Coca-Cola

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Analyst Listing       Primary Input Data
Derived Input Data       Valuation Model Outcomes

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
William Blair Bhavan Suri bsuri@williamblair.com
Stifel Nicolaus Brad R. Reback rebackb@stifel.com
Pacific Crest Securities-KBCM Brent Bracelin bbracelin@pacific-crest.com
Drexel Hamilton Brian J. White bwhite@drexelhamilton.com
JMP Securities Greg Mcdowell gmcdowell@jmpsecurities.com
Cowen & Company Gregg Moskowitz gregg.moskowitz@cowen.com
DA Davidson Jack Andrews jandrews@dadco.com
Jefferies John DiFucci jdifucci@jefferies.com
SunTrust Robinson Humphrey John Rizzuto john.rizzuto@suntrust.com
Stephens Inc Jonathan B. Ruykhaver jonathan.ruykhaver@stephens.com
Atlantic Equities Josep Bori j.bori@atlantic-equities.com
Deutsche Bank Research Karl Keirstead karl.keirstead@db.com
BMO Capital Markets Keith Bachman keith.bachman@bmo.com
Evercore ISI Kirk Materne kirk.materne@evercoreisi.com
RBC Capital Markets Matthew Hedberg matthew.hedberg@rbccm.com
Raymond James Michael Turits michael.turits@raymondjames.com
Maxim Group Nehal Chokshi nehalchokshi@techinsightsresearch.com
Credit Suisse Philip Winslow philip.winslow@credit-suisse.com
Canaccord Genuity Richard Davis Jr. rdavis@canaccordgenuity.com
Guggenheim Securities Ryan Hutchinson ryan.hutchinson@guggenheimpartners.com
Needham Scott Zeller szeller@needhamco.com
Oppenheimer Shaul Eyal shaul.eyal@opco.com
FBN Securities Shebly Seyrafi sseyrafi@fbnsecurities.com
Mitsubishi UFJ Securities (USA) Stephen D. Bersey sbersey@us.sc.mufg.jp
Wedbush Securities Steve Koenig steve.koenig@wedbush.com
Northland Securities Tim Klasell tklasell@northlandcapitalmarkets.com
Bernstein Research Ali Dibadj  ali.dibadj@bernstein.com
BMO Capital Markets Amit Sharma amit.sharma@bmo.com
Deutsche Bank Research Bill Schmitz Jr. william.schmitz@db.com
Wells Fargo Securities Bonnie Herzog bonnie.herzog@wellsfargo.com
Consumer Edge Research Brett Cooper bcooper@consumeredgeresearch.com
Jefferies Kevin Grundy kgrundy@jefferies.com
Stifel Nicolaus Mark D. Swartzberg mswartzberg@stifel.com
RBC Capital Markets Nik Modi nik.modi@rbccm.com
Susquehanna Financial Group Pablo Zuanic pablo.zuanic@sig.com
Evercore ISI Robert Ottenstein robert.ottenstein@evercoreisi.com
Cowen & Company Vivien Azer vivien.azer@cowen.com
SunTrust Robinson Humphrey William B. Chappell Jr. bill.chappell@suntrust.com

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Primary Input Data

 

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Derived Input Data

Derived Input

Label

2015  Value

2016  Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT  6,313   2,226 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  7,975  6,534 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  196  154 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  63,163  60,738 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 9.99% 3.66% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  5,484  (1,690) NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 86.87% -75.93% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 13.42% 10.59% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  6.60% 6.31%
Enterprise value EVMarket  193,295  185,455  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  191,965  185,263
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  19.90  54.16 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
  8.68%   -2.78% Long-run growth rates of the income variable  are used in the Continuing Value portion of the valuation models.
 g = % \Delta GDP   2.50%   2.50%

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Valuation Model Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs and, depending on the equational form of any particular valuation model, may result in irrelevant or implausible results.  For example, in the event WACC < g, the value of this term, often found in the denominator of an equation’s continuation value term, will be expressly negative and may result in a negative overall valuation for the firm.  In the event of a WACC < g relation, the model form as applied to the subject firm offers an irrelevant outcome.

Valuation Model Type

Label

Equational form

Key Value Driver (NOPLAT) KVD (NOPLAT) { Value }_{ DCF/KVD }=\sum { \frac { NOPLAT_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Key Value Driver (FCF) KVD (FCF)
{ Value }_{ DCF/KVD }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Free Cash Flow FCF  { Value }_{ DCF/FCF }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Economic Profit ECON π  { Value }_{ { ECON\pi } }= I{ C }_{ 0 }+\sum { \frac { { IC }_{ t-1 }(ROI{ C }_{t}-WAC{C}_{t}) }{ { \left( 1+WACC \right) }^{ t } }+ \frac {\frac { I{C}_{0}\ x\ (ROI{C}_{1}\ -\ WAC{C}_{1}) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Adjusted Present Value APV { Value }_{ APV }=\sum { \frac { FCF_{ t } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ { k }_{ u }-g } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } } +\sum { \frac { { TS }_{ t } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } +\frac { \frac { { TS }_{ 1 }}{ { k }_{ tax }-g } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } }
 
Forward Market Multiple FMM  { Value }_{ DCF/FMM}=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { { EBIT }_{ 1 }\,{x}\,{FMM}}{ { \left( 1+WACC \right) }^{ t } } }{\,\,\,; \,\,FMM\,=\,\frac{{EV}_{t=0}}{{EBIT}_{t=0}}}
 

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