Financials The Coca-Cola Company

Equities

KO

US1912161007

Non-Alcoholic Beverages

Market Closed - Nyse 04:00:02 2024-04-12 pm EDT 5-day change 1st Jan Change
58.28 USD -1.30% Intraday chart for The Coca-Cola Company -2.07% -1.10%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 237,147 235,671 255,753 275,082 254,779 251,256 - -
Enterprise Value (EV) 1 268,735 267,550 285,889 302,600 283,180 279,452 278,004 275,931
P/E ratio 26.7 x 30.6 x 26.3 x 29 x 23.9 x 21.3 x 20 x 18.5 x
Yield 2.89% 2.99% 2.84% 2.77% - 3.29% 3.46% 3.71%
Capitalization / Revenue 6.36 x 7.14 x 6.62 x 6.39 x 5.56 x 5.49 x 5.22 x 4.96 x
EV / Revenue 7.21 x 8.11 x 7.4 x 7.03 x 6.19 x 6.1 x 5.78 x 5.45 x
EV / EBITDA 22.8 x 23.7 x 22.8 x 22.2 x 19.6 x 18.5 x 17.2 x 16 x
EV / FCF 31.9 x 30.9 x 25.4 x 31.7 x 29.1 x 29.1 x 23.6 x 20.8 x
FCF Yield 3.13% 3.24% 3.94% 3.15% 3.44% 3.44% 4.23% 4.8%
Price to Book 12.5 x 12.2 x 11.2 x 11.4 x 9.86 x 9.38 x 8.41 x 7.83 x
Nbr of stocks (in thousands) 4,284,491 4,297,435 4,319,420 4,324,513 4,323,414 4,311,191 - -
Reference price 2 55.35 54.84 59.21 63.61 58.93 58.28 58.28 58.28
Announcement Date 1/30/20 2/10/21 2/10/22 2/14/23 2/13/24 - - -
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 45,793 48,122 50,613
EBITDA 1 11,774 11,306 12,561 13,605 14,464 15,120 16,176 17,198
EBIT 1 10,409 9,770 11,109 12,345 13,336 13,855 14,814 15,916
Operating Margin 27.92% 29.61% 28.74% 28.68% 29.13% 30.26% 30.79% 31.45%
Earnings before Tax (EBT) 1 10,786 9,749 12,425 11,686 12,952 14,561 15,589 17,364
Net income 1 8,920 7,747 9,771 9,542 10,714 11,847 12,626 13,902
Net margin 23.93% 23.48% 25.28% 22.17% 23.4% 25.87% 26.24% 27.47%
EPS 2 2.070 1.790 2.250 2.190 2.470 2.737 2.912 3.146
Free Cash Flow 1 8,417 8,667 11,258 9,534 9,747 9,613 11,773 13,242
FCF margin 22.58% 26.26% 29.12% 22.15% 21.29% 20.99% 24.46% 26.16%
FCF Conversion (EBITDA) 71.49% 76.66% 89.63% 70.08% 67.39% 63.58% 72.78% 77%
FCF Conversion (Net income) 94.36% 111.88% 115.22% 99.92% 90.97% 81.14% 93.24% 95.25%
Dividend per Share 2 1.600 1.640 1.680 1.760 - 1.920 2.014 2.163
Announcement Date 1/30/20 2/10/21 2/10/22 2/14/23 2/13/24 - - -
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 10,990 11,877 11,900 11,004 11,385
EBITDA 1 3,376 2,433 3,626 3,787 3,565 2,627 3,774 4,061 3,826 2,803 3,824 4,249 4,063 3,045 4,059
EBIT 1 3,014 2,092 3,302 3,465 3,258 2,320 3,488 3,780 3,536 2,532 3,503 3,918 3,649 2,712 3,717
Operating Margin 30.01% 22.09% 31.44% 30.66% 29.35% 22.76% 31.83% 31.59% 29.69% 23.13% 31.88% 32.99% 30.67% 24.64% 32.65%
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 3,653 4,167 3,935 2,768 3,896
Net income 1 2,471 2,414 2,781 1,905 2,825 2,031 3,107 2,547 3,087 1,973 2,938 3,417 3,234 2,223 3,131
Net margin 24.6% 25.49% 26.48% 16.86% 25.45% 19.92% 28.35% 21.29% 25.92% 18.02% 26.74% 28.77% 27.18% 20.2% 27.5%
EPS 2 0.5700 0.5600 0.6400 0.4400 0.6500 0.4700 0.7200 0.5900 0.7100 0.4600 0.6814 0.7932 0.7542 0.5228 0.7136
Dividend per Share 2 0.4200 0.4200 0.4400 0.4400 0.4400 0.4400 0.4600 0.4600 - - 0.4175 0.4775 0.4775 0.5362 0.4914
Announcement Date 10/27/21 2/10/22 4/25/22 7/26/22 10/25/22 2/14/23 4/24/23 7/26/23 10/24/23 2/13/24 - - - - -
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 28,196 26,748 24,675
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.683 x 2.82 x 2.399 x 2.023 x 1.964 x 1.865 x 1.654 x 1.435 x
Free Cash Flow 1 8,417 8,667 11,258 9,534 9,747 9,613 11,773 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 95,717 99,241 102,758
Book Value Per Share 2 4.430 4.490 5.300 5.570 5.980 6.220 6.930 7.440
Cash Flow per Share 2 2.430 2.280 2.910 2.530 2.670 2.860 3.060 3.720
Capex 1 2,054 1,177 1,367 1,484 1,852 2,151 2,234 2,239
Capex / Sales 5.51% 3.57% 3.54% 3.45% 4.05% 4.7% 4.64% 4.42%
Announcement Date 1/30/20 2/10/21 2/10/22 2/14/23 2/13/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
58.28 USD
Average target price
66.18 USD
Spread / Average Target
+13.55%
Consensus
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