Financials The Coca-Cola Company

Equities

KO

US1912161007

Non-Alcoholic Beverages

Market Closed - Nyse 21:00:02 18/06/2024 BST After market 00:00:06
62.63 USD +0.02% Intraday chart for The Coca-Cola Company 62.85 +0.35%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 237,147 235,671 255,753 275,082 254,779 269,807 - -
Enterprise Value (EV) 1 268,735 267,550 285,889 302,600 283,180 296,417 295,553 292,961
P/E ratio 26.7 x 30.6 x 26.3 x 29 x 23.9 x 22.8 x 21.3 x 20.2 x
Yield 2.89% 2.99% 2.84% 2.77% - 3.09% 3.24% 3.43%
Capitalization / Revenue 6.36 x 7.14 x 6.62 x 6.39 x 5.56 x 5.89 x 5.61 x 5.3 x
EV / Revenue 7.21 x 8.11 x 7.4 x 7.03 x 6.19 x 6.47 x 6.15 x 5.76 x
EV / EBITDA 22.8 x 23.7 x 22.8 x 22.2 x 19.6 x 19.7 x 18.3 x 16.9 x
EV / FCF 31.9 x 30.9 x 25.4 x 31.7 x 29.1 x 27.1 x 24.1 x 24 x
FCF Yield 3.13% 3.24% 3.94% 3.15% 3.44% 3.69% 4.14% 4.16%
Price to Book 12.5 x 12.2 x 11.2 x 11.4 x 9.86 x 10.5 x 9.26 x 8.41 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 62.63 62.63 62.63
Announcement Date 30/01/20 10/02/21 10/02/22 14/02/23 13/02/24 - - -
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 45,794 48,084 50,879
EBITDA 1 11,774 11,306 12,561 13,605 14,464 15,074 16,121 17,350
EBIT 1 10,409 9,770 11,109 12,345 13,336 13,782 14,733 15,745
Operating Margin 27.92% 29.61% 28.74% 28.68% 29.13% 30.09% 30.64% 30.95%
Earnings before Tax (EBT) 1 10,786 9,749 12,425 11,686 12,952 14,612 15,640 16,760
Net income 1 8,920 7,747 9,771 9,542 10,714 11,860 12,741 13,424
Net margin 23.93% 23.48% 25.28% 22.17% 23.4% 25.9% 26.5% 26.38%
EPS 2 2.070 1.790 2.250 2.190 2.470 2.749 2.938 3.101
Free Cash Flow 1 8,417 8,667 11,258 9,534 9,747 10,946 12,240 12,188
FCF margin 22.58% 26.26% 29.12% 22.15% 21.29% 23.9% 25.46% 23.96%
FCF Conversion (EBITDA) 71.49% 76.66% 89.63% 70.08% 67.39% 72.61% 75.93% 70.25%
FCF Conversion (Net income) 94.36% 111.88% 115.22% 99.92% 90.97% 92.29% 96.07% 90.8%
Dividend per Share 2 1.600 1.640 1.680 1.760 - 1.935 2.029 2.148
Announcement Date 30/01/20 10/02/21 10/02/22 14/02/23 13/02/24 - - -
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 11,757 11,756 10,906 11,721 12,319
EBITDA 1 2,433 3,626 3,787 3,565 2,627 3,774 4,061 3,826 2,803 3,905 4,183 4,033 3,013 4,239 4,500
EBIT 1 2,092 3,302 3,465 3,258 2,320 3,488 3,780 3,536 2,532 3,643 3,887 3,676 2,670 3,866 4,190
Operating Margin 22.09% 31.44% 30.66% 29.35% 22.76% 31.83% 31.59% 29.69% 23.13% 32.44% 33.06% 31.27% 24.49% 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 4,248 3,971 2,818 4,060 4,585
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% 29.28% 27.35% 20.12% 28.37% 31.13%
EPS 2 0.5600 0.6400 0.4400 0.6500 0.4700 0.7200 0.5900 0.7100 0.4600 0.7400 0.7952 0.7498 0.5167 0.7648 0.8615
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 10/02/22 25/04/22 26/07/22 25/10/22 14/02/23 24/04/23 26/07/23 24/10/23 13/02/24 30/04/24 - - - - -
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 26,610 25,746 23,153
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.683 x 2.82 x 2.399 x 2.023 x 1.964 x 1.765 x 1.597 x 1.335 x
Free Cash Flow 1 8,417 8,667 11,258 9,534 9,747 10,946 12,240 12,188
ROE (net income / shareholders' equity) 49.6% 40.5% 47.7% 40.5% 46.6% 47.1% 47.1% 45.8%
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 97,111 100,296 103,351
Book Value Per Share 2 4.430 4.490 5.300 5.570 5.980 5.990 6.760 7.450
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 2,175 2,234 2,214
Capex / Sales 5.51% 3.57% 3.54% 3.45% 4.05% 4.75% 4.65% 4.35%
Announcement Date 30/01/20 10/02/21 10/02/22 14/02/23 13/02/24 - - -
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
24
Last Close Price
62.63 USD
Average target price
67.71 USD
Spread / Average Target
+8.11%
Consensus
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