Coca-Cola Financial Review and Weighted Average Cost of Capital Study. Jose Sola. Florida Institute of Technology. Spring 2016
|
|
- Adrian Gibson
- 5 years ago
- Views:
Transcription
1 1 Coca-Cola Financial Review and Weighted Average Cost of Capital Study Jose Sola Florida Institute of Technology Spring 216 Financial Management Florida Institute of Technology
2 2 Index Introduction..3 Cost of Equity..5 Beta.5 Capital Assets Pricing Model...5 Discounted Cash Flow Approach 6 Own-Bond-Plus-Judgement-Risk Premium.6 Cost of Debt.6 Market Value of Debt..6 Market Value of Equity...7 Value of Firm...7 Tax Rate...7 Weighted Average Cost of Capital..7 Assumptions.8 Appendix..8 References..18
3 3 Introduction The Coca-Cola Company is the world s largest beverage manufacturer and distributor, producing several ready-to-drink beverages in over 2 countries. Incorporated in 1919, Coca- Cola owns and licenses a portfolio of more than 5 beverage brands comprised of carbonated drinks, still beverages, energy drinks, teas and juices among others. The company s shares are traded in the New York Stock Exchange (NYSE). In addition to the beverage operation, the company also produces and sells syrups and concentrates, including fountain drink concentrate. The company provides its beverages through a network of company-owned or controlled bottling and distribution operators, as well as independent bottling partners, distributors, wholesalers, and retailers. The company owns and markets four of the world s top five non-alcoholic sparkling beverage brands which include Coca-Cola, Diet Coke, Sprite and Fanta. With a global distribution system, Coca-Cola structures its operations into segments consisting of Eurasia and Africa, Europe, Latin America, North America, Asia Pacific, Bottling Investments, and Corporate. As part of its finished product operations, Coca-Cola generates net operating revenue by selling its ready-to-drink beverages to retailers, distributors, wholesalers or bottling partners who then distribute them to retailers. As part of this operation, the company also produces fountain syrups sold to restaurants, convenience stores or other authorized retailers. While its finished products operations generate higher net operating revenues, its concentrate operations generate higher gross profit margins. From its concentrate operations, the company generates operating revenue by selling concentrates and syrups to authorized bottlers, subsequently referred to as bottling partners. Bottling partners combine the concentrates with sweeteners and still or sparkling waters to create a finished product. It is then packaged in authorized containers such as cans or plastic bottles bearing the company s trademark and sold to
4 4 retailers or wholesalers. Outside the United States, concentrates are also sold to bottling partners to produce fountain syrups. In addition to its finished products and concentrate operations, the company generates revenues through distribution partnerships with Monster Energy Drinks, Dr. Pepper Snapple Group, and Nestle, through ownership of Aujan Industries which is one of the largest beverage companies in the Middle East. The company measures its sales volume based in two ways; units of cases of finished products which consist of 24, 8 ounce servings and concentrate sales which consist of equivalent unit cases that form the finished products. With over 1.9 billion of its beverages consumed daily in 215, the company had sales of 29.2 billion unit cases in the same year of which 19 percent were consumed by the United States. With 81 percent of its sales being worldwide, its largest consumers were Mexico, China, Brazil, and Japan accounting for 31 percent of worldwide cases sold. The main raw materials purchased for its products are nutritive and non-nutritive sweeteners, including sucralose and aspartame, juices and juice concentrates, and water. Headquartered in Atlanta, Georgia, the company owns and operates 63 production facilities and 1 concentrate manufacturing plants in North America. Outside North America, the company owns 18 production facilities and has a majority interest in 76 other facilities. In addition to its owned facilities, the company leases additional real estate for manufacturing, packaging and storing, and distribution of its products. As of 216, the company employed between 123,2 and 129,2 employees, of which 6,9 to 65,3 where based in the United States. The company controls 42 percent of the market share of the carbonated soft drinks market. Its main competitors include PepsiCo, which 3 percent market share, in addition to Nestle, Kraft Foods, and Suntory Beverage Company, among others. Other risk factors include;
5 5 raising trends in concerns of obesity which may lower future product demand, water scarcity or poor water quality, and global political unrest or conflict. Cost of Equity Beta Coca-Cola s beta was.58. The market has a beta of 1. and stocks with beta s higher than 1. represent stocks that a risk higher than the market with higher returns, while stocks with beta s less than 1. represent stocks with less risk in relation to the market. Coca-Cola s beta means that purchasing its stock can be considered safer investment. The company s beta was determined by performing a regression analysis of the company s closing stock price and the NYSE s closing price for the previous 5 years with an outcome of.43. Additionally, a beta of.8 was obtained from Google Finance and.52 from Yahoo Finance. In order to obtain a more comprehensive picture and to avoid placing emphasis on information that might skew one of the beta s, the three beta s were averaged resulting in a beta of.58 ( /3). Capital Assets Pricing Model The model measures the required return of investors and the cost of equity from a firm s perspective. After previously determining Coca-Cola s beta, the company s required return using the CAPM was 4.94, meaning the company has a relatively low cost of equity and similar to its assumption from the beta coefficient, it signifies a relative lower risk investment. The risk free rate was determined using 1 year U.S. treasury yield. As there are several approaches to determining the market risk premium, a market risk premium of 5.5 was used for calculations as opposed to historical or forward-looking models with the assumption that the survey of experts provides a closer estimate of the market risk premium since data is obtained from experts which
6 6 might use historical or forward-looking components, in addition to being able to capture investor confidence and market trends. Discounted Cash Flow Approach In addition to the CAPM, cost of equity was calculated using the DCF approach. For the calculation, a historical growth rate of 8.7 was used. A growth rate based on historical data was used because the company has had decades of stability and has steadily paid dividends which have grown steadily. Additionally, dividends for 216 are expected to be $1.4 per share and the current price per stock was $46.2. Coca-Cola s cost of equity using the DCF approach was 11.7%. This yield s a number considerably higher than the CAPM and suggests that DCF approach might not be the most accurate in determining Coca-Cola s cost of equity because of the inexact nature of growth rates. Own-Bond-Yield-Plus-Judgment Risk-Premium (BPM) Cost of long-term debt was obtained by using the weighted yield to maturity on its bonds. Brigham and Ehrhardt (25) recommend a judgmental risk premium between 3 and 5 percent and as a result a midpoint of 4 was used for the judgment risk premium with a result of 5.1%. While not an exact calculation, the approach serves as a good ballpark estimate and would seem to support the results obtained with CAPM. Cost of Debt Coca-Cola s debt represents 14 percent of its capital structure and its cost of debt is 1.12 %. This suggests that the company generates most of its capital through equity as opposed to debt. This was calculated by obtaining the weighted yield to maturity of each of the company s bonds and adding the values. Market Value of Debt
7 7 Coca-Cola s market value of debt is $32.6 billion. That market value of debt was derived by obtaining the total market value of bonds, 31.9 billion and adding lease obligations of $716 million. Market Value of Equity Coca-Cola s market value of equity is just above $1 trillion. The value was calculated by multiplying the price per share of $46.2 by the number of shares outstanding of 4.3 billion. Value of the company Coca-Cola s market value is $232.6 billion. The firm s value was calculated by adding the previously discussed market value of debt and market value of equity. Tax Rate Coca-Cola s tax rate is 35% and was obtained from the company s 215 Annual Report to Shareholders From 1-K. Weighted Average Cost of Capital Coca-Cola s WACC calculation consisted of its weighted average cost of debt and its weighted average cost of equity, as the company does not have preferred stocks. As previously described, its weighted average of equity was 86% of its capital structure while weighted average of equity represented 14% of its capital structure. The company s WACC is 6.35%. This suggests that the company represents a lesser risk to investors. Additionally, it also represents the required return for the company on its investments and how much it pays for every dollar it finances. An excel spreadsheet was used to complete the calculation and reflects the results below. To start, the three results of cost of equity that were obtained using CAPM, DGM, and BPM were averaged, resulting in an average cost of equity of 7.3% ( / 3). Weight of debt which represented 14% was then multiplied by after tax cost of debt (1-.35 tax
8 8 rate) and again multiplied by the cost of debt (1.12). These results were then added to the results of the weighted equity (86%) multiplied by the average cost of equity (7.3%). Assumptions The data used above assumes a risk free rate of % and represents the current yield to maturity on 1 year U.S. Treasury note. Additionally, a market risk premium of 5.5% was used in calculating the data. The market risk premium was obtained from a survey of experts conducted by Fernandez, Pizarro, and Acin (215) comprised of 1,983 responses from financial experts, company managers, and financial and economic professors in the United States. The data above also assumes a growth rate of 8.7% composed of historical dividend data. Historical data was used as the company produces a stable dividend growth. This data was obtained from gurufocus, a financial website, which comprises and analyses financial data. Appendix Data for Beta Calculation and Regression Analysis Dividend data was obtained from Yahoo Finance and placed in a spreadsheet to perform regression analysis. The data bellow shows dividend data obtained for the company and the NYSE. NYSE Adj Market KO Adj KO's Date Close Return Close Return 4/1/ /1/ /1/ /4/ /1/ /2/
9 9 1/1/ /1/ /3/ /1/ /1/ /1/ /1/ /2/ /2/ /2/ /1/ /3/ /1/ /2/ /1/ /1/ /2/ /1/ /1/ /3/ /3/ /2/ /2/ /1/ /1/ /3/ /1/ /1/
10 1 6/3/ /1/ /1/ /1/ /1/ /2/ /3/ /1/ /1/ /4/ /1/ /2/ /1/ /1/ /2/ /1/ /1/ /3/ /1/ /1/ /3/ /1/ /1/ /1/ /1/ /2/ SUMMARY OUTPUT
11 11 Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 6 ANOVA Significance df SS MS F F Regression Residual Total Coefficient s Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.% Upper 95.% Intercept X Variable Capital Assets Pricing Model Capital Asset Pricing Model Where R rf = B i =.58 R p = 5.5 R i = R rf +B i (R P ) R i = x 5.5 R i = x 5.5 R i = Discounted Cash Flow Approach Discounted Cash Flow Approach R s = D 1 /P + g
12 12 Where: G= 8.7 D 1 = 1.4 P = 46.2 R s = 1.4/ R s = 3.% % R s = 11.7 Own-Bond-Plus-Judgement Risk Premium R s = R d + Judgment risk premium Where: R d = Judgement risk premium = 4% R s = R s = Cost of Debt A list of bonds issued by Coca-Cola was obtained from Morningstar. The bonds were placed in a spreadsheet where their market values and weights were calculated. The data is shown below. Name Maturity Date Amoun t $(Mil) Par Value Number Bonds Price YT M YTM as a decimal Market Value $(Mil) Weigh t Weighte d YTM Coca Cola 1.8% 9/1/ Coca Cola 144A 1.8% 9/1/ Coca Cola.28275% 9/1/ Coca Cola.75% 11/1/ Coca Cola 11/1/ Coca Cola 3/9/
13 13 Coca-Cola 1/2/ Coca Cola.875% 1/27/ Coca Cola 5.35% 11/15/ Coca Cola 1.65% 3/14/ Coca Cola 1.15% 4/1/ Coca Cola 1.65% 11/1/ Coca Cola 4.875% 3/15/ Coca Cola 9/9/ Coca Cola 1.875% 1/27/ Coca Cola 2.45% 11/1/ Coca Cola 3.15% 11/15/ Coca Cola 3.3% 9/1/ Coca Cola.28275% 9/1/ Coca Cola 144A 3.3% 9/1/ Coca Cola 1.125% 9/22/ Coca Cola.25% 12/22/ Coca Cola.75% 3/9/ Coca Cola 2.5% 4/1/ Coca Cola 3.2% 11/1/ Coca Cola 2.875% 1/27/ Coca Cola 1.875% 9/22/
14 14 Coca Cola 1.125% 3/9/ Coca Cola 1% 1/2/ Coca Cola 1.625% 3/9/ Coca Cola 7.375% 7/29/ Mv Bonds Mv Leases 716. MV d % 433 Common shares MV e 246. preferred shares MV PF. Common Price 4/15/ MV f preferred price W s.86 W d.14 w pf Market Value of Debt Mv Bonds Mv Leases 716. MV d Market Value of Equity Common shares 433 Common Price 4/15/16 from Yahoo Finance 46.2 MV e 246. Firm s Value
15 15 MV d MV e 246. MV f Weighted Average Cost of Capital Input Data (Millions Except Per Share Data) Source 215 Annual Tax rate 35% Report Form 1k Morningstar Bonds and 215 Annual Debt (D) $32,614,64,. Report Form 1k Number of common shares (n) Stock price per share (P) 4,33,, Yahoo Finance $46.2 Yahoo Finance Capital Structure (Millions Except Per Share Data) Market value of equity (S = P n) $2,46,,. Total value (V = D + S) $232,66,64,. Percent financed with debt (w d = D/V) 14.% Percent financed with stock (w s = S/V) 86.% Cost of Capital Morningstar Bonds Weighted cost of Cost of debt (r d ) 1.12% debt
16 16 Beta from 5 years Beta (b).58 data 3 Year Treasury Yield, Yahoo Risk-free rate (r RF ) 1.75% Finance 4/15/16 Market risk premium (RP M ) 5.5% Cost of equity from CAPM (r s = r RF + b RP M ) 4.94% Cost of Equity from Dividend Growth Model Future Dividend Growth Rate 8.7% 216 Dividend $ 1.4 $ Share Price $ (4/15/16) 46.2 Cost of Equity from Dividend Growth Model 11.73% Cost of Equity from Bond Plus Markup Cost of debt 1.12% Risk Markup 4.% Cost of Equity from Bond Plus Markup 5.12% Average rs 7.3% WACC 6.35%
17 17
18 18 References 215 Annual Report on Form 1-K. (216, February 22). Retrieved April 15, 216, from Brigham, E. F., & Ehrhardt, M. C. (25). Financial management: Theory and practice. Mason, OH: Thomson/South-Western. Coca-Cola Co (KO) Dividend Data. (n.d.). Retrieved April 15, 216, from Coke Vs. Pepsi: By The Numbers. (214, March 24). Retrieved April 15, 216, from KO Coca-Cola Co XNYS:KO Stock Quote Price News. (n.d.). Retrieved April 15, 216, from Fernandez, P., Ortiz Pizarro, A., & Fernandez Acin, I. (215, April 23). Market Risk Premium & Risk-Free Rate Used For 41 Countries In 215. Retrieved April 14, 216, from countries-in-215/ The Coca-Cola Company. (n.d.). Retrieved April 15, 216, from
FOR IMMEDIATE RELEASE CONTACT: Media: Ben Deutsch (404) Investors: Ann Taylor (404) THE COCA-COLA COMPANY REPORTS
Media Relations Department P.O. Box 1734, Atlanta, GA 30301 Telephone (404) 676-2121 FOR IMMEDIATE RELEASE CONTACT: Media: Ben Deutsch (404) 676-2683 Investors: Ann Taylor (404) 676-5383 THE COCA-COLA
More informationFOR IMMEDIATE RELEASE CONTACT: Investors: Ann Taylor (404) THE COCA-COLA COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2006 RESULTS
Media Relations Department P.O. Box 1734, Atlanta, GA 30301 Telephone (404) 676-2121 FOR IMMEDIATE RELEASE CONTACT: Investors: Ann Taylor (404) 676-5383 Media: Dana Bolden (404) 676-2683 THE COCA-COLA
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationEarnings Per Share and Dividends
September 2011 Coca-Cola Price: $70 Research Report by Peter Hughes, Check Capital Management Coca-Cola (KO) is the world's largest beverage company. Founded in 1886, the firm has 15 different brands with
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-K (Mark One)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 0-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 3 OR 5(d) OF THE SECURITIES EXCHANGE ACT OF 934 For the fiscal year ended December
More informationITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 7. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following Management s Discussion and Analysis of Financial Condition and Results of Operations
More informationCoke versus Pepsi. A Comparison of Financial Strategies
Coke versus Pepsi A Comparison of Financial Strategies At the end of the 20 th century, Coca-Cola and PepsiCo were the two largest beverage companies in the world. Their competition had been fierce and
More informationMarket Capitalization $195.1 Billion BUY HOLD BUY
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD December 10, 2017 HOLD RATING SINCE 12/01/2017 BUSINESS DESCRIPTION The Coca-Cola Company, a beverage company, manufactures and distributes
More informationTHE COCA-COLA COMPANY REPORTS 2010 THIRD QUARTER AND YEAR-TO-DATE RESULTS
Global Public Affairs & Communications Department P.O. Box 1734, Atlanta, GA 30301 Telephone +1 (404) 676-2683 CONTACTS: Investors: Jackson Kelly +1 (404) 676-7563 THE COCA-COLA COMPANY REPORTS Media:
More informationDr Pepper Snapple Group Overview
Dr Pepper Snapple Group Overview Contact Information: Investor Relations Heather Catelotti (972) 673-5869 heather.catelotti@dpsg.com Media Relations Chris Barnes (972) 673-5539 chris.barnes@dpsg.com Important
More informationFOR IMMEDIATE RELEASE Contacts: Media Relations Tina Barry, (972) Greg Artkop, (972)
FOR IMMEDIATE RELEASE Contacts: Media Relations Tina Barry, (972) 673-7931 Greg Artkop, (972) 673-8470 Investor Relations Carolyn Ross, (972) 673-7935 DR PEPPER SNAPPLE GROUP REPORTS FIRST QUARTER 2013
More informationBernstein Strategic Decisions Conference John Murphy President, Asia Pacific. September 26, 2018
Bernstein Strategic Decisions Conference John Murphy President, Asia Pacific September 26, 2018 FORWARD-LOOKING STATEMENTS This presentation may contain statements, estimates or projections that constitute
More informationJournal of Business Case Studies November/December 2010 Volume 6, Number 6
Calculating The Beta Coefficient And Required Rate Of Return For Coca-Cola John C. Gardner, University of New Orleans, USA Carl B. McGowan, Jr., Norfolk State University, USA Susan E. Moeller, Eastern
More informationFOR IMMEDIATE RELEASE Contacts: Media Relations Tina Barry, (972) Greg Artkop, (972)
FOR IMMEDIATE RELEASE Contacts: Media Relations Tina Barry, (972) 6737931 Greg Artkop, (972) 6738470 Investor Relations Aly Noormohamed, (972) 6736050 DR PEPPER SNAPPLE GROUP REPORTS FOURTH QUARTER AND
More informationBloomsburg Investment Group Equity Analysis PepsiCo, Inc.
Bloomsburg Investment Group Opinion: Bloomsburg Investment Group Equity Analysis PepsiCo, Inc. Analyst: Eric Horowitz, Class of 2016 The Bloomsburg Investment Group recommends PepsiCo as a buy for steady
More informationThird Quarter 2015 Earnings Call. October 21, 2015
Third Quarter 2015 Earnings Call October 21, 2015 Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute forward-looking statements as defined under
More informationTHE COCA-COLA COMPANY REPORTS 2009 FOURTH QUARTER AND FULL YEAR RESULTS
Global Public Affairs & Communications P.O. Box 1734, Atlanta, GA 30301 Telephone (404) 676-2683 CONTACT: Investors: Jackson Kelly (404) 676-7563 Media: Dana Bolden (404) 676-2683 pressinquiries@na.ko.com
More informationFOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) DR PEPPER SNAPPLE GROUP REPORTS FIRST QUARTER 2014 RESULTS
FOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) 673-5539 Investor Relations Carolyn Ross, (972) 673-7935 DR PEPPER SNAPPLE GROUP REPORTS FIRST QUARTER 2014 RESULTS Reported EPS were
More informationSTRENGTHENING OUR SYSTEM FOR ENDURING ADVANTAGE. Brian Smith President, Europe, Middle East & Africa
STRENGTHENING OUR SYSTEM FOR ENDURING ADVANTAGE Brian Smith President, Europe, Middle East & Africa FORWARD-LOOKING STATEMENTS This presentation may contain statements, estimates or projections that constitute
More informationLast Earnings Release 10/25/2017. Last Qtr. Actual vs. Est. $0.50 / $0.49. Next Release 02/06/2018 $0.49. Year Ending 12/31/2016 $1.
Grade Earnings Last Earnings Release 10/25/2017 Last Qtr. Actual vs. Est. $0.50 / $0.49 Next Release 02/06/2018 $0.49 Year Ending 12/31/2016 $1.91 Quick Facts Dividend Yield 3.22% 52 Wk High $47.43 52
More informationITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA TABLE OF CONTENTS
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA TABLE OF CONTENTS Consolidated Statements of Income... 66 Consolidated Balance Sheets... 67 Consolidated Statements of Cash Flows... 68 Consolidated
More informationCOCA COLA FEMSA SAB DE CV
COCA COLA FEMSA SAB DE CV FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 04/11/14 for the Period Ending 12/31/13 Telephone 525515195120 CIK 0000910631 Symbol KOF SIC Code 2086
More informationCIF Stock Recommendation Report (Fall 2012)
Section (A) Summary Date: 10/31/2012 Analyst Name: Hassam Al-Shamlan CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: (KO) Recommendation Buy: Yes No Target Price: $45.00 Sector: Consumer
More informationReasons to Believe IR OVERVIEW 2014
Reasons to Believe IR OVERVIEW 2014 2 Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute forward-looking statements as defined under U.S. federal
More informationITEM 1A. RISK FACTORS
Employees We refer to our employees as associates. As of December 31, 2008 and 2007, our Company had approximately 92,400 and 90,500 associates, respectively, of which approximately 16,500 and 16,000,
More informationBalanced Scorecard Case Study
Balanced Scorecard Case Study 1. History In 1965: PepsiCo, Inc. is founded by Donald M. Kendall, President and CEO of Pepsi-Cola and Herman W. Lay, Chairman and CEO of Frito-Lay, through the merger: 1.
More informationTable of Contents. Operations Review_p_27. Worldwide Unit Case Volume_p_29. Selected Market Results_p_30. Financial Review_p_31
Table of Contents Operations Review_p_27 Worldwide Unit Case Volume_p_29 Selected Market Results_p_30 Financial Review_p_31 Selected Financial Data_p_42 Consolidated Financial Statements_p_44 Notes to
More informationBEVERAGES FOR LIFE James Quincey
BEVERAGES FOR LIFE James Quincey President and Chief Executive Officer FORWARD-LOOKING STATEMENTS This presentation may contain statements, estimates or projections that constitute forward-looking statements
More informationThe Coca-Cola Company to Acquire Costa
The Coca-Cola Company to Acquire Costa Acquisition to Give Coca-Cola a Strong, Global Coffee Platform with a Footprint in More than 30 Countries and Potential for Future Growth Fast-Growing Coffee Category
More informationCOCA COLA FEMSA SAB DE CV
COCA COLA FEMSA SAB DE CV FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 03/15/13 for the Period Ending 12/31/12 Telephone 525515195120 CIK 0000910631 Symbol KOF SIC Code 2086
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationSupplemental Information
Supplemental Information 上記計画は 平成 26 年 4 月 30 日付で発表した数値です Consolidated Results for the First Quarter 2017 1. Situation of Consolidated Profit and Loss 1 2. Profits Change Factor (vs. last year) 1 3. Consolidated
More informationCIF Stock Recommendation Report (Fall 2012)
CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: PepsiCo Inc. PEP Section (A) Summary Date: 10/12/12 Analyst Name: Trevor Boren Recommendation Buy: Yes Target Price: $75.69 Sector:
More information2015 CAGNY. Muhtar Kent, Chairman & CEO Kathy Waller, EVP & Chief Financial Officer FEBRUARY 20, 2015
2015 CAGNY Muhtar Kent, Chairman & CEO Kathy Waller, EVP & Chief Financial Officer FEBRUARY 20, 2015 Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute
More informationJames Quincey President and Chief Operating Officer CAGNY. Feb 23, Kathy Waller EVP and Chief Financial Officer
CAGNY Feb 23, 2017 James Quincey President and Chief Operating Officer Kathy Waller EVP and Chief Financial Officer Forward-Looking Statements This presentation may contain statements, estimates or projections
More informationPage 1 of 3 DIVIDEND YIELD. Company Price Dividends Yield. Average 4.3% (a) (b)
DCF MODEL - UTILITY GROUP DIVIDEND YIELD Exhibit WEA-2 Page 1 of 3 Company Price Dividends Yield 1 ALLETE $ 41.65 $ 1.87 4.5% 2 Alliant Energy $ 44.24 $ 1.85 4.2% 3 Ameren Corp. $ 32.75 $ 1.64 5.0% 4 American
More informationFOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) DR PEPPER SNAPPLE GROUP REPORTS THIRD QUARTER 2016 RESULTS
FOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) 673-5539 Investor Relations Heather Catelotti, (972) 673-5869 DR PEPPER SNAPPLE GROUP REPORTS THIRD QUARTER 2016 RESULTS Company reports
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION
or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 0-K ANNUAL REPORT PURSUANT TO SECTION 3 OR 5(d) OF THE SECURITIES EXCHANGE ACT OF 934 FOR THE FISCAL YEAR ENDED DECEMBER
More informationNET INCOME INCREASED 15% WITH EBITDA MARGIN GROWTH OF 70BPS IN 3Q13
NET INCOME INCREASED 15% WITH EBITDA MARGIN GROWTH OF 70BPS IN 3Q13 Monterrey, Mexico, October 28, 2013 Arca Continental, S.A.B. de C.V. (BMV: AC*), the second-largest Coca-Cola bottler in Latin America
More informationPhotos(1) Documents(1) CLOSE
2Share to TwitterShare to LinkedInShare to Google+Share to PinterestShare to More Dr Pepper Snapple Group Reports Second Quarter 2016 Results Company reports EPS of $1.39 for the quarter. Core EPS were
More informationPepsiCo Delivers Solid Financial Results on Strong Top-Line Performance for First Quarter 2011
Purchase, New York Telephone: 914 253 2000 www.pepsico.com Contacts: Investor Media Jamie Caulfield Jeff Dahncke Senior Vice President, Investor Relations Senior Director, Media Bureau 914 253 3035 914
More informationWEB APPENDIX 8A 7.1 ( 8.9)
WEB APPENDIX 8A CALCULATING BETA COEFFICIENTS The CAPM is an ex ante model, which means that all of the variables represent before-the-fact expected values. In particular, the beta coefficient used in
More informationHomework Solutions - Lecture 2 Part 2
Homework Solutions - Lecture 2 Part 2 1. In 1995, Time Warner Inc. had a Beta of 1.61. Part of the reason for this high Beta was the debt left over from the leveraged buyout of Time by Warner in 1989,
More informationInvestment Management Certificate Program (IMCP) University of Wisconsin-Milwaukee Lubar School of Business
Investment Management Certificate Program (IMCP) University of Wisconsin-Milwaukee Lubar School of Business www.lubar.uwm.edu/imcp Class of 2019 Report Packet Student Report Pages Rachel Baetke The Coca-Cola
More informationHomework Solutions - Lecture 2
Homework Solutions - Lecture 2 1. The value of the S&P 500 index is 1312.41 and the treasury rate is 1.83%. In a typical year, stock repurchases increase the average payout ratio on S&P 500 stocks to over
More informationFOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) DR PEPPER SNAPPLE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2016 RESULTS
FOR IMMEDIATE RELEASE Contacts: Media Relations Chris Barnes, (972) 6735539 1 Investor Relations Heather Catelotti, (972) 6735869 DR PEPPER SNAPPLE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2016 RESULTS
More informationFORM 20-F. Coca-Cola FEMSA, S.A.B. de C.V. (Exact name of registrant as specified in its charter)
As filed with the Securities and Exchange Commission on April 15, 2016. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More informationDR PEPPER SNAPPLE GROUP, INC.
DR PEPPER SNAPPLE GROUP, INC. FORM 10-K (Annual Report) Filed 02/22/12 for the Period Ending 12/31/11 Address 5301 LEGACY DRIVE PLANO, TX 75024 Telephone (972) 673-7000 CIK 0001418135 Symbol DPS SIC Code
More informationCoca-Cola HBC AG. Primary Credit Analyst: Maxime Puget, London (44) ;
Summary: Coca-Cola HBC AG Primary Credit Analyst: Maxime Puget, London (44) 20-7176-7239; maxime.puget@spglobal.com Secondary Contact: Gerson P Brown, London + 02071763531; gerson.brown@spglobal.com Table
More informationNATIONAL BEVERAGE CORP
NATIONAL BEVERAGE CORP FORM 10-K (Annual Report) Filed 7/26/2002 For Period Ending 4/27/2002 Address ONE NORTH UNIVERSITY DRIVE BUILDING A 4TH FLOOR FORT LAUDERDALE, Florida 33324 Telephone 305-581-0922
More informationFORM 20-F. Fomento Económico Mexicano, S.A.B. de C.V. (Exact name of registrant as specified in its charter)
As filed with the Securities and Exchange Commission on April 16, 2014. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More informationFORM 20-F. Coca-Cola FEMSA, S.A.B. de C.V.
As filed with the Securities and Exchange Commission on April 15, 2015. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES
More informationMonster Beverage Reports 2015 Third Quarter Financial Results
November 5, 2015 Monster Beverage Reports 2015 Third Quarter Financial Results Third Quarter Net Sales Rise 19.0% to $756.6 Million; Net Income Increases 43.6% to $174.6 Million CORONA, Calif., Nov. 5,
More informationNATIONAL BEVERAGE CORP
NATIONAL BEVERAGE CORP FORM 10-K (Annual Report) Filed 8/1/1997 For Period Ending 5/3/1997 Address ONE NORTH UNIVERSITY DRIVE BUILDING A 4TH FLOOR FORT LAUDERDALE, Florida 33324 Telephone 305-581-0922
More informationIn electronic form on the EUR-Lex website under document number 32015M7763
EN EUROPEAN COMMISSION DG Competition Case No M.7763 - TCCC / COBEGA / CCEP Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION
More informationTingyi Holding Group (322.HK)
0 3 - N O V - 2 0 0 8 B a s i c I n f o r m a t i o n Sector Consumer Tingyi Holding Group (322.HK) A dominate player in the world s largest market BUY Prev. Closed 8.10 52-week High 13.6 52-week Low 6.6
More informationUniversity of Texas at Dallas School of Management. Investment Management Spring Estimation of Systematic and Factor Risks (Due April 1)
University of Texas at Dallas School of Management Finance 6310 Professor Day Investment Management Spring 2008 Estimation of Systematic and Factor Risks (Due April 1) This assignment requires you to perform
More informationLauren Sayeski European Media Relations + 44 (0) COCA-COLA ENTERPRISES, INC. REPORTS FOURTH-QUARTER AND FULL-YEAR 2013 RESULTS
CONTACT: Thor Erickson Investor Relations +1 (678) 260-3110 Fred Roselli Media Relations +1 (678) 260-3421 Lauren Sayeski European Media Relations + 44 (0) 1895 844 300 REPORTS FOURTH-QUARTER AND FULL-YEAR
More informationMEXICAN ECONOMIC DEVELOPMENT INC
MEXICAN ECONOMIC DEVELOPMENT INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 6/28/2007 For Period Ending 12/31/2006 Address GENERAL ANAYA NO 601 PTE COLONIA BELLA VISTA MONTERREY,
More informationEvaluation of the Barbados Sugar Sweetened Beverage Tax. Miriam Alvarado, PhD Candidate January 20 th, 2017
Evaluation of the Barbados Sugar Sweetened Beverage Tax Miriam Alvarado, PhD Candidate January 20 th, 2017 Overview 1. Context for SSB Tax in Barbados 2. SSB Evaluation Overview 3. Price Change Analysis
More informationCoca-Cola Bottling Co. Consolidated 4100 Coca-Cola Plaza Charlotte, North Carolina 28211
2 0 0 8 R e p o r t Mailing Address: Post Office Box 31487 Charlotte, NC 28231 704.557.4400 www.cokeconsolidated.com A n n u a l Coca-Cola Bottling Co. Consolidated 4100 Coca-Cola Plaza Charlotte, North
More information2014 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS
2014 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS Third Quarter 2014 2013 Reported Δ% YTD Effects Δ% (5) 2014 2013 Reported Δ% Effects Δ% (5) Stock Listing Information Total Revenues 41,781 37,494 11.4%
More informationNorway Serving 1 million outlets, across 13 countries, so over 300 million consumers can access and enjoy our drinks. READY-TO-DRINK TEA & COFFEE
Factsheet 207 About Coca-Cola European Partners Coca-Cola European Partners (CCEP) is one of the world s largest beverage companies and the world s largest independent Coca-Cola bottler based on revenue.
More information2014 SECOND - QUARTER AND FIRST SIX MONTHS RESULTS
2014 SECOND - QUARTER AND FIRST SIX MONTHS RESULTS Second quarter 2014 2013 Reported Δ% YTD effects Δ% (5) 2014 2013 Reported Δ% effects Δ% (5) Stock Listing Information Total revenues 41,434 36,260 14.3%
More informationScott.Helkowski Yanjun Gu Yiqin Gao
Scott.Helkowski Yanjun Gu Yiqin Gao Overview Primarily food, beverages (including alcoholic beverages), tobacco, retailing and household items. The staples sector has historically exhibited a beta of.52
More informationJOHN F. BROCK / CHAIRMAN & CEO BILL DOUGLAS / EVP & CFO
JOHN F. BROCK / CHAIRMAN & CEO BILL DOUGLAS / EVP & CFO Forward-Looking Statements INCLUDED IN THIS PRESENTATION ARE FORWARD-LOOKING MANAGEMENT COMMENTS AND OTHER STATEMENTS THAT REFLECT MANAGEMENT S CURRENT
More informationSafe Harbor Statements
207 RBC Capital Markets Consumer and Retail Conference June, 207 Safe Harbor Statements Forward Looking Statements: This presentation contains forward-looking statements within the meaning of Section 27A
More informationMEXICAN ECONOMIC DEVELOPMENT INC
MEXICAN ECONOMIC DEVELOPMENT INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 4/8/2004 For Period Ending 12/31/2003 Address CUAUHTEMOC 400 SUR APERTADO POSTAL 2001 COLONIA VELLA
More informationFEMSA Announces Third Quarter 2015 Results
FEMSA Announces Third Quarter 2015 Results Monterrey, Mexico, October 28, 2015 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational and financial results for the third quarter
More information2018 THIRD QUARTER AND FIRST NINE MONTHS RESULTS
2018 THIRD QUARTER AND FIRST NINE MONTHS RESULTS Mexico City,, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA, KOF or the Company ), the largest Coca-Cola franchise bottler in
More information2015 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS
2015 THIRD - QUARTER AND FIRST NINE MONTHS RESULTS Mexico City, October 28, 2015, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA or the Company ), the largest franchise bottler
More informationAccelerating towards excellence. Investor relations June 2017
Accelerating towards excellence Investor relations June 2017 Cautionary Statement FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements These forward-looking statements relate
More information2012 SECOND-QUARTER AND FIRST SIX-MONTH RESULTS
Stock Listing Information Mexican Stock Exchange Ticker: KOFL 2012 SECOND-QUARTER AND FIRST SIX-MONTH RESULTS NYSE (ADR) Ticker: KOF Second Quarter 2012 2011 Reported Δ% YTD Excluding M&A Effects Δ% (5)
More information2014 FOURTH - QUARTER AND FULL YEAR RESULTS
2014 FOURTH - QUARTER AND FULL YEAR RESULTS Mexico City February 25, 2015, Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFL, NYSE: KOF) ( Coca-Cola FEMSA or the Company ), the largest franchise bottler in the
More informationMarket Approach A. Relationship to Appraisal Principles
Market Approach A. Relationship to Appraisal Principles 1. Supply and demand Prices are determined by negotiation between buyers and sellers o Buyers demand side o Sellers supply side At a specific time
More informationFourth Quarter 2014 Earnings Call. February 10, 2015
Fourth Quarter 2014 Earnings Call February 10, 2015 Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute forward-looking statements as defined under
More informationARCA CONTINENTAL REPORTS EBITDA GROWTH OF 5.3% WITH NET INCOME UP 23.3% OR 140 BPS IN 4Q14
ARCA CONTINENTAL REPORTS EBITDA GROWTH OF 5.3% WITH NET INCOME UP 23.3% OR 140 BPS IN 4Q14 Monterrey, Mexico, February 18, 2015 Arca Continental, S.A.B. de C.V. (BMV: AC*) ( Arca Continental or AC ), the
More informationCITY OF BOULDER -- SUGAR-SWEETENED BEVERAGE PRODUCT EXCISE TAX FAQ S 3/6/2018
1. What is the Sugar-Sweetened Beverage Product Tax? The Sugar-Sweetened Beverage Product Distribution Tax ( tax or SSB tax ) is a City excise tax adopted by the voters in November 2016 on the distribution
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15b-16 OF THE SECURITIES EXCHANGE ACT OF 1934 July 2018 Date of Report
More informationA Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry
A Study on Impact of EVA, Value of Firm and Cost of Capital as Per NI Approach on the Share Price of Pharmaceutical Industry Mantrark Mehta Assistant Professor at Shri Chimanbhai Patel Institute of Management
More informationCHAPTER 9 The Cost of Capital
9-1 9-2 CHAPTER 9 The Cost of Capital Cost of Capital Components Debt Preferred Common Equity WACC What types of long-term capital do firms use? Long-term debt Preferred stock Common equity Capital components
More informationCoca Cola Enterprises, Inc. Reports Second Quarter 2015 Results, Affirms Full Year Earnings Outlook
Print Page Close Window Investor Relations Financial News Release Coca Cola Enterprises, Inc. Reports Second Quarter 2015 Results, Affirms Full Year Earnings Outlook Second quarter diluted earnings per
More informationFORM 10-Q PEPSICO INC - PEP. Filed: April 24, 2008 (period: March 22, 2008)
FORM 10-Q PEPSICO INC - PEP Filed: April 24, 2008 (period: March 22, 2008) Quarterly report which provides a continuing view of a company's financial position 10-Q - FORM 10-Q Part I Item 1. 3 PART I ITEM
More informationPEPSICO INC FORM 10-K. (Annual Report) Filed 02/27/12 for the Period Ending 12/31/11
PEPSICO INC FORM 10-K (Annual Report) Filed 02/27/12 for the Period Ending 12/31/11 Address 700 ANDERSON HILL RD PURCHASE, NY, 10577 Telephone 9142532000 CIK 0000077476 Symbol PEP SIC Code 2080 - Beverages
More informationFourth Quarter Highlights:
Latin America s Beverage Leader FEMSA Reports Double-Digit Growth in 2006 Total Revenues increased 13.2% to US$ 11.6 billion for full year Monterrey, Mexico, Fomento Económico Mexicano, S.A.B. de C.V.
More informationJOHN F. BROCK CHAIRMAN & CEO NIK JHANGIANI SVP & CFO
JOHN F. BROCK CHAIRMAN & CEO NIK JHANGIANI SVP & CFO Forward-Looking Statements Included in this presentation are forward-looking management comments and other statements that reflect management s current
More informationIndiana University Student Organization Accounts
Indiana University Student Organization Accounts In Office Hours 8am 5pm Doors Open 12 4pm Monday - Friday General Overview of Student Organization Accounts (SOA) SOA is the banking and bookkeeping department
More informationDR PEPPER SNAPPLE GROUP, INC.
DR PEPPER SNAPPLE GROUP, INC. FORM 10-Q (Quarterly Report) Filed 10/24/13 for the Period Ending 09/30/13 Address 5301 LEGACY DRIVE PLANO, TX, 75024 Telephone (972) 673-7000 CIK 0001418135 Symbol DPS SIC
More informationMEXICAN ECONOMIC DEVELOPMENT INC
MEXICAN ECONOMIC DEVELOPMENT INC FORM 20-F (Annual and Transition Report (foreign private issuer)) Filed 04/21/17 for the Period Ending 12/31/16 Telephone 528183286167 CIK 0001061736 Symbol FMX SIC Code
More informationCoke vs. Pepsi, 2001
Graduate School of Business Administration University of Virginia UVA-F-1340 Version 4.1 On December 4, 2000, PepsiCo, Inc. and The Quaker Oats Company issued a joint press release announcing their merger.
More informationFEMSA Achieves Double-Digit Revenue and Operating Income Growth Across Operations in 3Q11
FEMSA Achieves Double-Digit Revenue and Operating Income Growth Across Operations in 3Q11 Monterrey, Mexico, October 28, 2011 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today its operational
More informationMonster Beverage Corporation
January 07, 2015 Monster Beverage Corporation (MNST-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/08/2013 Current Price (01/06/15) $112.28
More informationSecond Quarter 2009 Highlights:
Latin America s Beverage Leader FEMSA Delivers Robust Revenues and Operating Income Growth in 2Q09 Monterrey, Mexico, July 28, 2009 Fomento Económico Mexicano, S.A.B. de C.V. ( FEMSA ) announced today
More informationDETERMINATION OF MERGER NOTIFICATION M/18/018 - SHS/3V
DETERMINATION OF MERGER NOTIFICATION M/18/018 - SHS/3V Section 21 of the Competition Act 2002 Proposed acquisition by SHS Group Limited of sole control of 3V Natural Foods Limited Dated 15 March 2018 Introduction
More informationfour - four-week periods: November 2015, February 2016, November 2016 and February Additionally, total store sales data was available for eight
Effect of the Soda Tax On Grocery Store Sales in Philadelphia By Dr. John L. Stanton* Professor of Food Marketing Saint Joseph s University jstanton@sju.edu 610-660-1607 *Dr. Stanton is a member of the
More informationTHE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures
ITEMS IMPACTING COMPARABILITY Asset Impairments and Restructuring Asset Impairments During the three months and year ended December 31, 2011, the Company recorded charges of $17 million due to other-than-temporary
More informationJohn F. Brock CHAIRMAN & CEO. Bill Douglas EVP & CFO
John F. Brock CHAIRMAN & CEO Bill Douglas EVP & CFO Forward-Looking Statements INCLUDED IN THIS PRESENTATION ARE FORWARD- LOOKING MANAGEMENT COMMENTS AND OTHER STATEMENTS THAT REFLECT MANAGEMENT S CURRENT
More informationRESULTS FOR THE YEAR ENDED 31 MARCH Copyright Tate & Lyle PLC 2017
RESULTS FOR THE YEAR ENDED 31 MARCH 2017 Copyright Tate & Lyle PLC 2017 Cautionary Statement This presentation for the Full Year Results for the year ended 31 March 2017 contains certain forward-looking
More informationEBITDA GREW 16.8% WITH NET INCOME UP 11.3% IN 1Q13
EBITDA GREW 16.8% WITH NET INCOME UP 11.3% IN 1Q13 Monterrey, Mexico, April 26, 2013 Arca Continental, S.A.B. de C.V. (BMV: AC*), the secondlargest Coca-Cola bottler in Latin America and third largest
More informationFEMSA Releases Audited Financial Results for the Fourth Quarter and Twelve Months ended December 31, 1998
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION: Laura E. Solano/María Elena Gutiérrez Investor Relations 011-528-328-6150/011-528-328-6245 e-mail: lsolmar@femsa.com.mx megutsan@femsa.com.mx Friday February
More information