Financials Keurig Dr Pepper Inc.

Equities

KDP

US49271V1008

Non-Alcoholic Beverages

Market Closed - Nasdaq Other stock markets 04:00:00 2023-11-29 pm EST			5-day change	1st Jan Change
31.73 ^USD	-1.58%		-2.10%	-11.02%

12:00pm	More US retailers adopt 'keep it' returns policies to shelter profits in holiday surge	RE
Nov. 20	Wegovy craze was all the rage on Q3 earnings calls	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	35 617	40 726	45 032	52 266	50 565	44 369	-	-
Enterprise Value (EV) ¹	51 524	55 071	58 280	63 581	61 997	56 172	54 994	53 940
P/E ratio	32,5x	32,9x	34,4x	24,6x	35,3x	21,0x	18,7x	17,3x
Yield	1,17%	2,07%	1,88%	1,93%	2,17%	2,59%	2,75%	2,82%
Capitalization / Revenue	3,23x	3,66x	3,88x	4,12x	3,60x	2,98x	2,86x	2,75x
EV / Revenue	4,68x	4,95x	5,02x	5,01x	4,41x	3,78x	3,54x	3,34x
EV / EBITDA	17,5x	17,1x	15,8x	16,0x	15,2x	13,2x	12,3x	11,5x
EV / FCF	36,0x	25,7x	29,2x	25,9x	25,0x	28,4x	21,9x	19,2x
FCF Yield	2,78%	3,89%	3,42%	3,85%	4,01%	3,52%	4,56%	5,20%
Price to Book	1,60x	1,75x	1,89x	2,11x	2,03x	1,73x	1,65x	1,58x
Nbr of stocks (in thousands)	1 389 112	1 406 787	1 407 253	1 417 962	1 417 962	1 398 336	-	-
Reference price ²	25,6	29,0	32,0	36,9	35,7	31,7	31,7	31,7
Announcement Date	02/28/19	02/27/20	02/25/21	02/24/22	02/23/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	11 020	11 120	11 618	12 683	14 057	14 871	15 522	16 144
EBITDA ¹	2 946	3 223	3 691	3 971	4 078	4 265	4 474	4 706
EBIT ¹	2 620	2 890	3 191	3 421	3 538	3 655	3 898	4 106
Operating Margin	23,8%	26,0%	27,5%	27,0%	25,2%	24,6%	25,1%	25,4%
Earnings before Tax (EBT) ¹	1 506	1 694	1 753	2 798	1 719	2 727	3 128	3 318
Net income ¹	1 108	1 254	1 325	2 146	1 436	2 147	2 373	2 514
Net margin	10,1%	11,3%	11,4%	16,9%	10,2%	14,4%	15,3%	15,6%
EPS ²	0,79	0,88	0,93	1,50	1,01	1,51	1,70	1,83
Free Cash Flow ¹	1 433	2 144	1 995	2 451	2 484	1 977	2 508	2 803
FCF margin	13,0%	19,3%	17,2%	19,3%	17,7%	13,3%	16,2%	17,4%
FCF Conversion (EBITDA)	48,6%	66,5%	54,1%	61,7%	60,9%	46,4%	56,1%	59,6%
FCF Conversion (Net income)	129%	171%	151%	114%	173%	92,1%	106%	111%
Dividend per Share ²	0,30	0,60	0,60	0,71	0,78	0,82	0,87	0,89
Announcement Date	02/28/19	02/27/20	02/25/21	02/24/22	02/23/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	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
Net sales ¹	3 140	3 250	3 391	3 078	3 554	3 622	3 803	3 353	3 789	3 805	3 916	3 476	3 960	3 979	4 094
EBITDA ¹	977	1 064	1 054	870	967	1 080	1 161	833	1 006	1 116	1 233	898	1 059	1 152	1 260
EBIT ¹	839	931	910	732	832	947	1 027	699	873	984	1 099	757	933	1 049	1 147
Operating Margin	26,7%	28,6%	26,8%	23,8%	23,4%	26,1%	27,0%	20,8%	23,0%	25,9%	28,1%	21,8%	23,6%	26,4%	28,0%
Earnings before Tax (EBT) ¹	613	678	1 109	765	213	183	558	581	613	664	930	628	752	918	1 051
Net income ¹	448	530	843	585	218	180	453	467	503	518	725	496	594	725	830
Net margin	14,3%	16,3%	24,9%	19,0%	6,13%	4,97%	11,9%	13,9%	13,3%	13,6%	18,5%	14,3%	15,0%	18,2%	20,3%
EPS ²	0,31	0,37	0,59	0,41	0,15	0,13	0,32	0,33	0,36	0,37	0,50	0,33	0,41	0,50	0,55
Dividend per Share ²	0,19	0,19	0,19	0,19	0,19	0,20	0,20	0,20	0,20	0,20	0,22	0,22	0,22	0,22	0,23
Announcement Date	07/29/21	10/28/21	02/24/22	04/28/22	07/28/22	10/27/22	02/23/23	04/27/23	07/27/23	10/26/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	15 907	14 345	13 248	11 315	11 432	11 803	10 625	9 570
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5,40x	4,45x	3,59x	2,85x	2,80x	2,77x	2,37x	2,03x
Free Cash Flow ¹	1 433	2 144	1 995	2 451	2 484	1 977	2 508	2 803
ROE (net income / shareholders' equity)	7,40%	7,54%	8,44%	9,34%	9,57%	9,86%	10,2%	10,5%
Shareholders' equity ¹	14 965	16 624	15 691	22 966	15 000	21 778	23 228	24 022
ROA (Net income/ Total Assets)	3,43%	3,51%	4,00%	4,54%	4,68%	4,54%	4,79%	4,99%
Assets ¹	32 331	35 738	33 091	47 239	30 671	47 279	49 534	50 337
Book Value Per Share ²	16,0	16,5	16,9	17,5	17,6	18,3	19,2	20,1
Cash Flow per Share ²	1,47	1,74	1,73	2,01	1,99	1,46	2,00	2,48
Capex ¹	180	330	461	423	353	421	494	547
Capex / Sales	1,63%	2,97%	3,97%	3,34%	2,51%	2,83%	3,18%	3,39%
Announcement Date	02/28/19	02/27/20	02/25/21	02/24/22	02/23/23	-	-	-

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 Keurig Dr Pepper Inc.

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

31.73USD

Average target price

35.82USD

Spread / Average Target

+12.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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COCA-COLA CONSOLIDATED, INC.	+41.65%	6 803 M $
NATIONAL BEVERAGE CORP.	+1.74%	4 419 M $
COCA-COLA IÇECEK ANONIM SIRKETI	+102.91%	3 650 M $

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