The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores. The company sells its products under the Coca-Cola, Diet Coke/Coca-Cola Light, Coca-Cola Zero Sugar, caffeine free Diet Coke, Cherry Coke, Fanta Orange, Fanta Zero Orange, Fanta Zero Sugar, Fanta Apple, Sprite, Sprite Zero Sugar, Simply Orange, Simply Apple, Simply Grapefruit, Fresca, Schweppes, Thums Up, Aquarius, Ayataka, BODYARMOR, Ciel, Costa, Dasani, dogadan, FUZE TEA, Georgia, glacéau smartwater, glacéau vitaminwater, Gold Peak, Ice Dew, I LOHAS, Powerade, Topo Chico, AdeS, Del Valle, fairlife, innocent, Minute Maid, and Minute Maid Pulpy brands. It operates through a network of independent bottling partners, distributors, wholesalers, and retailers, as well as through bottling and distribution operators. The company was founded in 1886 and is headquartered in Atlanta, Georgia.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	43,004	45,754	47,061	48,266.2	50,582	52,479.7	52,479.7	52,479.7
Revenue % Chg.	11.3%	6.4%	2.9%
EBIT	12,341	13,246	14,301	15,143.3	16,180.5	17,263.4	17,263.4	17,263.4
EBIT Margin	28.7%	29%	30.4%
Tax Rate	18.1%	17.4%	18.6%
NOPAT	10,107.5	10,946	11,637.7	12,032.5	12,881.5	13,719.5	13,719.5	13,719.5
NOPAT Margin	23.5%	23.9%	24.7%	24.9%	25.5%	26.1%	26.1%	26.1%
D&A	1,260	1,128	1,075	1,106.3	1,163.9	1,192.4	1,192.4	1,192.4
D&A / Revenue	2.9%	2.5%	2.3%
Capex	-1,484	-1,852	-2,064	-2,124.1	-2,207.2	-2,197.1	-2,197.1	-2,197.1
Capex / Revenue	-3.5%	-4%	-4.4%
Chg. NWC	-605	-846	-6,234	-2,655	-2,782.4	-2,886.8	-2,886.8	-2,886.8
Chg. NWC / Revenue	-1.4%	-1.8%	-13.2%
Unlevered FCF (UFCF)	9,278.5	9,376	4,414.7	8,359.7	9,055.7	9,828	9,828	9,828
UFCF % Chg.	-11.1%	1.1%	-52.9%	89.4%	8.3%	8.5%	—	—
PV of UFCF	—	—	—	7,743.8	7,770.4	7,811.7	7,236.1	6,702.9
Sum of PV of UFCF	—	—	—	7,743.8	15,514.2	23,325.8	30,561.9	37,264.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	46,657
Market Cap	303,349.5
Total Capital	350,006.5
Debt Weighting	13.3%
Equity Weighting	86.7%
WACC	8%

Exit Multiple EV/FCF
Terminal Value	337,749.5
PV of Terminal Value	213,379
Cumulative PV of UFCF	37,264.8
Net Debt	32,380
Equity Value	218,263.7
Shares Outstanding	4,301.6
Implied Share Price	50.7
Current Share Price	70.5
Implied Upside / (Downside)	-28%