Competitors (Peer
Company Fundamentals - Financial Summary Analysis) Company Name
Company Name Coca-Cola Co (KO) KO Coca-Cola Co
Country United States of America PEP.OQ PepsiCo Inc
TRBC Industry Group Beverages KDP.OQ Keurig Dr Pepper Inc
Consolidation Basis Consolidated STZ.N Constellation Brands Inc
Scaling Millions KHC.OQ Kraft Heinz Co
Period Annual DGE.L Diageo PLC
Export Date 25-02-2022 HEIO.AS Heineken Holding NV
Statement Data 2021 2020 2019 2018 2017 2016
Period End Date 31-12-2021 31-12-2020 31-12-2019 31-12-2018 31-12-2017 31-12-2016
Financial Summary - Standardized (Currency: US Dollar)
Field Name 31-12-2021 31-12-2020 31-12-2019 31-12-2018 31-12-2017 31-12-2016
Selected Income Statement Items
Revenue from Business Activities - Total 38,655 33,014 37,270 34,277 36,225 41,901
Cost of Operating Revenue 15,357 13,433 14,597 13,051 13,735 16,543
Selected Balance Sheet Items
Cash & Cash Equivalents 9,684.0 6,795.0 6,480.0 9,077.0 6,006.0 8,555.0
Cash & Short-Term Investments 12,625 10,914 11,175 16,115 20,675 22,201
Market Capitalization 255,753 235,671 237,147 201,546 195,479 178,815
Total Current Assets 22,545 19,240 20,411 24,930 36,545 34,010
Total Assets 94,354 87,296 86,381 83,216 87,896 87,270
Total Current Liabilities 19,950 14,601 26,973 28,782 27,194 26,532
Debt - Total 42,761 42,793 42,763 44,214 47,685 45,709
Total Liabilities 69,494 66,012 65,283 64,158 68,919 64,050
Tangible Book Value -11,614 -9,251.0 -7,785.0 -4,606.0 436.0 1,934.0
Total Shareholders' Equity 24,860 21,284 21,098 19,058 18,977 23,220
Working Capital 2,595.0 4,639.0 -6,562.0 -3,852.0 9,351.0 7,478.0
Selected Cash Flow Items
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile 1,452.0 1,536.0 1,365.0 1,086.0 1,260.0 1,787.0
Selected Per Share Data
Dividend Yield - Common Stock - Issue Specific - % 2.1% 3.0% 2.9% 3.3% 3.2% 3.4%
Profitability / Return
Income Tax Rate - % 21.09% 20.32% 16.70% 21.17% 28.98% 19.49%
Return on Average Total Assets - % (Income before Discontinued Operations & Extraordinary Items) 10.8% 9.0% 10.6% 7.6% 5.6% 7.4%
Return on Invested Capital - % 16.75% 13.90% 15.27% 11.07% 2.69% 10.27%
Financial Strength / Leverage
Dividend Coverage - % 179.3% 109.9% 130.3% 97.0% 76.9% 108.0%
Earnings Retention Rate 0.44 0.09 0.23 -0.03 -0.30 0.07
Dividend Payout Ratio - % 55.77% 90.96% 76.74% 103.14% 130.09% 92.58%
Key Performance Indicators
Enterprise Value 285,889 267,550 268,735 229,645 222,489
Debt-Equity Ratio 1.72 2.01 2.03 2.32 2.51
Current Ratio 1.13 1.32 0.76 0.87 1.34
Market/Book Ratio 10.29 11.07 11.24 10.58 10.30
Operational profit before tax 21,846 18,045 21,308 20,140 21,230
Tax on operating profit 4,607 3,667 3,558 4,264 6,152
Operational profit after tax 17,239 14,378 17,750 15,876 15,078
Net Cash Flow 16,647 27,115 16,405 3,759 18,211
Stock Price Estimate Using DDM (Scenario 0)
Average Return on Invested Capital – % (5 years) 11.94%
Average Payout Ratio - % (5 years) 91.34%
Average Retention Rate - % (5 years) 8.66%
Expected Divident Yield 2.81%
Growth Rate of Dividends (5 years) 7.24%
Stock Price (close on 4/03/2022) 62.57
Div1 1.76
Div2 1.89
Div3 2.02
Div4 2.17
Div5 2.33
Div6 2.49
g 1.03%
Beta 0.5927
Rf (5 year average) 0.4048%
Market Risk Premium (5 year average) 7.058%
Required Rate of Return (r_e) 4.59%
P0 62.45
Difference in stock value -0.12
Stock Price Estimate Using DDM (Scenario 1: Modest growth rate estimate)
Average Return on Invested Capital – % (5 years) 11.94%
Average Payout Ratio - % (5 years) 91.34%
Average Retention Rate - % (5 years) 8.66%
Expected Divident Yield 2.81%
Growth Rate of Dividends (next 5 years) 7.24%
Growth Rate of Dividends (past 5 years) 1.91%
Growth Rate Average (past & next 5 years) 4.58%
Stock Price (close on 4/03/2022) 62.57
,Div1 1.76
Div2 1.84
Div3 1.92
Div4 2.01
Div5 2.10
Div6 2.20
g 1.03%
Beta 0.5927
Rf (5 year average) 0.4048%
Market Risk Premium (5 year average) 7.058%
Required Rate of Return (r_e) 4.59%
P0 55.67
Difference in stock value -6.90
Stock Price Estimate Using DDM (Scenario 2: Past-5-year’s growth rate)
Average Return on Invested Capital – % (5 years) 11.94%
Average Payout Ratio - % (5 years) 91.34%
Average Retention Rate - % (5 years) 8.66%
Expected Divident Yield 2.81%
Growth Rate of Dividends (5 years) 1.91%
Stock Price (close on 4/03/2022) 62.57
Div1 1.76
Div2 1.79
Div3 1.83
Div4 1.86
Div5 1.90
Div6 1.93
g 1.03%
Beta 0.5927
Rf (5 year average) 0.4048%
Market Risk Premium (5 year average) 7.058%
Required Rate of Return (r_e) 4.59%
P0 49.53
Difference in stock value -13.04
, Company Fundamentals - Financial Summary
Company Name PepsiCo Inc (PEP.O)
Country United States of America
TRBC Industry Group Beverages
Consolidation Basis Consolidated
Scaling Millions
Period Annual
Export Date 25-02-2022
Statement Data 2021 2020 2019 2018 2017 2016
Period End Date 25-12-2021 26-12-2020 28-12-2019 29-12-2018 30-12-2017 31-12-2016
Financial Summary - Standardized (Currency: US Dollar)
Field Name 25-12-2021 26-12-2020 28-12-2019 29-12-2018 30-12-2017 31-12-2016
Selected Income Statement Items
Revenue from Business Activities - Total 79,474 70,372 67,161 64,661 63,525 62,799
Cost of Operating Revenue 37,006 31,799 30,040 29,378 28,804 28,144
Selected Balance Sheet Items
Cash & Cash Equivalents 5,596.0 8,185.0 5,509.0 8,721.0 10,610 9,158.0
Cash & Short-Term Investments 5,988.0 9,551.0 5,738.0 8,993.0 19,510 16,125
Market Capitalization 234,747 200,467 191,791 155,781 170,543 150,059
Total Current Assets 21,783 23,001 17,645 21,893 31,027 26,450
Total Assets 92,377 92,918 78,547 77,648 79,804 73,490
Total Current Liabilities 26,220 23,372 20,461 22,138 20,502 21,135
Debt - Total 40,334 44,150 32,068 32,321 39,281 36,945
Total Liabilities 76,226 79,366 63,679 63,046 68,823 62,291
Tangible Book Value -21,003 -24,618 -16,758 -16,115 -17,537 -16,617
Total Shareholders' Equity 16,151 13,552 14,868 14,602 10,981 11,199
Working Capital -4,437.0 -371.0 -2,816.0 -245.0 10,525 5,315.0
Selected Cash Flow Items
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile 2,710.0 2,548.0 2,432.0 2,399.0 2,369.0 2,368.0
Selected Per Share Data
Dividend Yield - Common Stock - Issue Specific - % 2.5% 2.8% 2.8% 3.3% 2.6% 2.8%
Profitability / Return
Income Tax Rate - % 19.88% 20.88% 21.12% -36.37% 22.85% 25.42%
Return on Average Total Assets - % (Income before Discontinued Operations & Extraordinary Items) 8.5% 8.4% 9.4% 15.9% 9.7% 8.9%
Return on Invested Capital - % 16.0% 15.3% 17.2% 29.2% 11.5% 15.7%
Financial Strength / Leverage
Dividend Coverage - % 132.4% 127.4% 137.3% 244.9% 162.1% 147.7%
Earnings Retention Rate 0.24 0.22 0.27 0.59 0.38 0.32
Dividend Payout Ratio - % 75.5% 78.5% 72.9% 40.8% 61.7% 67.7%
Key Performance Indicators
Enterprise Value 269,093 235,066 218,121 179,109 190,314
Debt -Equity Ratio 2.50 3.26 2.16 2.21 3.58
Current Ratio 0.83 0.98 0.86 0.99 1.51
Market/Book Ratio 14.53 14.79 12.90 10.67 15.53
Operational Profit before tax 39,758 36,025 34,689 32,884 32,352
Tax on operational profit 7,904 7,522 7,326 -11,960 7,392
Operational Profit after tax 31,854 28,503 27,363 44,844 24,960
Net Cash Flow 30,498 33,496 27,224 36,473 32,539
