Financials The Coca-Cola Company Lima

Equities

KO

US1912161007

Non-Alcoholic Beverages

Real-time Estimate Cboe BZX Other stock markets 11:01:55 2024-07-17 am EDT			5-day change	1st Jan Change
65.07 ^USD	+1.67%		-0.16%	+10.86%

Jul. 16	Coca-Cola to Post 'Solid' Q2 Results, UBS Says	MT
Jul. 16	COCA-COLA CO : UBS reaffirms its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	237,147	235,671	255,753	275,082	254,779	276,872	-	-
Enterprise Value (EV) ¹	268,735	267,550	285,889	302,600	283,180	303,790	303,215	301,300
P/E ratio	26.7 x	30.6 x	26.3 x	29 x	23.9 x	23.4 x	21.9 x	20.8 x
Yield	2.89%	2.99%	2.84%	2.77%	-	3.01%	3.14%	3.3%
Capitalization / Revenue	6.36 x	7.14 x	6.62 x	6.39 x	5.56 x	6.05 x	5.77 x	5.47 x
EV / Revenue	7.21 x	8.11 x	7.4 x	7.03 x	6.19 x	6.64 x	6.32 x	5.95 x
EV / EBITDA	22.8 x	23.7 x	22.8 x	22.2 x	19.6 x	20.2 x	18.8 x	17.5 x
EV / FCF	31.9 x	30.9 x	25.4 x	31.7 x	29.1 x	28.5 x	25.9 x	24.4 x
FCF Yield	3.13%	3.24%	3.94%	3.15%	3.44%	3.51%	3.87%	4.1%
Price to Book	12.5 x	12.2 x	11.2 x	11.4 x	9.86 x	10.5 x	9.45 x	8.72 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	64.27	64.27	64.27
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	45,727	48,015	50,615
EBITDA ¹	11,774	11,306	12,561	13,605	14,464	15,031	16,090	17,256
EBIT ¹	10,409	9,770	11,109	12,345	13,336	13,760	14,726	15,745
Operating Margin	27.92%	29.61%	28.74%	28.68%	29.13%	30.09%	30.67%	31.11%
Earnings before Tax (EBT) ¹	10,786	9,749	12,425	11,686	12,952	14,753	15,674	16,800
Net income ¹	8,920	7,747	9,771	9,542	10,714	11,859	12,674	13,354
Net margin	23.93%	23.48%	25.28%	22.17%	23.4%	25.93%	26.4%	26.38%
EPS ²	2.070	1.790	2.250	2.190	2.470	2.749	2.929	3.094
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	10,650	11,723	12,362
FCF margin	22.58%	26.26%	29.12%	22.15%	21.29%	23.29%	24.41%	24.42%
FCF Conversion (EBITDA)	71.49%	76.66%	89.63%	70.08%	67.39%	70.85%	72.85%	71.64%
FCF Conversion (Net income)	94.36%	111.88%	115.22%	99.92%	90.97%	89.8%	92.49%	92.57%
Dividend per Share ²	1.600	1.640	1.680	1.760	-	1.935	2.018	2.123
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 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	11,753	11,720	10,850	11,605	12,311
EBITDA ¹	2,433	3,626	3,787	3,565	2,627	3,774	4,061	3,826	2,803	3,905	4,207	3,997	2,983	4,172	4,509
EBIT ¹	2,092	3,302	3,465	3,258	2,320	3,488	3,780	3,536	2,532	3,643	3,885	3,651	2,639	3,831	4,178
Operating Margin	22.09%	31.44%	30.66%	29.35%	22.76%	31.83%	31.59%	29.69%	23.13%	32.44%	33.06%	31.15%	24.33%	33.01%	33.94%
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	4,246	3,942	2,781	3,976	4,510
Net income ¹	2,414	2,781	1,905	2,825	2,031	3,107	2,547	3,087	1,973	3,177	3,438	3,205	2,173	3,237	3,676
Net margin	25.49%	26.48%	16.86%	25.45%	19.92%	28.35%	21.29%	25.92%	18.02%	28.29%	29.25%	27.35%	20.03%	27.89%	29.86%
EPS ²	0.5600	0.6400	0.4400	0.6500	0.4700	0.7200	0.5900	0.7100	0.4600	0.7400	0.7937	0.7461	0.5128	0.7512	0.8472
Dividend per Share ²	0.4200	0.4400	0.4400	0.4400	0.4400	0.4600	0.4600	-	-	-	0.4847	0.4848	0.4883	0.4961	0.5065
Announcement Date	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	4/30/24	-	-	-	-	-

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	26,918	26,343	24,428
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.683 x	2.82 x	2.399 x	2.023 x	1.964 x	1.791 x	1.637 x	1.416 x
Free Cash Flow ¹	8,417	8,667	11,258	9,534	9,747	10,650	11,723	12,362
ROE (net income / shareholders' equity)	49.6%	40.5%	47.7%	40.5%	46.6%	46.6%	47%	47.1%
ROA (Net income/ Total Assets)	10.5%	8.92%	10.8%	11.5%	12.2%	12.2%	12.7%	13.1%
Assets ¹	84,799	86,838	90,809	82,638	87,820	97,144	100,031	101,590
Book Value Per Share ²	4.430	4.490	5.300	5.570	5.980	6.150	6.800	7.370
Cash Flow per Share ²	2.430	2.280	2.910	2.530	2.670	2.680	3.090	3.630
Capex ¹	2,054	1,177	1,367	1,484	1,852	2,141	2,209	2,216
Capex / Sales	5.51%	3.57%	3.54%	3.45%	4.05%	4.68%	4.6%	4.38%
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

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

64.27 USD

Average target price

68.46 USD

Spread / Average Target

+6.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
KEURIG DR PEPPER INC.	-1.10%	44.27B
VARUN BEVERAGES LIMITED	+29.27%	24.86B
ARCA CONTINENTAL, S.A.B. DE C.V.	-2.36%	17.36B
COCA-COLA HELLENIC	+18.70%	12.68B
CELSIUS HOLDINGS, INC.	-6.91%	12.3B
SWIRE PACIFIC LIMITED	+6.51%	11.38B
SUNTORY BEVERAGE & FOOD LIMITED	+18.69%	10.73B
COCA-COLA CONSOLIDATED, INC.	+16.30%	9.49B
COCA-COLA IÇECEK ANONIM SIRKETI	+68.79%	6.9B

Other Non-Alcoholic Beverages