1 2

Forecast
Particulars Unit FY 2024 FY 2025
EBIT 14,635 16,088
Tax Rate 19.0% 21.0%
Less: Income taxes 2,783 3,380
NOPAT 11,852 12,708
Add: D&A 1,137 1,191
Changes in WC 356 776
Less: Capex (1,052) (1,103)
FCFF 12,294 13,572
10.4%
Terminal value
Total Cash Flow 12,294 13,572
PV of cashflows 11,611 12,105
WACC 5.89%
Long term growth rate 1.90%
Value of firm 375,933
Less: Value of debt 42064
Add:Cash and cash equivalents 12363
Add: Investments 21089 G
Value of equity 367,321 R
O
No of shares outstanding 4339 W
Fair Value / share 84.66 T
H
 3 4 5
Forecast
FY 2026 FY 2027 FY 2028
17,639 19,282 21,008
23.0% 25.0% 27.0%
4,058 4,821 5,672
13,581 14,461 15,336
1,242 1,306 1,363
956 927 898
(1,142) (1,168) (1,182)
14,637 15,525 16,415
7.8% 6.1% 5.7%
419,568
14,637 15,525 435,983
12,329 12,350 327,538

WACC
85 4.4% 4.9% 5.4% 5.9% 6.4% 6.9% 7.4%
1.1%
1.3%
1.5%
1.7%
1.9%
2.1%
2.3%
2.5%
2.7%
 Particulars Unit

Cost of equity
Risk free rate of returns 4.28%
Returns from Market (Historical) 7.31%

Date Year Index value

1-Jan-85 1985 1097.02
20-Feb-24 2024 17340.17
Total Time 39.13
CAGR 7.31%
Marginal tax rate 27.00%
Bottom-up beta 0.60
Cost of equity (CAPM) 6.08%

Beta calcuation
Bottom up beta

Name Regression BeAverage Market Ca Average Debt

Target
CocaCola 0.73 261,871 28,685

Name Regression BeAverage Market Ca Average Debt

Peers
Keurig Dr. pepper 0.53 49,808 11,890
Pepsi Co. 0.64 243,210 34,057
Monster beverages 0.63 54,590 -

Relevered beta Regression BeAverage Market Ca Average Debt

Average Unlevered beta 0.55 261,871 28,685

NYSE
Regression Beta 1.00

Date Price Returns

12-Aug-19 12,580.41
19-Aug-19 12,416.45 -1.30%
26-Aug-19 12,736.88 2.58%
2-Sep-19 12,933.38 1.54%
9-Sep-19 13,124.34 1.48%
16-Sep-19 13,093.80 -0.23%
23-Sep-19 12,971.98 -0.93%
30-Sep-19 12,831.55 -1.08%
7-Oct-19 12,926.92 0.74%
14-Oct-19 13,006.64 0.62%
21-Oct-19 13,146.24 1.07%
28-Oct-19 13,300.27 1.17%
4-Nov-19 13,407.80 0.81%
11-Nov-19 13,492.96 0.64%
18-Nov-19 13,440.95 -0.39%
25-Nov-19 13,545.21 0.78%
2-Dec-19 13,588.29 0.32%
9-Dec-19 13,697.34 0.80%
16-Dec-19 13,889.25 1.40%
23-Dec-19 13,944.14 0.40%
30-Dec-19 13,917.05 -0.19%
6-Jan-20 13,957.97 0.29%
13-Jan-20 14,183.20 1.61%
20-Jan-20 13,978.47 -1.44%
27-Jan-20 13,614.10 -2.61%
3-Feb-20 13,931.93 2.33%
10-Feb-20 14,097.34 1.19%
17-Feb-20 13,975.78 -0.86%
24-Feb-20 12,380.97 -11.41%
2-Mar-20 12,352.03 -0.23%
9-Mar-20 10,851.74 -12.15%
16-Mar-20 9,133.16 -15.84%
23-Mar-20 10,187.21 11.54%
30-Mar-20 9,880.63 -3.01%
6-Apr-20 11,136.61 12.71%
13-Apr-20 11,208.29 0.64%
20-Apr-20 11,017.90 -1.70%
27-Apr-20 11,058.57 0.37%
4-May-20 11,354.34 2.67%
11-May-20 10,947.32 -3.58%
18-May-20 11,331.97 3.51%
25-May-20 11,802.95 4.16%
1-Jun-20 12,641.44 7.10%
8-Jun-20 11,867.17 -6.12%
15-Jun-20 11,980.12 0.95%
22-Jun-20 11,604.43 -3.14%
29-Jun-20 11,991.52 3.34%
6-Jul-20 12,075.58 0.70%
13-Jul-20 12,402.74 2.71%
20-Jul-20 12,461.78 0.48%
27-Jul-20 12,465.05 0.03%
3-Aug-20 12,765.84 2.41%
10-Aug-20 12,902.50 1.07%
17-Aug-20 12,809.07 -0.72%
24-Aug-20 13,170.96 2.83%
31-Aug-20 12,966.14 -1.56%
7-Sep-20 12,773.04 -1.49%
14-Sep-20 12,833.57 0.47%
21-Sep-20 12,485.38 -2.71%
28-Sep-20 12,749.79 2.12%
5-Oct-20 13,252.62 3.94%
12-Oct-20 13,169.32 -0.63%
19-Oct-20 13,199.86 0.23%
26-Oct-20 12,429.33 -5.84%
2-Nov-20 13,218.67 6.35%
9-Nov-20 13,761.32 4.11%
16-Nov-20 13,827.00 0.48%
23-Nov-20 14,198.50 2.69%
30-Nov-20 14,417.33 1.54%
7-Dec-20 14,355.29 -0.43%
14-Dec-20 14,467.82 0.78%
21-Dec-20 14,382.50 -0.59%
28-Dec-20 14,524.80 0.99%
4-Jan-21 14,966.83 3.04%
11-Jan-21 14,894.17 -0.49%
18-Jan-21 14,951.84 0.39%
25-Jan-21 14,397.20 -3.71%
1-Feb-21 15,069.60 4.67%
8-Feb-21 15,369.60 1.99%
15-Feb-21 15,362.69 -0.04%
22-Feb-21 15,010.47 -2.29%
1-Mar-21 15,251.83 1.61%
8-Mar-21 15,715.21 3.04%
15-Mar-21 15,562.26 -0.97%
22-Mar-21 15,682.54 0.77%
29-Mar-21 15,751.70 0.44%
5-Apr-21 15,956.37 1.30%
12-Apr-21 16,186.29 1.44%
19-Apr-21 16,206.00 0.12%
26-Apr-21 16,219.33 0.08%
3-May-21 16,590.43 2.29%
10-May-21 16,415.36 -1.06%
17-May-21 16,375.00 -0.25%
24-May-21 16,555.66 1.10%
31-May-21 16,708.74 0.92%
7-Jun-21 16,694.93 -0.08%
14-Jun-21 16,143.95 -3.30%
21-Jun-21 16,658.79 3.19%
28-Jun-21 16,674.85 0.10%
5-Jul-21 16,633.30 -0.25%
12-Jul-21 16,364.66 -1.62%
19-Jul-21 16,552.38 1.15%
26-Jul-21 16,602.29 0.30%
2-Aug-21 16,748.08 0.88%
9-Aug-21 16,868.11 0.72%
16-Aug-21 16,516.68 -2.08%
23-Aug-21 16,844.75 1.99%
30-Aug-21 16,909.72 0.39%
6-Sep-21 16,563.48 -2.05%
13-Sep-21 16,460.35 -0.62%
20-Sep-21 16,539.15 0.48%
27-Sep-21 16,323.74 -1.30%
4-Oct-21 16,517.23 1.19%
11-Oct-21 16,871.74 2.15%
18-Oct-21 17,122.24 1.48%
25-Oct-21 17,016.41 -0.62%
1-Nov-21 17,242.36 1.33%
8-Nov-21 17,297.66 0.32%
15-Nov-21 16,973.96 -1.87%
22-Nov-21 16,624.87 -2.06%
29-Nov-21 16,347.87 -1.67%
6-Dec-21 16,856.63 3.11%
13-Dec-21 16,668.64 -1.12%
20-Dec-21 16,963.44 1.77%
27-Dec-21 17,164.13 1.18%
3-Jan-22 17,166.28 0.01%
10-Jan-22 17,219.06 0.31%
17-Jan-22 16,397.34 -4.77%
24-Jan-22 16,397.86 0.00%
31-Jan-22 16,701.58 1.85%
7-Feb-22 16,664.99 -0.22%
14-Feb-22 16,392.32 -1.64%
21-Feb-22 16,427.96 0.22%
28-Feb-22 16,129.66 -1.82%
7-Mar-22 15,753.70 -2.33%
14-Mar-22 16,612.64 5.45%
21-Mar-22 16,792.80 1.08%
28-Mar-22 16,787.75 -0.03%
4-Apr-22 16,689.95 -0.58%
11-Apr-22 16,511.51 -1.07%
18-Apr-22 16,056.87 -2.75%
25-Apr-22 15,615.25 -2.75%
2-May-22 15,566.56 -0.31%
9-May-22 15,257.36 -1.99%
16-May-22 15,080.98 -1.16%
23-May-22 15,942.62 5.71%
30-May-22 15,797.17 -0.91%
6-Jun-22 15,096.69 -4.43%
13-Jun-22 14,097.05 -6.62%
20-Jun-22 14,811.55 5.07%
27-Jun-22 14,636.76 -1.18%
4-Jul-22 14,642.33 0.04%
11-Jul-22 14,449.68 -1.32%
18-Jul-22 14,790.79 2.36%
25-Jul-22 15,327.71 3.63%
1-Aug-22 15,273.23 -0.36%
8-Aug-22 15,804.38 3.48%
15-Aug-22 15,588.32 -1.37%
22-Aug-22 15,178.21 -2.63%
29-Aug-22 14,689.50 -3.22%
5-Sep-22 15,190.79 3.41%
12-Sep-22 14,573.91 -4.06%
19-Sep-22 13,796.99 -5.33%
26-Sep-22 13,472.18 -2.35%
3-Oct-22 13,798.26 2.42%
10-Oct-22 13,607.31 -1.38%
17-Oct-22 14,144.05 3.94%
24-Oct-22 14,795.63 4.61%
31-Oct-22 14,702.77 -0.63%
7-Nov-22 15,352.69 4.42%
14-Nov-22 15,309.77 -0.28%
21-Nov-22 15,605.67 1.93%
28-Nov-22 15,767.02 1.03%
5-Dec-22 15,291.05 -3.02%
12-Dec-22 15,018.17 -1.78%
19-Dec-22 15,188.45 1.13%
26-Dec-22 15,184.31 -0.03%
2-Jan-23 15,539.74 2.34%
9-Jan-23 15,918.37 2.44%
16-Jan-23 15,777.55 -0.88%
23-Jan-23 15,962.58 1.17%
30-Jan-23 15,999.40 0.23%
6-Feb-23 15,910.69 -0.55%
13-Feb-23 15,840.16 -0.44%
20-Feb-23 15,464.46 -2.37%
27-Feb-23 15,721.06 1.66%
6-Mar-23 14,894.18 -5.26%
13-Mar-23 14,599.05 -1.98%
20-Mar-23 14,758.57 1.09%
27-Mar-23 15,374.91 4.18%
3-Apr-23 15,379.13 0.03%
10-Apr-23 15,601.78 1.45%
17-Apr-23 15,578.93 -0.15%
24-Apr-23 15,545.88 -0.21%
1-May-23 15,380.87 -1.06%
8-May-23 15,246.36 -0.87%
15-May-23 15,324.32 0.51%
22-May-23 15,078.69 -1.60%
29-May-23 15,345.19 1.77%
5-Jun-23 15,499.91 1.01%
12-Jun-23 15,795.12 1.90%
19-Jun-23 15,469.35 -2.06%
26-Jun-23 15,875.91 2.63%
3-Jul-23 15,671.63 -1.29%
10-Jul-23 16,040.23 2.35%
17-Jul-23 16,289.12 1.55%
24-Jul-23 16,363.26 0.46%
31-Jul-23 16,071.06 -1.79%
7-Aug-23 16,143.38 0.45%
14-Aug-23 15,750.17 -2.44%
21-Aug-23 15,766.91 0.11%
28-Aug-23 16,091.79 2.06%
4-Sep-23 15,878.99 -1.32%
11-Sep-23 15,973.68 0.60%
18-Sep-23 15,569.51 -2.53%
25-Sep-23 15,398.21 -1.10%
2-Oct-23 15,214.02 -1.20%
9-Oct-23 15,323.70 0.72%
16-Oct-23 15,033.31 -1.90%
23-Oct-23 14,675.78 -2.38%
30-Oct-23 15,475.20 5.45%
6-Nov-23 15,388.44 -0.56%
13-Nov-23 15,813.46 2.76%
20-Nov-23 15,983.82 1.08%
27-Nov-23 16,263.75 1.75%
4-Dec-23 16,207.76 -0.34%
11-Dec-23 16,609.84 2.48%
18-Dec-23 16,770.45 0.97%
25-Dec-23 16,852.89 0.49%
1-Jan-24 16,758.24 -0.56%
8-Jan-24 16,799.54 0.25%
15-Jan-24 16,729.55 -0.42%
22-Jan-24 16,949.11 1.31%
29-Jan-24 17,101.97 0.90%
5-Feb-24 17,275.87 1.02%
12-Feb-24 17,409.30 0.77%
19-Feb-24 17,616.02 1.19%
Total Capital Unlevered beta

290,556 0.68

Total Capital Unlevered beta

61,698 0.45
277,267 0.58
54,590 0.63
Average
Unlevered beta 0.55
Total Capital Re levered beta
290,556 0.60

CocaCola Keurig Dr. pepper Pepsi Co.

0.73 0.53 0.64

Price Returns Price Returns Price Returns

46.58 25.02 114.37
46.01 -1.23% 23.86 -4.61% 113.08 -1.13%
47.12 2.42% 24.36 2.10% 118.68 4.96%
47.28 0.35% 23.99 -1.54% 119.24 0.47%
46.45 -1.76% 24.61 2.57% 119.25 0.01%
46.49 0.08% 24.40 -0.83% 117.74 -1.27%
46.84 0.74% 24.11 -1.17% 118.52 0.66%
47.03 0.42% 24.66 2.26% 122.61 3.45%
45.97 -2.27% 24.98 1.29% 120.30 -1.88%
47.24 2.78% 24.78 -0.79% 119.08 -1.01%
46.35 -1.88% 24.71 -0.29% 119.42 0.29%
46.48 0.28% 25.34 2.54% 119.68 0.21%
45.03 -3.14% 26.23 3.51% 116.36 -2.78%
45.42 0.88% 26.96 2.81% 116.95 0.51%
45.73 0.68% 27.21 0.93% 117.18 0.19%
46.05 0.70% 27.79 2.11% 118.72 1.31%
47.28 2.67% 26.31 -5.33% 120.05 1.13%
47.28 0.00% 25.83 -1.81% 121.41 1.13%
47.76 1.01% 25.93 0.38% 121.39 -0.01%
48.09 0.69% 25.90 -0.10% 121.05 -0.28%
47.52 -1.19% 25.88 -0.10% 119.37 -1.39%
48.25 1.54% 25.17 -2.72% 118.40 -0.81%
49.47 2.54% 24.98 -0.75% 124.33 5.00%
50.11 1.30% 25.31 1.34% 125.79 1.18%
50.74 1.25% 25.76 1.75% 125.00 -0.63%
51.43 1.35% 25.79 0.14% 127.94 2.36%
52.09 1.28% 26.06 1.05% 129.37 1.11%
52.24 0.30% 26.63 2.18% 128.37 -0.78%
46.47 -11.04% 25.17 -5.49% 116.20 -9.48%
48.01 3.31% 24.04 -4.48% 120.81 3.96%
42.11 -12.29% 21.19 -11.87% 112.93 -6.52%
33.57 -20.29% 21.24 0.26% 92.09 -18.45%
37.52 11.78% 22.01 3.61% 106.74 15.90%
38.42 2.38% 21.49 -2.38% 110.40 3.43%
42.95 11.80% 24.40 13.58% 118.41 7.26%
42.12 -1.92% 23.76 -2.64% 121.88 2.93%
39.82 -5.47% 23.89 0.54% 119.05 -2.32%
39.97 0.37% 23.53 -1.48% 115.31 -3.14%
40.41 1.12% 23.93 1.70% 118.94 3.14%
37.92 -6.18% 23.90 -0.15% 120.46 1.28%
39.47 4.09% 24.68 3.27% 115.61 -4.02%
40.91 3.66% 25.37 2.80% 116.56 0.82%
43.03 5.16% 26.07 2.76% 117.35 0.68%
39.97 -7.11% 25.55 -1.99% 115.19 -1.84%
40.70 1.84% 26.08 2.10% 117.23 1.77%
38.53 -5.32% 25.64 -1.71% 115.13 -1.79%
39.69 3.01% 25.92 1.10% 118.63 3.04%
39.93 0.60% 26.67 2.89% 120.07 1.21%
41.41 3.70% 27.20 1.99% 120.24 0.15%
42.89 3.57% 27.71 1.88% 121.49 1.04%
41.78 -2.58% 27.94 0.82% 122.92 1.18%
42.28 1.19% 27.06 -3.14% 122.10 -0.67%
42.85 1.36% 27.30 0.88% 122.83 0.60%
41.82 -2.41% 26.42 -3.21% 121.85 -0.80%
44.07 5.39% 27.47 3.94% 124.96 2.55%
45.14 2.43% 26.98 -1.76% 123.91 -0.84%
45.16 0.04% 26.33 -2.40% 122.14 -1.42%
44.62 -1.19% 25.62 -2.71% 118.24 -3.20%
43.44 -2.65% 25.47 -0.61% 120.11 1.58%
44.01 1.31% 25.66 0.75% 124.17 3.38%
45.30 2.94% 26.86 4.70% 124.51 0.28%
44.61 -1.54% 27.33 1.74% 127.47 2.38%
45.04 0.98% 26.83 -1.85% 125.52 -1.53%
42.85 -4.87% 24.70 -7.91% 119.88 -4.49%
44.09 2.89% 26.32 6.54% 124.45 3.82%
47.65 8.09% 26.91 2.23% 130.15 4.57%
46.96 -1.46% 27.40 1.84% 128.99 -0.89%
46.99 0.06% 28.25 3.08% 130.05 0.82%
48.01 2.18% 28.04 -0.75% 131.17 0.86%
47.94 -0.15% 27.88 -0.56% 131.31 0.10%
48.29 0.73% 28.41 1.88% 133.09 1.35%
48.02 -0.56% 29.28 3.07% 131.39 -1.27%
49.28 2.62% 29.39 0.38% 134.33 2.23%
45.90 -6.86% 29.39 0.00% 130.60 -2.78%
43.76 -4.66% 29.40 0.03% 128.07 -1.94%
43.57 -0.43% 29.04 -1.22% 125.53 -1.98%
43.27 -0.70% 29.34 1.05% 123.70 -1.46%
44.61 3.12% 30.02 2.30% 127.68 3.21%
45.55 2.09% 29.32 -2.34% 121.26 -5.03%
45.03 -1.14% 28.83 -1.67% 120.02 -1.02%
44.02 -2.24% 28.16 -2.30% 117.02 -2.51%
45.64 3.67% 29.09 3.31% 120.50 2.97%
45.25 -0.85% 30.79 5.84% 121.47 0.81%
46.04 1.73% 31.50 2.31% 122.80 1.10%
48.06 4.39% 32.52 3.22% 130.29 6.10%
47.58 -1.00% 31.83 -2.10% 128.99 -1.00%
48.18 1.28% 32.59 2.38% 130.17 0.91%
48.64 0.94% 33.37 2.39% 131.62 1.12%
49.35 1.47% 33.53 0.47% 133.14 1.16%
48.91 -0.90% 33.22 -0.91% 131.62 -1.15%
49.39 0.98% 33.92 2.09% 132.90 0.97%
49.59 0.40% 33.41 -1.50% 133.84 0.71%
49.49 -0.20% 33.58 0.53% 134.30 0.35%
50.10 1.23% 34.25 1.99% 135.07 0.57%
50.96 1.72% 34.21 -0.14% 134.98 -0.07%
50.88 -0.14% 32.65 -4.55% 135.83 0.63%
48.72 -4.26% 31.99 -2.02% 133.74 -1.54%
49.59 1.78% 32.31 0.98% 134.65 0.68%
49.46 -0.26% 32.60 0.92% 136.95 1.71%
49.72 0.52% 32.61 0.02% 137.47 0.38%
51.49 3.56% 33.43 2.51% 143.30 4.24%
52.04 1.08% 33.61 0.53% 144.56 0.87%
52.06 0.04% 32.80 -2.38% 144.34 -0.15%
51.71 -0.68% 31.95 -2.61% 141.93 -1.67%
52.24 1.04% 32.10 0.47% 143.95 1.42%
51.71 -1.03% 32.44 1.07% 145.63 1.17%
50.80 -1.75% 32.73 0.89% 142.50 -2.15%
51.79 1.94% 32.83 0.31% 144.47 1.39%
50.76 -1.97% 32.45 -1.16% 143.95 -0.36%
49.70 -2.10% 32.53 0.23% 142.72 -0.86%
49.57 -0.26% 31.56 -2.98% 142.79 0.05%
48.77 -1.61% 30.93 -1.98% 139.78 -2.11%
49.78 2.07% 32.82 6.12% 144.48 3.37%
50.11 0.67% 33.08 0.77% 147.06 1.78%
50.08 -0.06% 32.47 -1.84% 148.13 0.73%
51.85 3.53% 33.81 4.13% 149.64 1.02%
52.28 0.83% 34.08 0.80% 153.71 2.72%
52.07 -0.40% 33.41 -1.95% 150.61 -2.02%
50.71 -2.61% 32.94 -1.43% 151.69 0.71%
49.42 -2.54% 32.77 -0.51% 149.21 -1.63%
49.24 -0.35% 32.29 -1.46% 152.52 2.22%
52.17 5.93% 33.09 2.47% 157.52 3.28%
53.51 2.58% 33.42 1.02% 156.90 -0.40%
53.96 0.85% 33.67 0.73% 158.28 0.88%
54.88 1.70% 34.53 2.56% 161.94 2.31%
55.92 1.89% 34.94 1.19% 162.28 0.21%
56.90 1.76% 36.98 5.84% 163.74 0.90%
56.03 -1.53% 35.62 -3.69% 162.42 -0.81%
56.39 0.65% 35.44 -0.50% 160.97 -0.89%
56.50 0.20% 36.00 1.59% 160.80 -0.10%
55.88 -1.10% 35.81 -0.55% 157.16 -2.27%
57.97 3.73% 36.23 1.18% 156.35 -0.52%
58.26 0.50% 36.06 -0.47% 156.97 0.40%
58.00 -0.45% 36.61 1.51% 154.52 -1.56%
53.69 -7.43% 34.66 -5.32% 144.26 -6.64%
55.71 3.76% 35.60 2.72% 152.76 5.89%
57.47 3.16% 35.38 -0.61% 155.06 1.51%
58.72 2.18% 36.00 1.76% 159.30 2.74%
59.62 1.53% 35.62 -1.06% 162.46 1.99%
60.73 1.86% 35.24 -1.09% 161.31 -0.71%
60.94 0.35% 35.01 -0.64% 161.54 0.15%
60.35 -0.98% 35.39 1.08% 161.13 -0.26%
60.47 0.20% 34.97 -1.18% 159.91 -0.76%
61.38 1.51% 35.21 0.68% 163.01 1.94%
56.95 -7.21% 32.72 -7.07% 152.21 -6.63%
60.41 6.07% 33.29 1.74% 161.18 5.89%
58.81 -2.64% 33.05 -0.71% 154.69 -4.03%
57.36 -2.48% 33.58 1.60% 153.57 -0.73%
55.51 -3.22% 32.50 -3.21% 148.41 -3.36%
59.30 6.84% 33.84 4.10% 156.98 5.77%
60.56 2.13% 34.13 0.87% 160.06 1.96%
59.40 -1.93% 34.43 0.89% 162.41 1.47%
58.80 -1.01% 34.84 1.19% 161.69 -0.44%
57.94 -1.46% 34.65 -0.55% 160.26 -0.88%
60.37 4.19% 36.85 6.34% 165.32 3.15%
59.62 -1.23% 36.83 -0.05% 164.93 -0.23%
59.93 0.50% 37.38 1.50% 167.56 1.59%
61.31 2.31% 38.01 1.68% 170.24 1.60%
59.37 -3.16% 36.74 -3.35% 165.40 -2.85%
57.53 -3.11% 35.98 -2.05% 161.26 -2.50%
58.63 1.91% 36.80 2.27% 164.78 2.18%
56.01 -4.46% 35.36 -3.93% 158.83 -3.61%
55.53 -0.86% 35.27 -0.24% 160.30 0.93%
53.08 -4.40% 34.07 -3.40% 155.30 -3.12%
51.65 -2.70% 34.91 2.46% 153.73 -1.01%
52.10 0.86% 35.70 2.27% 161.89 5.31%
53.03 1.78% 35.98 0.78% 164.62 1.69%
57.58 8.58% 37.83 5.13% 173.35 5.30%
56.15 -2.47% 35.37 -6.50% 170.06 -1.89%
58.11 3.48% 35.71 0.97% 169.37 -0.41%
57.94 -0.29% 35.79 0.21% 172.49 1.84%
59.40 2.54% 36.58 2.22% 175.13 1.53%
60.98 2.65% 37.05 1.28% 176.64 0.86%
60.26 -1.18% 36.28 -2.09% 175.26 -0.78%
59.88 -0.62% 34.50 -4.90% 172.62 -1.51%
60.90 1.71% 34.79 0.83% 174.46 1.06%
60.70 -0.33% 34.11 -1.95% 172.92 -0.88%
60.50 -0.33% 34.68 1.68% 173.35 0.24%
58.62 -3.11% 34.33 -1.02% 167.74 -3.24%
57.34 -2.20% 33.38 -2.75% 162.61 -3.06%
57.73 0.68% 33.37 -0.03% 162.36 -0.15%
57.10 -1.09% 33.81 1.30% 161.88 -0.29%
56.90 -0.35% 33.93 0.37% 168.66 4.19%
57.37 0.84% 34.31 1.11% 168.73 0.05%
57.11 -0.47% 34.42 0.34% 168.43 -0.18%
56.72 -0.67% 33.23 -3.46% 165.74 -1.60%
56.51 -0.39% 33.01 -0.67% 165.78 0.02%
57.28 1.37% 33.53 1.57% 168.76 1.80%
58.56 2.24% 33.54 0.03% 172.58 2.26%
59.65 1.86% 33.93 1.18% 175.67 1.79%
60.43 1.31% 34.47 1.60% 177.66 1.13%
60.63 0.33% 33.95 -1.52% 176.84 -0.46%
61.59 1.59% 34.15 0.60% 178.67 1.04%
61.69 0.16% 31.63 -7.39% 183.95 2.96%
61.56 -0.20% 32.14 1.62% 187.21 1.77%
61.65 0.14% 31.60 -1.69% 188.99 0.95%
60.42 -2.00% 30.79 -2.57% 184.87 -2.18%
57.95 -4.09% 30.38 -1.32% 176.91 -4.31%
58.81 1.49% 30.42 0.13% 177.37 0.26%
58.15 -1.13% 30.29 -0.45% 176.95 -0.24%
59.30 1.98% 31.12 2.75% 180.53 2.02%
59.30 -0.01% 30.16 -3.08% 180.56 0.02%
58.35 -1.60% 30.25 0.29% 179.73 -0.46%
57.91 -0.76% 30.92 2.23% 177.66 -1.16%
59.01 1.91% 30.82 -0.31% 182.64 2.80%
60.50 2.53% 31.72 2.91% 184.53 1.04%
60.54 0.06% 33.02 4.11% 184.67 0.08%
58.83 -2.83% 32.71 -0.94% 179.13 -3.00%
59.27 0.76% 32.91 0.60% 178.59 -0.30%
59.06 -0.36% 32.86 -0.15% 172.90 -3.18%
58.52 -0.92% 32.40 -1.39% 174.11 0.70%
57.47 -1.79% 32.66 0.81% 170.13 -2.29%
56.52 -1.65% 32.48 -0.57% 172.25 1.25%
56.14 -0.67% 32.42 -0.18% 175.74 2.03%
56.26 0.20% 32.25 -0.54% 171.28 -2.54%
54.67 -2.81% 30.74 -4.68% 165.58 -3.33%
51.90 -5.07% 29.48 -4.10% 156.64 -5.40%
51.65 -0.47% 27.55 -6.52% 156.35 -0.18%
53.30 3.18% 28.08 1.92% 156.35 0.00%
53.95 1.23% 29.28 4.26% 155.98 -0.24%
55.42 2.72% 30.50 4.18% 162.99 4.49%
55.40 -0.04% 30.36 -0.48% 163.12 0.08%
55.92 0.95% 31.10 2.45% 162.96 -0.10%
57.20 2.29% 31.98 2.80% 165.51 1.57%
57.27 0.12% 31.53 -1.38% 164.85 -0.40%
57.70 0.74% 31.48 -0.19% 163.14 -1.04%
57.69 -0.02% 31.34 -0.44% 164.44 0.80%
57.41 -0.48% 32.18 2.69% 165.11 0.41%
58.01 1.05% 32.66 1.49% 167.24 1.29%
58.74 1.26% 31.34 -4.05% 166.35 -0.53%
59.45 1.21% 31.49 0.48% 164.70 -0.99%
58.90 -0.93% 31.47 -0.06% 163.24 -0.89%
58.45 -0.77% 31.56 0.28% 165.29 1.25%
59.60 1.97% 31.23 -1.03% 168.35 1.85%
58.63 -1.62% 30.74 -1.58% 165.10 -1.93%
58.47 -0.29% 30.56 -0.58% 163.77 -0.81%
60.25 3.05% 29.79 -2.52% 167.00 1.97%
Monster beverages
0.63

Price Returns
28.59
28.04 -1.92%
29.33 4.62%
28.58 -2.56%
29.43 2.96%
29.17 -0.87%
28.91 -0.93%
28.29 -2.13%
28.15 -0.49%
28.03 -0.43%
28.17 0.52%
28.13 -0.18%
29.08 3.40%
29.32 0.83%
29.32 -0.02%
29.91 2.03%
30.02 0.37%
31.11 3.61%
31.96 2.75%
31.79 -0.55%
31.64 -0.46%
32.67 3.26%
33.65 3.02%
33.55 -0.31%
33.30 -0.75%
34.46 3.47%
34.93 1.38%
34.87 -0.17%
31.21 -10.51%
33.10 6.06%
31.20 -5.74%
26.05 -16.49%
28.20 8.23%
27.11 -3.85%
30.25 11.60%
31.09 2.78%
29.90 -3.84%
29.76 -0.47%
32.89 10.52%
33.01 0.35%
34.36 4.09%
35.96 4.66%
36.12 0.45%
34.15 -5.44%
35.04 2.61%
33.95 -3.11%
34.63 2.00%
35.83 3.45%
37.11 3.59%
37.44 0.89%
39.24 4.81%
41.60 6.00%
41.66 0.16%
41.37 -0.71%
42.27 2.19%
41.13 -2.69%
40.67 -1.13%
39.49 -2.89%
39.40 -0.25%
39.78 0.96%
40.47 1.76%
40.38 -0.23%
40.20 -0.46%
38.29 -4.75%
41.63 8.74%
42.01 0.91%
41.76 -0.60%
42.08 0.75%
43.72 3.91%
44.01 0.66%
45.06 2.40%
44.90 -0.36%
46.24 2.97%
47.49 2.71%
45.83 -3.52%
44.10 -3.76%
43.42 -1.55%
45.55 4.92%
45.87 0.69%
44.83 -2.27%
43.87 -2.13%
43.21 -1.50%
44.47 2.92%
43.96 -1.15%
45.83 4.24%
45.68 -0.32%
47.65 4.30%
49.08 3.02%
49.34 0.52%
48.53 -1.65%
45.63 -5.98%
46.07 0.98%
46.01 -0.14%
47.13 2.46%
47.69 1.17%
46.75 -1.96%
45.88 -1.86%
46.06 0.39%
45.43 -1.37%
45.12 -0.68%
46.54 3.14%
48.15 3.46%
47.16 -2.05%
48.49 2.81%
49.06 1.19%
48.37 -1.41%
48.67 0.61%
48.79 0.26%
47.96 -1.70%
47.32 -1.33%
46.37 -2.01%
44.94 -3.08%
44.63 -0.68%
42.79 -4.13%
42.37 -0.99%
42.50 0.32%
45.81 7.80%
46.03 0.47%
44.65 -3.00%
43.53 -2.52%
41.85 -3.85%
44.78 6.99%
45.81 2.31%
46.92 2.42%
48.02 2.34%
47.03 -2.06%
44.96 -4.41%
42.81 -4.77%
42.65 -0.36%
42.15 -1.20%
41.40 -1.77%
40.63 -1.85%
42.29 4.06%
40.66 -3.84%
36.61 -9.96%
40.29 10.07%
39.35 -2.35%
41.08 4.38%
40.81 -0.65%
41.29 1.19%
42.83 3.71%
42.84 0.04%
43.33 1.16%
44.45 2.56%
43.81 -1.42%
44.83 2.33%
44.42 -0.94%
43.52 -2.02%
44.06 1.24%
47.29 7.33%
47.29 0.01%
48.74 3.06%
48.58 -0.34%
47.54 -2.14%
49.81 4.79%
45.69 -8.27%
45.01 -1.49%
45.29 0.63%
44.58 -1.59%
44.20 -0.85%
46.22 4.57%
43.62 -5.62%
43.54 -0.17%
43.48 -0.15%
45.15 3.83%
43.70 -3.20%
43.79 0.22%
46.77 6.79%
48.97 4.70%
49.06 0.18%
49.85 1.61%
51.69 3.68%
52.02 0.65%
50.02 -3.84%
50.39 0.74%
50.63 0.48%
50.76 0.27%
51.22 0.89%
51.04 -0.34%
50.00 -2.04%
51.40 2.79%
50.90 -0.96%
51.40 0.98%
52.09 1.34%
50.62 -2.83%
51.01 0.77%
50.08 -1.80%
51.49 2.82%
52.04 1.06%
54.01 3.79%
52.56 -2.68%
52.56 0.00%
53.07 0.97%
56.00 5.52%
59.71 6.62%
59.54 -0.28%
59.68 0.24%
57.61 -3.47%
59.48 3.25%
57.25 -3.75%
58.45 2.10%
59.11 1.13%
57.44 -2.83%
55.87 -2.73%
57.31 2.58%
58.10 1.38%
58.15 0.09%
55.11 -5.23%
58.18 5.57%
57.36 -1.41%
57.34 -0.03%
56.55 -1.38%
56.37 -0.32%
56.14 -0.41%
54.52 -2.89%
52.95 -2.88%
49.97 -5.63%
47.72 -4.50%
49.98 4.74%
49.90 -0.16%
55.56 11.34%
55.28 -0.50%
54.79 -0.89%
55.17 0.69%
55.22 0.09%
53.92 -2.35%
55.09 2.17%
56.01 1.67%
57.61 2.86%
57.54 -0.12%
59.05 2.62%
57.18 -3.17%
55.44 -3.04%
55.35 -0.16%
55.66 0.56%
55.02 -1.15%
55.29 0.49%
 Particulars Unit

Cost of debt
Marginal tax rate 27.00%
Market based method
Yield of Coca-Cola Bond
FV 100
CMP 131.179
Redempetion 29-Jul-93
Valuation date 20-Feb-24
Time to maturity 69.44
Coupon rate 7.38%
Coupon amount 7.375
Cost of debt. (Pre tax) 5.59%
Cost of debt. (Post tax) 4.08%

Premium based method

Risk free rate 4.28%
Risk premium 0.92%
Cost of debt. (Pre tax) 5.20%
Cost of debt. (Post tax) 3.79%
 (In millions except par value)
Forecast
Particulars Unit FY 2024 FY 2025 FY 2026
$
Cash flow form operations
Net profit 13,058 14,615 16,193
Add/Less : Non Cash items
Depreciation and amortization 1,137 1,191 1,242
Interest expenses 1,484 1,409 1,308
Interest income (1,011) (1,229) (1,399)
Equity income (1,879) (2,065) (2,264)
Other Income (82) (74) (0)
Cash flow form operations before working capital changes 12,706 13,847 15,079
Changes in Working capital
Trade receivable (90) (69) (38)
Inventory (467) (486) (518)
Prepaid expenses and other current assets (527) (572) (611)
Accounts payable and accrued expenses 1,684 1,705 1,820
Accrued income taxes (244) 198 304
Cash generated from operations 13,063 14,623 16,035

Cashflow from Investing activities

Purchase of Property plant and equipment (1,052) (1,103) (1,142)
Purchase of Intangible assets - - -
Interset income 1,011 1,229 1,399
Equity income 1,879 2,065 2,264
Other Income 82 74 0
Cash generated from investments 1,921 2,264 2,522

Cashflow from Financing activities

Debt Taken 326 (1,008) (1,072)
Debt repaid (2,159) (1,323) (2,160)
Interest paid (1,484) (1,409) (1,308)
Dividend (9,345) (10,944) (12,664)
Cash generated from financing activity (12,661) (14,684) (17,204)

Total cash generated during year 2,322 2,204 1,354

Add: Opening balance of cash and cash equivalents 9,366 11,688 13,892
Closing balance 11,688 13,892 15,246
n millions except par value)
Forecast
FY 2027 FY 2028

17,865 19,566

1,306 1,363
1,174 1,001
(1,471) (1,415)
(2,475) (2,697)
(5) (40)
16,394 17,778

(2) 41
(549) (577)
(647) (680)
1,928 2,025
197 88
17,321 18,676

(1,168) (1,182)
- -
1,471 1,415
2,475 2,697
5 40
2,783 2,970

851 (2,007)
(5,073) (3,350)
(1,174) (1,001)
(14,564) (16,600)
(19,960) (22,958)

144 (1,312)

15,246 15,390
15,390 14,078
 Historical
Particulars Unit FY 2020 FY 2021 FY 2022
Assets $
Current Assets
Cash and cash equivalents 6,795 9,684 9,519
Short-term investments 1,771 1,242 1,043
Total Cash, Cash Equivalents and Short-Term Investments 8,566 10,926 10,562

Marketable securities 2,348 1,699 1,069

Trade accounts receivable, 3,144 3,512 3,487
Inventories 3,266 3,414 4,233
Prepaid expenses and other current assets 1,916 2,994 3,240
Total Current Assets 19,240 22,545 22,591

Equity method investments 19,273 17,598 18,264

Other investments 812 818 501
Other noncurrent assets 6,184 6,731 6,189
Deferred income tax assets 2,460 2,129 1,746
Property, plant and equipment (net) 10,777 9,920 9,841
Trademarks with indefinite lives 10,395 14,465 14,214
Goodwill 17,506 19,363 18,782
Other intangible assets 649 785 635
Total assets 87,296 94,354 92,763

Equity and Liabilities

Current Liabilities
Accounts payable and accrued expenses 11,145 14,619 15,749
Loans and notes payable 2,183 3,307 2,373
Current maturities of long-term debt 485 1,338 399
Accrued income taxes 788 686 1,203
Total Current Liabilities 14,601 19,950 19,724
Long-term debt 40,125 38,116 36,377
Other noncurrent liabilities 9,453 8,607 7,922
Deferred income tax liabilities 1,833 2,821 2,914

Equity 19,299 22,999 24,105

Noncontrolling interests 1,985 1,861 1,721
Total Equity 21,284 24,860 25,826
Total Liabilities and Equity 87,296 94,354 92,763

Check - - -

Workings
Current assets
 Trade accounts receivable, $ 3,144 3,512 3,487
Receivable turnover ratio 10.50 11.01 12.34
Receivable days Days 35 33 30

Inventories 3,266 3,414 4,233

Inventory turnover ratio 4.11 4.50 4.25
Inventory days Days 89 81 86

Prepaid expenses and other current assets 1,916 2,994 3,240

Prepaid expenses and other current assets as % of (COGS & SG&A 8% 11% 10%

Current liabilities
Accounts payable and accrued expenses 11,145 14,619 15,749
Accounts payable and accrued expenses as % of COGS 83% 95% 88%

Accrued income taxes 788 686 1,203

Accrued income taxes as % of Income tax 39% 30% 47%

Total long term debt/EBITDA 3.59 3.14 2.70

Notes and Loans payable as % of long term debt 5% 8% 6%
 (In millions except par value)
al Forecast
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028

9,366 11,688 13,892 15,246 15,390 14,078

2,997 2,997 2,997 2,997 2,997 2,997
12,363 14,685 16,889 18,243 18,387 17,075

1,300 1,300 1,300 1,300 1,300 1,300

3,410 3,500 3,569 3,607 3,609 3,568
4,424 4,891 5,376 5,895 6,444 7,021
5,235 5,762 6,334 6,945 7,592 8,272
26,732 30,138 33,469 35,990 37,332 37,235

19,671 19,671 19,671 19,671 19,671 19,671

118 118 118 118 118 118
7,162 7,162 7,162 7,162 7,162 7,162
1,561 1,561 1,561 1,561 1,561 1,561
9,236 9,212 9,178 9,120 9,024 8,878
14,349 14,349 14,349 14,349 14,349 14,349
18,358 18,358 18,358 18,358 18,358 18,358
516 455 401 359 317 283
97,703 101,024 104,266 106,688 107,892 107,614

15,485 17,169 18,874 20,694 22,621 24,647

4,557 4,358 4,106 3,756 3,298 2,718
1,960 1,070 1,810 4,616 2,770 -
1,569 1,325 1,523 1,827 2,024 2,112
23,571 23,923 26,313 30,893 30,713 29,477
35,547 34,803 31,985 26,297 24,378 22,372
8,466 8,466 8,466 8,466 8,466 8,466
2,639 2,639 2,639 2,639 2,639 2,639

25,941 29,630 33,273 36,773 40,041 42,970

1,539 1,563 1,591 1,621 1,654 1,691
27,480 31,193 34,864 38,394 41,695 44,661
97,703 101,024 104,266 106,688 107,892 107,614

- - - - - -
- - - -
3,410 3,500 3,569 3,607 3,609 3,568
13.43 14.40 15.52 16.84 18.40 20.28
27 25 24 22 20 18

4,424 4,891 5,376 5,895 6,444 7,021

4.19 4.19 4.19 4.19 4.19 4.19
87 87 87 87 87 87

5,235 5,762 6,334 6,945 7,592 8,272

16% 16% 16% 16% 16% 16%

15,485 17,169 18,874 20,694 22,621 24,647

84% 84% 84% 84% 84% 84%

1,569 1,325 1,523 1,827 2,024 2,112

57% 43% 44% 48% 48% 46%

2.59 2.27 1.96 1.64 1.32 1.00

12% 12% 12% 12% 12% 12%
 (In millions except par value)
Forecast
Particulars Unit FY 2024 FY 2025 FY 2026
$
Long-term debt
Opening balance 37,507 35,873 33,795
Add:Loan taken 326 (1,008) (1,072)
Less: Loan repaid 1,960 1,070 1,810
Closing balance 35,873 33,795 30,913

Average Interest rate 3.4% 3.4% 3.4%

Interest expenses 1,247 1,184 1,100

Total Long term debt/EBITDA 2.27 1.96 1.64

Loans and notes payable

Opening balance 4,557 4,358 4,106
Add:Loan taken - - -
Less: Loan repaid 199 253 350
Closing balance 4,358 4,106 3,756

Average Interest rate 5.3% 5.3% 5.3%

Interest expenses 236 224 208

n millions except par value)
Forecast
FY 2027 FY 2028

30,913 27,148
851 (2,007)
4,616 2,770
27,148 22,372

3.4% 3.4%

987 842

1.32 1.00

3,756 3,298
- -
457 580
3,298 2,718

5.3% 5.3%

187 159
 Historical
Particulars Unit FY 2020 FY 2021 FY 2022

Property plant and equipment

Opening Gross block 18,921 19,700 18,862
Add:Net purchases $ 779 (838) 213
Closing Gross block 19,700 18,862 19,075
Less: Accumulated depreciation 8,923 8,942 9,234
Net block 10,777 9,920 9,841

Depreciation 1,301 1,262 1,125

Depreciation & amortization 1,536 1,452 1,260
Rate of depreciation 6.6% 6.7% 5.9%
FATR 1.68 2.05 2.25

Other Intangible assets 649 785 635

Other Intangible assets (With indefinite life) 225 211 175
Other Intangible assets (With Definite life) 424 574 460

Other Intangible assets (With definite life)

Opening balance 917 772 798
Add:Net purchases (145) 26 (91)
Gross block 772 798 707
Less: Accumulated amortization 348 224 247
Net block 424 574 460

Amortization 235 190 135

 (In millions except par value)
al Forecast
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028

19,075 18,469 19,521 20,624 21,766 22,934

(606) 1,052 1,103 1,142 1,168 1,182
18,469 19,521 20,624 21,766 22,934 24,116
9,233 10,309 11,446 12,645 13,910 15,239
9,236 9,212 9,178 9,120 9,024 8,878

1,018 1,076 1,137 1,200 1,264 1,329

1,128 1,137 1,191 1,242 1,306 1,363
5.5% 5.5% 5.5% 5.5% 5.5% 5.5%
2.48 2.58 2.69 2.79 2.90 3.00

516 455 401 359 317 283

161 161 161 161 161 161
355 294 240 198 156 122

707 562 562 562 562 562

(145) - - - - -
562 562 562 562 562 562
207 268 322 364 406 440
355 294 240 198 156 122

110 61 54 42 42 34
 Historical
Particulars Unit FY 2020 FY 2021 FY 2022

Total net operating revenue $ 33,014 38,655 43,004

Add/Less: Extraordinary items (15) 3 42
Normalised revenue 32,999 38,658 43,046

Cost of goods sold 13,433 15,357 18,000

Add/Less: Extraordinary items 65 53 (183)
Normalised COGS 13,498 15,410 17,817
Normalised Gross Profit 19,501 23,248 25,229

Selling, general and administrative expenses 9,731 12,144 12,880

Add/Less: Extraordinary items - (5) 4
Normalised Selling, general and administrative expenses 9,731 12,139 12,884
Other operating charges 853 846 1,215
Add/Less: Extraordinary items (853) (846) (1,215)
Normalised Other operating charges - - -

Normalised Operating Income (EBIT) 9,770 11,109 12,345

Interest income 370 276 449

Interest expense 1,437 1,597 882
Add/Less: Extraordinary items (484) (821) 24
Normalised Interest expense 953 776 906
Equity income (loss) — net 978 1,438 1,472
Add/Less: Extraordinary items 216 13 34
Normalised Equity income (loss) — net 1,194 1,451 1,506
Other income (loss) — net 841 2,000 (262)
Add/Less: Extraordinary items (724) (1,633) 245
Normalised Other income (loss) — net 117 367 (17)

Normalised Income Before Income Taxes (PBT) 10,498 12,427 13,377

Income taxes 1,981 2,621 2,115
Add/Less: Extraordinary items 61 (313) 430
Normalised Income taxes 2,042 2,308 2,545
Consolidated Net Income 8,456 10,119 10,832
Less: Net income (loss) attributable to noncontrolling interests 21 33 29
Net Income Attributable to Shareowners of The Coca-Cola Compa 8,435 10,086 10,803

Diluted EPS 1.95 2.32 2.48

Average Shares Outstanding — Diluted 4,323 4,340 4,350

Dividend per share 1.64 1.68 1.76

Dividend payout ratio 84.1% 72.3% 70.9%

Workings
GP margin % 59.1% 60.1% 58.6%
SG&A as % of sales 29.5% 31.4% 29.9%
EBIT margin % 29.6% 28.7% 28.7%
Effective tax rate % 19.5% 18.6% 19.0%
Equity Income as % of sales 3.6% 3.8% 3.5%
Net profit margin 25.6% 26.2% 25.2%
Noncontrolling interests as % of Conso. Net income 0.2% 0.3% 0.3%
Normalised EBITDA 11,306 12,561 13,605
Depreciation and amortization 1,536 1,452 1,260
EBITDA margin 34.3% 32.5% 31.6%
Dividend 7,090 7,291 7,656
Yield on cash 3% 5%
 (In millions except par value)
al Forecast
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028

45,754 50,400 55,403 60,746 66,404 72,349

30 - - - - -
45,784 50,400 55,403 60,746 66,404 72,349

18,520
(55)
18,465 20,473 22,506 24,676 26,975 29,390
27,319 29,926 32,897 36,070 39,430 42,959

13,972
11
13,983 15,291 16,810 18,431 20,147 21,951
1,951
(1,951)
-

13,336 14,635 16,088 17,639 19,282 21,008

907 1,011 1,229 1,399 1,471 1,415

1,527
25
1,552 1,484 1,409 1,308 1,174 1,001
1,691
159
1,850 1,879 2,065 2,264 2,475 2,697
570
(708)
(138) 82 74 0 5 40

14,403 16,123 18,046 19,995 22,060 24,160

2,249
488
2,737 3,066 3,431 3,802 4,194 4,593
11,666 13,058 14,615 16,193 17,865 19,566
(11) 24 27 30 33 37
11,677 13,033 14,588 16,163 17,832 19,529

2.69 3.00 3.36 3.73 4.11 4.50

4,339 4,339 4,339 4,339 4,339 4,339

1.84 2.15 2.52 2.92 3.36 3.83

 68.4% 71.7% 75.0% 78.3% 81.7% 85.0%

59.7% 59.4% 59.4% 59.4% 59.4% 59.4%

30.5% 30.3% 30.3% 30.3% 30.3% 30.3%
29.1% 29.0% 29.0% 29.0% 29.0% 29.0%
19.0% 19.0% 19.0% 19.0% 19.0% 19.0%
4.0% 3.7% 3.7% 3.7% 3.7% 3.7%
25.5% 25.9% 26.4% 26.7% 26.9% 27.0%
-0.1% 0.2% 0.2% 0.2% 0.2% 0.2%
14,464 15,772 17,278 18,881 20,588 22,372
1,128 1,137 1,191 1,242 1,306 1,363
31.6% 31.3% 31.2% 31.1% 31.0% 30.9%
7,984 9,345 10,944 12,664 14,564 16,600
10% 10% 10% 10% 10% 10%
 Historical
Particulars Unit FY 2020 FY 2021 FY 2022

Europe, Middle East & Africa 6,057 7,193 7,523

Growth rate% 18.8% 4.6%
Add/Less: Inorganic growth -1.0% 12.4%
Organic 17.8% 17.0%

Latin America 3,499 4,143 4,910

Growth rate% 18.4% 18.5%
Add/Less: Inorganic growth 0.0% 6.0%
Organic 18.4% 24.5%

North America 11,477 13,190 15,674

Growth rate% 14.9% 18.8%
Add/Less: Inorganic growth 0.0% -6.0%
Organic 14.9% 12.8%

Asia Pacific 4,722 5,291 5,445

Growth rate% 12.0% 2.9%
Add/Less: Inorganic growth -3.0% 8.0%
Organic 9.0% 10.9%

Global Ventures 1,991 2,805 2,843

Growth rate% 40.9% 1.4%
Add/Less: Inorganic growth -8.0% 12.0%
Organic 32.9% 13.4%

Bottling Investments 6,265 7,203 7,891

Growth rate% 15.0% 9.6%
Add/Less: Inorganic growth -2.0% 9.0%
Organic 13.0% 18.6%

Corporate 46 85 94
Growth rate% 84.8% 10.6%
Add/Less: Inorganic growth - - -
Organic 0.0% 84.8% 10.6%
Total revenue before elemination 34,057 39,910 44,380

Eliminations (1,043) (1,255) (1,376)

Eliminations as % of revenue before elemination 3.1% 3.1% 3.1%

Total revenue 33,014 38,655 43,004

17.1% 11.3%
al Forecast
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028

8,078 8,967 9,863 10,751 11,611 12,424

7.4%
12.0%
19.4% 11.0% 10.0% 9.0% 8.0% 7.0%

5,830 6,984 8,230 9,538 10,868 12,172

18.7%
3.0%
21.7% 19.8% 17.8% 15.9% 13.9% 12.0%

16,774 17,917 19,102 20,325 21,586 22,881

7.0%
0.0%
7.0% 6.8% 6.6% 6.4% 6.2% 6.0%

5,455 5,725 6,052 6,444 6,910 7,463

0.2%
4.0%
4.2% 4.9% 5.7% 6.5% 7.2% 8.0%

3,064 3,302 3,559 3,836 4,134 4,455

7.8%
0.0%
7.8% 7.8% 7.8% 7.8% 7.8% 7.8%

7,860 8,930 10,145 11,525 13,093 14,875

-0.4%
14.0%
13.6% 13.6% 13.6% 13.6% 13.6% 13.6%

126 154 189 231 282 345

34.0%
-
34.0% 22.3% 22.3% 22.3% 22.3% 22.3%
47,187 51,978 57,138 62,649 68,484 74,615

(1,433) (1,578) (1,735) (1,903) (2,080) (2,266)

3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

45,754 50,400 55,403 60,746 66,404 72,349

6.4% 10.2% 9.9% 9.6% 9.3% 9.0%
r