COKE — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($205.52)
DCF	$141.87	-31.0%
Graham Number	—	—
Reverse DCF	—	implied g: 14.0%
DDM	$20.60	-90.0%
EV/EBITDA	$243.07	+18.3%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $479.74M

Near-term growth (yrs 1–5)(%)Rev: 9.0% / EPS: -10.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.15%

Computed WACC: 6.15%

Cost of equity (Re)7.46%(Rf 4.30% + β 0.57 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.48%

Debt weight (D/V)17.52%

Results

Intrinsic Value / share$297.41

Current Price$205.52

Upside / Downside+44.7%

Net Debt (used)$2.63B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	1.0%	5.0%	9.0%	13.0%	17.0%
7.0%	$147.74	$185.99	$230.28	$281.32	$339.86
8.0%	$111.92	$142.55	$177.98	$218.76	$265.48
9.0%	$87.16	$112.55	$141.87	$175.58	$214.17
10.0%	$69.03	$90.59	$115.46	$144.02	$176.68
11.0%	$55.19	$73.84	$95.33	$119.97	$148.13

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $6.81

Book Value / share($)Yahoo: $-11.11

Results

Graham Number requires positive EPS and positive Book Value per share. BVPS is zero or negative.

Graham Number—

Current Price$205.52

Margin of Safety—

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.15%

Terminal growth rate(%)

Computed WACC: 6.15%

Cost of equity (Re)7.46%(Rf 4.30% + β 0.57 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)82.48%

Debt weight (D/V)17.52%

Results

Current Price$205.52

Implied Near-term FCF Growth4.1%

Historical Revenue Growth9.0%

Historical Earnings Growth-10.1%

Base FCF (TTM)$479.74M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$205.52

Upside / Downside-90.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.16B

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $2.63B

Results

Implied Equity Value / share$243.07

Current Price$205.52

Upside / Downside+18.3%

Implied EV$16.36B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$625.32M	$1.63B	$2.63B	$3.63B	$4.63B
10.0x	$196.02	$178.33	$160.63	$142.94	$125.25
12.0x	$237.24	$219.55	$201.85	$184.16	$166.46
14.0x	$278.46	$260.77	$243.07	$225.38	$207.68
16.0x	$319.68	$301.98	$284.29	$266.60	$248.90
18.0x	$360.90	$343.20	$325.51	$307.82	$290.12

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