.1% 18.1% 17.4% 18.6% 17.9%

5y Average 18.6%
After-tax Normalised EBIT $9,887

Capex $1,259 $1,409 $1,778 $2,024 $2,099

Depreciation & Amortization ($1,452) ($1,260) ($1,128) ($1,075) ($1,050)
Difference ($193) $149 $650 $949 $1,049
(-) 5y Average Difference $521
Normalized Earnings $9,366

Normalized Earnings $9,366

(/) WACC 6.15%
Enterprise Value $1,52,353
(-) Net Debt ($31,792)
Equity Value $1,20,561
(/) Outstanding Shares $4,315
Value Per Share $27.94
Comparable Company Analysis Input for Coca-Cola Company

MARKET DATA INPUTS (As of 27-01-26)

($ in millions, except per share data)

Coca-Cola Keurig Dr Monster NATIONAL

PepsiCo
Company name Company Pepper Beverage BEVERAGE
Ticker KO KDP MNST FIZZ PEP
Date of latest quarter 26-09-25 30-09-25 30-09-25 01-11-25 06-09-25
Date of latest fiscal year end (FYE) 31-12-24 31-12-24 31-12-24 03-05-25 28-12-24
Latest quarter Q3 Q3 Q3 Q2 Q3
Stock price on current date $73.43 $26.82 $80.05 $34.00 $148.69
Share price date 27-01-26 27-01-26 27-01-26 27-01-26 27-01-26

SHARES DATA
Basic shares outstanding 4,301.61 1,358.58 977.021 93.632 1,367.340
Options exercisable
Tranche 1 22.0 0 3.036 0.174 5.369
Tranche 2 5.108
Tranche 3 3.400
Tranche 4 0.042
Tranche 5 1.088
Tranche 6 1.049
Tranche 7 0.009
Tranche 8 0.430
Tranche 9 0.007
22.0 0 14.169 0.174 5.369
Exercise price
Tranche 1 $50.43 $0 $22.02 $26.72 $119.78
Tranche 2 $26.63
Tranche 3 $30.35
Tranche 4 $32.37
Tranche 5 $36.62
Tranche 6 $44.36
Tranche 7 $48.90
Tranche 8 $50.82
Tranche 9 $55.56

Gross proceeds from exercise of options 1,109.46 0 416.49 4.64 643.10

Gross dilution 22.00 0 14.17 0.17 5.37
Dilution from exercisable options 6.89 0 8.97 0.04 1.04
Dilution from Restricted stock / RSUs 4.21 12.49 1.68 0 5.31
Dilution from Performance Based 2.54 0 0 0 0
Dilution from convertible debt 0 0 0 0 0
Dilution from convertible preferred stock / other 0 0 0 0 0
Diluted shares outstanding 4,315.249 1,371.071 987.669 93.669 1,373.690

FINANCIALS

LATEST FISCAL YEAR KO KDP MNST FIZZ PEP

31-12-24 31-12-24 31-12-24 03-05-25 28-12-24
Revenues $47,061 $15,351 $7,493 $1,201 $91,854
COGS (enter as -) ($18,324) ($6,822) ($3,444) ($757) ($41,744)
Gross Profit $28,737 $8,529 $4,049 $444 $50,110
SG&A/Other operating expenses (enter as -) ($18,745) ($5,938) ($2,119) ($208) ($37,223)
Operating income (EBIT) $9,992 $2,591 $1,930 $235 $12,887
Nonoperating income / (expense) $3,094 ($677) $59 $9 ($941)
Pretax income $13,086 $1,914 $1,989 $245 $11,946
Tax benefit / (expense) ($2,437) ($473) ($480) ($58) ($2,320)
Consolidated Net Income $10,649 $1,441 $1,509 $187 $9,626
Less: Net income (loss) attributable to noncontrolling interests ($18) $0 $0 $0 ($48)
Net income attributable to shareowners $10,631 $1,441 $1,509 $187 $9,578
Diluted weighted average shares out. 4320.00 1368.30 1013.11 93.69 1378.00

Non-GAAP exclusions
Excluded operating expense / (income) $4,093 $1,383 $173 $0 $1,811
Excluded nonoperating expense / (income) $2,247 $1,485 $173 $0 $308
Tax effect of non-GAAP exclusions $415 $294 $41 $0 $451
Net Income Effect $1,832 $1,191 $133 $0 $1,668

Normalized (Non-GAAP) financials

EBIT $14,085 $3,974 $2,104 $235 $14,698
Depreciation and amortization expense $1,075 $600 $80 $21 $3,160
EBITDA $15,160 $4,574 $2,184 $256 $17,858
Pretax income $15,333 $3,399 $2,163 $245 $12,254
Tax benefit / (expense) ($2,852) ($767) ($521) ($58) ($2,771)
Net income $12,463 $2,632 $1,642 $187 $11,246

Diluted EPS calculation

Numerator adjustment $0 $0 $0 $0 $0
Denominator adjustment 0 0 0 0 0
Diluted EPS $2.88 $1.92 $1.62 $1.99 $8.16

LATEST FISCAL YEAR QUARTERS KO KDP MNST FIZZ PEP

Actuals through: Q3 Q3 Q3 Q2 Q3
Date ending: 26-09-25 30-09-25 30-09-25 01-11-25 06-09-25
Revenues $36,119 $12,104 $6,163 $619 $64,582
COGS (enter as -) ($13,674) ($5,524) ($2,714) ($384) ($29,343)
Gross Profit $22,445 $6,580 $3,449 $235 $35,239
SG&A/Other operating expenses (enter as -) ($10,524) ($3,886) ($1,572) ($106) ($27,298)
Operating income (EBIT) $11,921 $2,694 $1,877 $129 $7,941
Nonoperating income / (expense) $1,115 ($464) $38 $5 ($697)
Pretax income $13,036 $2,230 $1,914 $134 $7,244
Tax benefit / (expense) ($2,215) ($504) ($458) ($32) ($1,504)
Consolidated Net Income $10,821 $1,726 $1,456 $102 $5,740
Less: Net income (loss) attributable to noncontrolling interests $15 $0 $0 $0 ($40)
Net income attributable to shareowners $10,836 $1,726 $1,456 $102 $5,700
Diluted weighted average shares out. 4314.00 1362.70 983.53 93.69 1373.00

Non-GAAP exclusions
Excluded operating expense / (income) $204 $272 $88 $0 $2,896
Excluded nonoperating expense / (income) $122 $339 - $0 $211
Tax effect of non-GAAP exclusions $509 $86 - $0 $546
Net Income Effect ($394) $253 $68 $0 $2,375

Normalized (Non-GAAP) financials

EBIT $12,125 $2,966 $1,965 $129 $10,837
Depreciation and amortization expense $814 $453 $82 $11 $2,315
EBITDA $12,939 $3,419 $2,047 $140 $13,152
Pretax income $13,158 $2,569 - $134 $7,455
Tax benefit / (expense) ($2,724) (590) - ($32) ($2,050)
Net income $10,442 $1,979 $1,524 $102 $8,075
Diluted EPS calculation
Numerator adjustment $0 $0 $0 $0 $0
Denominator adjustment 0 0 0 0 0
Diluted EPS $2.42 $1.45 $1.55 $1.09 $5.88

LATEST FISCAL YEAR QUARTERS MINUS 1 YEAR KO KDP MNST FIZZ PEP
27-09-2024 30-09-2024 30-09-2024 26-10-2024 07-09-2024
Revenues $35,517 $11,281 $5,681 $621 $64,070
COGS (enter as -) ($13,711) ($5,029) ($2,634) ($389) ($28,563)
Gross Profit $21,806 $6,252 $3,046 $232 $35,507
SG&A/Other operating expenses (enter as -) ($14,523) ($3,724) ($1,497) ($104) ($24,870)
Operating income (EBIT) $7,283 $2,528 $1,549 $127 $10,637
Nonoperating income / (expense) $2,997 ($460) $54 $6 ($500)
Pretax income $10,280 $2,068 $1,603 $133 $10,137
Tax benefit / (expense) ($1,844) ($483) ($365) ($31) ($2,045)
Consolidated Net Income $8,436 $1,585 $1,238 $102 $8,092
Less: Net income (loss) attributable to noncontrolling interests $0 $0 $0 $0 ($37)
Net income attributable to shareowners $8,436 $1,585 $1,238 $102 $8,055
Diluted weighted average shares out. 4321.00 1370.40 1023.91 93.68 1379.00

Non-GAAP exclusions
Excluded operating expense / (income) $4,068 $317 $69 $0 $599
Excluded nonoperating expense / (income) $2,137 $338 - $0 $42
Tax effect of non-GAAP exclusions $491 $81 - $0 $142
Net Income Effect $1,646 $257 $52 $0 $498

Normalized (Non-GAAP) financials

EBIT $11,351 $2,845 $1,618 $127 $11,236
Depreciation and amortization expense $799 $450 $60 $11 $2,118
EBITDA $12,150 $3,295 $1,678 $138 $13,354
Pretax income $12,417 $2,406 - $133 $10,179
Tax benefit / (expense) ($2,335) -$564 - -$31 -$2,187
Net income $10,082 $1,842 $1,291 $102 $8,553

Diluted EPS calculation

Numerator adjustment $0 $0 $0 $0 $0
Denominator adjustment 0 0 0 0 0
Diluted EPS $2.33 $1.34 $1.26 $1.09 $6.20

LAST TWELVE MONTHS (LTM) KO KDP MNST FIZZ PEP

LTM ending date: Q3 Q3 Q3 Q2 Q3

Revenues - LTM $47,663 $16,174 $7,975 $1,200 $92,366
EBITDA - LTM $15,949 $4,698 $2,553 $258 $17,656
EBIT - LTM $14,859 $4,095 $2,450 $237 $14,299
EPS - LTM $2.97 $2.03 $1.91 $1.99 $7.84

LAST FISCAL YEAR KO KDP MNST FIZZ PEP

Year ending date: 31-12-24 31-12-24 31-12-24 03-05-25 28-12-24

Revenues - latest FYE $47,061 $15,351 $7,493 $1,201 $91,854
EBITDA - latest FYE $15,160 $4,574 $2,184 $256 $17,858
EBIT - latest FYE $14,085 $3,974 $2,104 $235 $14,698
EPS - latest FYE $2.88 $1.92 $1.62 $1.99 $8.16

BALANCE SHEET DATA

Data as of: 9-26-25 9-30-25 9-30-25 11-1-25 9-6-25
ST debt (incl. current portion of LT debt) $4,239 $2,285 $0 $0 $6,736
LT debt $43,177 $13,531 $0 $0 $44,113
Noncontrolling interests $2,020 $0 $0 $0 $155
Preferred stock $0 $0 $0 $0 $0
Gross debt $49,436 $15,816 $0 $0 $51,004
Less: Cash & Cash equivalents ($15,781) ($516) ($2,579) ($269) ($8,661)
Net debt $33,655 $15,300 ($2,579) ($269) $42,343

FORECASTS

YEAR 1 FORECAST - FISCAL YEAR KO KDP MNST FIZZ PEP

Year ending date 31-12-25 31-12-25 31-12-25 03-05-26 28-12-25

Revenues - Fiscal year 1 $47,941 $16,460 $8,120 $1,200 $93,460
EPS - Fiscal year 1 $2.99 $2.04 $1.99 $2.03 $8.11
Source for estimates: Analyst Projection TradingView TradingView TradingView TradingView

YEAR 2 FORECAST - FISCAL YEAR KO KDP MNST FIZZ PEP

Year ending date 31-12-26 31-12-26 31-12-26 03-05-27 28-12-26

Revenues - Fiscal year 2 $50,817 $17,200 $8,990 $1,210 $97,170
EPS - Fiscal year 2 $3.21 $2.16 $2.26 $2.06 $8.55
Source for estimates: Analyst Projection TradingView TradingView TradingView TradingView

YEAR 3 FORECAST - FISCAL YEAR KO KDP MNST FIZZ PEP

Year ending date 31-12-27 31-12-27 31-12-27 03-05-28 28-12-27

Revenues - Fiscal year 3 $51,885 $17,810 $9,780 $1,220 $1,00,300
EPS - Fiscal year 3 $3.45 $2.31 $2.55 $2.16 $9.05
Source for estimates: Analyst Projection TradingView TradingView TradingView TradingView

CALENDARIZATION FORMULAS KO KDP MNST FIZZ PEP

Calendar yr 1 31-12-2025 31-12-2025 31-12-2025 31-12-2025 31-12-2025

# of days that fiscal yr 1 is behind calendar yr 1 0 0 0 0 3
# of days that fiscal yr 1 is ahead of calendar yr 1 0 0 0 123 0
Multiply last historical year by: 0.0% 0.0% 0.0% 33.7% 0.0%
Multiply fiscal Yr 1 by: 100.0% 100.0% 100.0% 66.3% 99.2%
Multiply fiscal Yr 2 by: 0.0% 0.0% 0.0% 0.0% 0.8%

YEAR 1 FORECAST - CALENDAR YEAR KO KDP MNST FIZZ PEP

Year ending date 31-12-2025 31-12-2025 31-12-2025 31-12-2025 31-12-2025
Revenues - Calendar year 1 47,941.0 16,460.0 8,120.0 1,200.5 93,490.5
EPS - Calendar year 1 $2.99 $2.04 $1.99 $2.02 $8.11

YEAR 2 FORECAST - CALENDAR YEAR KO KDP MNST FIZZ PEP

Year ending date 31-12-2026 31-12-2026 31-12-2026 31-12-2026 31-12-2026
Revenues - Calendar year 2 50,817.5 17,200.0 8,990.0 1,206.6 97,195.7
EPS - Calendar year 2 $3.21 $2.16 $2.26 $2.05 $8.55

MULTIPLES

MARKET VALUATION KO KDP MNST FIZZ PEP

Share price $73.43 $26.82 $80.05 $34.00 $148.69

 Diluted shares outstanding (mm) 4,315 $1,371 $988 $94 $1,374
Market capitalization (mm) 3,16,869 36,772 79,063 3,185 2,04,254

Net debt 33,655 15,300 (2,579) (269) 42,343

Enterprise value (EV) 3,50,524 52,072 76,484 2,915 2,46,597

MULTIPLES SUMMARY KO KDP MNST FIZZ PEP

Last twelve month (LTM)

EV / Revenues - LTM 7.4x 3.2x 9.6x 2.4x 2.7x
EV / EBITDA - LTM 22.0x 11.1x 30.0x 11.3x 14.0x
EV / EBIT - LTM 23.6x 12.7x 31.2x 12.3x 17.2x
P/E - LTM 24.7x 13.2x 41.9x 17.1x 19.0x
Year 1
EV / Revenues - Year 1 7.3x 3.2x 9.4x 2.4x 2.6x
P/E - Year 1 24.6x 13.1x 40.2x 16.8x 18.3x
Year 2
EV / Revenues - Year 2 6.9x 3.0x 8.5x 2.4x 2.5x
P/E - Year 2 22.9x 12.4x 35.4x 16.6x 17.4x
Comparable Company Analysis Input for Coca-Cola Company

Last Twelve Months (LTM) Year 1 Forecast - Calendar Year Year 2 Forecast - Calendar Year
Market capitalization Enterprise value Diluted shares
Name Ticker (mm) (EV) Revenues EBITDA EBIT EPS Revenues EPS Revenues EPS Net debt outstanding
Place target in first position
Coca-Cola Company KO $3,16,869 $3,50,524 $47,663 $15,949 $14,859 $2.97 $47,941 $2.99 $50,817 $3.21 $33,655 4,315
Keurig Dr Pepper KDP $36,772 $52,072 $16,174 $4,698 $4,095 $2.03 $16,460 $2.04 $17,200 $2.16 $15,300 1,371
Monster Beverage MNST $79,063 $76,484 $7,975 $2,553 $2,450 $1.91 $8,120 $1.99 $8,990 $2.26 -$2,579 988
NATIONAL BEVERAGE FIZZ $3,185 $2,915 $1,200 $258 $237 $1.99 $1,200 $2.02 $1,207 $2.05 -$269 94
PepsiCo PEP $2,04,254 $2,46,597 $92,366 $17,656 $14,299 $7.84 $93,490 $8.11 $97,196 $8.55 $42,343 1,374

Last Twelve Months (LTM) Year 1 Forecast - Calendar Year Year 2 Forecast - Calendar Year
Name Ticker EV / Revenues EV / EBITDA EV / EBIT P/E EV / Revenues P/E EV / Revenues P/E

Coca-Cola Company KO 7.4x 22.0x 23.6x 24.7x 7.3x 24.6x 6.9x 22.9x
Keurig Dr Pepper KDP 3.2x 11.1x 12.7x 13.2x 3.2x 13.1x 3.0x 12.4x
Monster Beverage MNST 9.6x 30.0x 31.2x 41.9x 9.4x 40.2x 8.5x 35.4x
NATIONAL BEVERAGE FIZZ 2.4x 11.3x 12.3x 17.1x 2.4x 16.8x 2.4x 16.6x
PepsiCo PEP 2.7x 14.0x 17.2x 19.0x 2.6x 18.3x 2.5x 17.4x

High 9.6x 30.0x 31.2x 41.9x 9.4x 40.2x 8.5x 35.4x

Low 2.4x 11.1x 12.3x 13.2x 2.4x 13.1x 2.4x 12.4x
Median 3.2x 14.0x 17.2x 19.0x 3.2x 18.3x 3.0x 17.4x
Mean 5.1x 17.7x 19.4x 23.2x 5.0x 22.6x 4.7x 20.9x
Mean (excl. KO) 4.5x 16.6x 18.4x 22.8x 4.4x 22.1x 4.1x 20.5x
KO 7.4x 22.0x 23.6x 24.7x 7.3x 24.6x 6.9x 22.9x
Comparable Company Analysis Input for Coca-Cola Company

Last Twelve Months (LTM) Year 1 Forecast - Calendar Year Year 2 Forecast - Calendar Year

EV / Revenues EV / EBITDA EV / EBIT P/E EV / Revenues P/E EV / Revenues P/E

Median 3.2x 14.0x 17.2x 19.0x 3.2x 18.3x 3.0x 17.4x

High 9.6x 30.0x 31.2x 41.9x 9.4x 40.2x 8.5x 35.4x
Low 2.4x 11.1x 12.3x 13.2x 2.4x 13.1x 2.4x 12.4x

Comps Derived Ko Value

Median
Enterprise value $1,53,451 $2,22,756 $2,56,255 $2,76,900 $1,51,664 $2,70,108 $1,53,847 $2,74,434
Net debt $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655
Equity value $1,19,796 $1,89,101 $2,22,600 $2,43,245 $1,18,009 $2,36,453 $1,20,192 $2,40,779
Shares outstanding 4,315 4,315 4,315 4,315 4,315 4,315 4,315 4,315
Share price $27.76 $43.82 $51.58 $56.37 $27.35 $54.79 $27.85 $55.80

High
Enterprise value $4,57,089 $4,77,809 $4,63,800 $5,71,386 $4,51,564 $5,52,676 $4,32,336 $5,24,296
Net debt $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655
Equity value $4,23,434 $4,44,154 $4,30,145 $5,37,731 $4,17,909 $5,19,021 $3,98,681 $4,90,641
Shares outstanding 4,315 4,315.2 4,315 4,315 4,315 4,315 4,315 4,315
Share price $98.13 $102.93 $99.68 $124.61 $96.84 $120.28 $92.39 $113.70

Low
Enterprise value $1,15,845 $1,76,777 $1,82,865 $2,02,966 $1,16,430 $67,310 $1,22,784 $2,05,650
Net debt $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655 $33,655
Equity value $82,190 $1,43,122 $1,49,210 $1,69,311 $82,775 $1,69,631 $89,129 $1,71,995
Shares outstanding 4,315 4,315.2 4,315 4,315 4,315 4,315 4,315 4,315
Share price $19.05 $33.17 $34.58 $39.24 $19.18 $39.31 $20.65 $39.86
 AP Equity Research
Financial Model Analyst, Prince Verma
& Valuation princevermadsc23@[Link]

Important Disclosure
This financial model and valuation analysis of Coa-Cola Company (The) . has been prepared solely for academic, educational, and illustrative purposes. The
analysis is based on publicly available information obtained from sources believed to be reliable; however, no representation or warranty, express or implied, is
made as to the accuracy, completeness, or timeliness of such information.

The assumptions, projections, forecasts, and valuation outcomes contained herein are inherently subject to uncertainty and are based on the author’s judgment
at the time of preparation. Actual results may differ materially due to changes in economic conditions, company-specific factors, market dynamics, regulatory
developments, or other unforeseen events.

This material does not constitute investment advice, financial advice, legal advice, accounting advice, or tax advice. It is not intended to be, and should not be
construed as, an offer, solicitation, recommendation, or inducement to buy, sell, or hold any security or financial instrument.

The author is not registered as a research analyst or investment advisor with the Securities and Exchange Board of India (SEBI) or any other regulatory authority.
Readers are advised to conduct their own independent analysis and consult qualified financial professionals before making any investment decisions.

Past performance is not indicative of future results. Valuation outputs derived from discounted cash flow (DCF) models and other methodologies are highly
sensitive to underlying assumptions and should be interpreted accordingly.

Sources & Data

Primary Sources
Coca-Cola Company (The) Form 10-K & Form 10-Q (SEC filings)
Coca-Cola Company (The) Investor Relations presentations
Earnings call transcripts

Market & Assumptions

Risk-free rate: U.S. Treasury yields
Equity risk premium: Damodaran dataset
Beta estimation: Yahoo Finance (regression-based)
Top 10 shareholders : MSN
Share Details : Trading View, [Link]

Analyst Certification
I hereby certify that the views expressed in this financial model and valuation analysis accurately reflect my personal academic views regarding Coca-Cola
Company (The), and that no part of my compensation was, is, or will be directly or indirectly related to the specific views or valuation conclusions expressed
herein.

apequityresearchvaluation@[Link]