Financials The Coca-Cola Company NEO Exchange

Equities

COLA

CA19123A1093

Non-Alcoholic Beverages

End-of-day quote NEO Exchange Other stock markets 18:00:00 2024-05-29 EDT			5-day change	1st Jan Change
22.68 ^CAD	+0.62%		-0.13%	+4.85%

08:24am	COCA-COLA CO : Jefferies sticks Neutral	ZD
05-23	Coca-Cola Europacific names Ed Walker as chief financial officer	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	237,147	235,671	255,753	275,082	254,779	266,964	-	-
Enterprise Value (EV) ¹	268,735	267,550	285,889	302,600	283,180	293,569	292,705	290,111
P/E ratio	26.7 x	30.6 x	26.3 x	29 x	23.9 x	22.5 x	21 x	19.9 x
Yield	2.89%	2.99%	2.84%	2.77%	-	3.12%	3.27%	3.47%
Capitalization / Revenue	6.36 x	7.14 x	6.62 x	6.39 x	5.56 x	5.84 x	5.56 x	5.26 x
EV / Revenue	7.21 x	8.11 x	7.4 x	7.03 x	6.19 x	6.42 x	6.09 x	5.72 x
EV / EBITDA	22.8 x	23.7 x	22.8 x	22.2 x	19.6 x	19.5 x	18.1 x	16.7 x
EV / FCF	31.9 x	30.9 x	25.4 x	31.7 x	29.1 x	26.3 x	23.6 x	23.8 x
FCF Yield	3.13%	3.24%	3.94%	3.15%	3.44%	3.8%	4.23%	4.2%
Price to Book	12.5 x	12.2 x	11.2 x	11.4 x	9.86 x	10.5 x	9.21 x	8.39 x
Nbr of stocks (in thousands)	4,284,491	4,297,435	4,319,420	4,324,513	4,323,414	4,307,955	-	-
Reference price ²	55.35	54.84	59.21	63.61	58.93	61.97	61.97	61.97
Announcement Date	20-01-30	21-02-10	22-02-10	23-02-14	24-02-13	-	-	-

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	45,695	48,036	50,758
EBITDA ¹	11,774	11,306	12,561	13,605	14,464	15,082	16,134	17,376
EBIT ¹	10,409	9,770	11,109	12,345	13,336	13,841	14,829	15,950
Operating Margin	27.92%	29.61%	28.74%	28.68%	29.13%	30.29%	30.87%	31.42%
Earnings before Tax (EBT) ¹	10,786	9,749	12,425	11,686	12,952	14,860	15,680	16,832
Net income ¹	8,920	7,747	9,771	9,542	10,714	11,873	12,763	13,463
Net margin	23.93%	23.48%	25.28%	22.17%	23.4%	25.98%	26.57%	26.52%
EPS ²	2.070	1.790	2.250	2.190	2.470	2.756	2.949	3.117
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	11,141	12,381	12,176
FCF margin	22.58%	26.26%	29.12%	22.15%	21.29%	24.38%	25.77%	23.99%
FCF Conversion (EBITDA)	71.49%	76.66%	89.63%	70.08%	67.39%	73.87%	76.74%	70.07%
FCF Conversion (Net income)	94.36%	111.88%	115.22%	99.92%	90.97%	93.84%	97.01%	90.44%
Dividend per Share ²	1.600	1.640	1.680	1.760	-	1.934	2.028	2.149
Announcement Date	20-01-30	21-02-10	22-02-10	23-02-14	24-02-13	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	9,470	10,502	11,302	11,100	10,195	10,959	11,966	11,911	10,948	11,231	11,771	11,748	10,905	11,724	12,315
EBITDA ¹	2,433	3,626	3,787	3,565	2,627	3,774	4,061	3,826	2,803	3,905	4,183	4,020	2,993	4,241	4,497
EBIT ¹	2,092	3,302	3,465	3,258	2,320	3,488	3,780	3,536	2,532	3,643	3,890	3,673	2,663	3,867	4,188
Operating Margin	22.09%	31.44%	30.66%	29.35%	22.76%	31.83%	31.59%	29.69%	23.13%	32.44%	33.04%	31.26%	24.42%	32.98%	34.01%
Earnings before Tax (EBT) ¹	2,960	3,458	2,284	3,444	2,500	4,053	2,880	3,537	2,482	3,872	4,253	3,973	2,814	4,065	4,581
Net income ¹	2,414	2,781	1,905	2,825	2,031	3,107	2,547	3,087	1,973	3,177	3,443	3,215	2,194	3,325	3,835
Net margin	25.49%	26.48%	16.86%	25.45%	19.92%	28.35%	21.29%	25.92%	18.02%	28.29%	29.25%	27.37%	20.12%	28.36%	31.14%
EPS ²	0.5600	0.6400	0.4400	0.6500	0.4700	0.7200	0.5900	0.7100	0.4600	0.7400	0.7959	0.7501	0.5162	0.7654	0.8609
Dividend per Share ²	0.4200	0.4400	0.4400	0.4400	0.4400	0.4600	0.4600	-	-	-	0.4841	0.4845	0.4850	0.4965	0.5065
Announcement Date	22-02-10	22-04-25	22-07-26	22-10-25	23-02-14	23-04-24	23-07-26	23-10-24	24-02-13	24-04-30	-	-	-	-	-

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	26,605	25,741	23,147
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.683 x	2.82 x	2.399 x	2.023 x	1.964 x	1.764 x	1.595 x	1.332 x
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	11,141	12,381	12,176
ROE (net income / shareholders' equity)	49.6%	40.5%	47.7%	40.5%	46.6%	46.7%	46.9%	45.6%
ROA (Net income/ Total Assets)	10.5%	8.92%	10.8%	11.5%	12.2%	12.2%	12.7%	13%
Assets ¹	84,799	86,838	90,809	82,638	87,820	97,203	100,466	103,652
Book Value Per Share ²	4.430	4.490	5.300	5.570	5.980	5.920	6.730	7.390
Cash Flow per Share ²	2.430	2.280	2.910	2.530	2.670	2.600	3.070	3.690
Capex ¹	2,054	1,177	1,367	1,484	1,852	2,168	2,237	2,224
Capex / Sales	5.51%	3.57%	3.54%	3.45%	4.05%	4.75%	4.66%	4.38%
Announcement Date	20-01-30	21-02-10	22-02-10	23-02-14	24-02-13	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

61.97 USD

Average target price

67.09 USD

Spread / Average Target

+8.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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