1. Coca Cola™ 2013 Company
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Signature Assignment:
Case Study: Coca-Cola™ 2013 Financial Review
Stacey Troup
Financial Principles and Management/ MBA-621
December 15, 2018
Professor Dr. Kenny Roberts
Touro University Worldwide
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Abstract
Coca-Cola™ is a global brand with offerings in many countries. By understanding how
this company grew from an idea to a multinational company with hundreds of brands under their
umbrella, we can see why investors flock to the stock. Through valuations and the
understanding of financial formulas, annual reports, audited financials and shareholder equity
valuations, we can see how money is made, invested, and spent while keeping liquidy measures
in reasonable range or investors. This information is key to understanding the finances of a
company and what makes them “healthy” in the eyes of an investor.
Keywords: valuation, IPO, foreign markets, D/E ratios
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Coca-Cola™ Company: Financial Review
Coca-Cola™ Company is a global beverage company with a vast array of products (from
soda to non-alcoholic products) offered to varying marketplaces in a global marketplace. As the
company expands its offerings to new countries, it must determine the significant financial
decisions necessary to achieve these goals. From company valuation, stock pricing, bond
offerings and pricing of same, to key financial decisions, the company has to stay abreast of their
true costs of capital as well as their valuation as a company in order to make pertinent decisions
deemed in the best interest of both the company and the shareholders in an effort to remain both
ethically sound and financially (fiscally) responsible. Throughout this paper, we will review the
specific formulas used to reach key financial decisions as well as the importance of each on the
financial health of the company.
About Coca-Cola™ Company
Coca-Cola™ is a global provider of beverages from carbonated to non-carbonated
varieties. With a presence in over 200 countries (Who We Are, N.D.), the company has over
4000 different product offerings through its 5,000 brands on a global scale including offerings
such as soda, juice, and regional or country-specific offerings (Brands Companies Owned By
Coca-Cola, N.D.).
Having begun in 1886 in Atlanta, Georgia, the company has kept the formulation for its
main beverage, Coca-Cola™, a closely guarded industry secret since inception (The Coca-Cola
Company, 2012), the company has focused on growth of not only their company but offerings
and valuation over history in order to remain the top producing beverage company on a global
scale. In order to maintain their place in the marketplace as well as their value as a company,
strategic decisions have had to be made as the company decided to grow in emerging markets,
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open new plants, and increase their stock price through specific strategic financial decisions that
were well received by the investors over history. Industry insiders say that if you had invested in
the very expensive stock offered by Coca-Cola in 1919, which was offered at $40.00 per share,
you would have a value on a single share as of 2012 of $9.8 Million, with dividends being
reinvested as a result (Bowman, 2018). Seeking to keep the value climbing and the investors
stammering for the stock, Coca-Cola has made several strategic moves financially to secure its
position as valued.
Coca-Cola 2013 Review of Securities Held/Issued
As a review of these financials began, the questions posed were if the company issued
any securities during the year (2013). For convertible bonds, we only find that convertible
preferred stock options were authorized (both convertible and non-convertible shares), but none
were issued during the time period. The company also takes a position which says “the
Company does not enter into derivative financial instrument transactions for trading purposes.”
For this reason, we do not find warrants within the 2013 financial statements and the company
also states that they do not have an interest in swaps since 2008 as well (10K Coca-Cola
Company, 2013).
Warrants are defined as derivatives which are allowed to be purchased from a company at
a specific price but not with a contract responsibility which would require a purchase (Picardo,
2018). Warrants are options similar to employee stock purchases (or stock options) but they
differ as the warrant requires a fresh issue of stocks from the company in order to complete the
transactions (Morah, 2017). Often used as debt leverage, warrants are not popular in the US any
longer and are more prevalent in Hong Kong, Germany, and other countries. These freshly
issued shares which are used for the warrant, come with non-voting shares and are considered
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“dilutive”. By dilutive, the meaning is that the issuance reduces the ownership rights because of
the additional issuance of these types of stocks (Picardo, 2018).
Common shares are broken down into classes of shares. Within the basic common stock,
it is evident that the company had 30,000,000 authorized for issuance in 2013 but only chose to
issue 10,203,821 shares of what we assume are Class A shares of common stock. Within the
Class B variety of common stock, 10,000,000 were authorized but the company again chose to
restrict the number of shares it issued, by limiting the release to 2,787,076 shares (as these shares
are convertible shares only). Class C shares had authorized a release of 20,000,000 shares for
the current year in question but chose to release none of these shares as a result of financial
decisions within the firm (10K Coca-Cola Company, 2013).
Deciding Prices of Stocks & Bonds
As the manager of this area, we are required to explain how we would determine the
prices of bonds and stocks through mathematical formulas. For the bond pricing, we will use an
example of a $1,500.00 bond which has a yearly interest rate of 5%. In this example, the interest
payment is $75.00. In order to continue with the bond valuation determination, we need to
determine the present value of the bond. In order to do this, we need the face value of the bond
($1,500) as well as the current market rate of the bond (6% for this example, referred to as “k”),
plus 1. Also included are the number of periods (or compounding periods) for which interest is
paid. In this example, we used a 5-year bond valuation with yearly payments to represent “n”
(How To Calculate the Issue Price of A Bond, 2017). To put this into lay terms, the formula is
listed as:
So,
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PV of Redemption= $1500
(1+6%)5
= $1,120.89
The next step is calculating the present value of interest payments. The formula for this
piece of information is (Present Value of an Ordinary Annuity Table, 2017):
The key for this formula is:
P = The present value of the annuity stream to be paid in the future
PMT = The amount of each annuity payment
k = The interest rate (market)
n = The number of periods over which payments are made
From our previous example, the interest payment is $75.00 (representing 5% of $1,500,
paid yearly). So,
$75(1-(1+6%)-5/6)
With this formula, we can see that our PV of interest payments = $315.93
The final step in the process of determining bond pricing is to add together these
formulas as follows:
So, our PV=$315.93+$1,120.89= $1,436.81
When providing the detail of the bond pricing to the executive staff, an explanation of
how we arrived at these formulas will be key to the understanding of why the bond should be
priced at $1,436.81.
Moving on to the next question that will come to fruition, we need to determine the price
of our stock issuance. By taking the information from the financial statements relating to stock
price during the 2013 year, we can see that in each of the four quarters, the average stock price
was $69.94, $62.20, $65.39, and $73.00. By dividing the total ($270.23) by 4, we reach an
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average stock price for the year. Keeping in mind that the Class B shares are convertible and
hold no value as they are intended conversion to common stock on a share-for-share basis as
needed (10K Coca-Cola Company, 2013). It appears that in 2013, Coca-Cola™ had
approximately 7141 shares of common stock outstanding but had issued 10,203,821 shares
respectively. The stock had a par value of $1.00 per share and sold an average of 10,196,680
shares during the 2013 year (the difference between the issued value and the shares outstanding
at the end of the year). If we take the average of the stock and calculate the percentage increase
of the average for the year, we can see that the stock sold between $35.08 and $40.10 for the year
(Jan-Jan) which provides an average of $37.59 per share. This formula also represents a 14%
increase in the stock price over the year. With this information in hand, if we say that we would
like a 20% increase in our valuation for our stock in the new year, we would take the last known
price and multiply it by the 20% increase for the year. Once we have that figure, if we divide it
by 12 (representing an increase needed for a 20% yearly increase of valuation), we see that we
need an increase in stock of $4.02 per share so we would suggest an issue price of $44.12 per
share as an issue price for the newly issued stock (Cockerham, 2018).
Typically in order to determine a stock valuation when issuing new stock, we need
information which was not available in historical forms due to the age of the data. As suggested
when calculating a share price for a fresh issue of existing stock, we need the last traded stock
price of $40.10 per share x number of shares outstanding of 10,203,821 and calculate as follows
(Cockerham, 2018)
((10203821x40.10)+ 108942)/10203821=$40.11 per share issue price
Price Per Share
(last)
Paid InCapital
(excess)
SharesIssued
SharesIssued
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Given the information we have determined in the aforementioned calculations, we can
suggest a new issue price of $40.11 per share while leaving it up to the barracudas (traders) to
squabble over the final pricing (highs and lows). As trading is tumultuous, the price should vary
within a range of expected values during the next 12 months of trading as per historical figures,
notwithstanding macro or microeconomic issues beyond our control.
Capital Budgeting Methods
Within capital budgeting methods resides two methods of which to reach a capital
budgeting decision. Traditional capital budgeting methods require predetermined periods and
rate of return. For this reason, this type of valuation is best suited to stocks, bonds, loans, etc.
Modern capital budgeting techniques use NPV (net present value) and thus, provides a window
of information relating to the current value of a future project (Which is the Best Capital
Budgeting Method, 2016).
When Coca-Cola™ considers building a new plant, for example, they can use the NPV
determinant to see the present value of a future project to determine if the project should be
green-lighted for development or ceased as it may be counterproductive to financial goals
(Which is the Best Capital Budgeting Method, 2016).
Capital Asset Pricing Model (CAPM) & Return of Equity
The Capital Asset Pricing Model (referred hereinafter as CAPM) is a formulation which
helps determine risk and return for potential investments based on the return when specific risk
factors are considered (Kenton, 2018). The CAPM formula is broken down as:
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Given an example that a rate of return on a market portfolio is 7%, when we apply the
CAPM method we can see what our risk is by determining the cost of equity as part of the
equation. In our example, we would calculate as follows:
re=3.21+.35(7%-3.21)
re=12.54%
If we factor in the E(Rm) (expected rate of return) on market portfolio calculation using
data from the Coca-Cola website on the 2013 stock prices, taking the averages from the
beginning of each quarter (at market close on the first day) as well as the indicated earnings per
share for the same period as follows, we can reach the expected return formula to more
accurately wind down this formula:
Quarter Earnings Per
Share
Stock Closing Price Totals
Q1 - 2013 .50 38.70
Q2 - 2013 1.16 40.81
Q3 – 2013 1.09 37.90
Q4 – 2013 .20 40.08
Totals 2.95/4 Quarters
.74C/Share
Earnings
Average Stock Price of
$39.37
.74/39.37=1.8%
Breaking down our formula, we can see that by taking:
E(Rm)=3.21%+(.35 x 7%)
E(Rm)=5.66%
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Therefore, the expanded formula looks like:
3.21+.35(5.66%-3.21%)=3.23% expected return
As a financial manager, I would use and recommend he CAPM method as it takes into
account the cost of equity as well as can factor in the expected rate of return to see if an
investment is worthwhile. The expected rate of return, often called the Hurdle Rate, is
something investors look for when investing in a company stock, or project. These formulas also
take into consideration the inflation rate as well as other microeconomic factors to an investment
if being done for an expansion project (in-house).
While risk varies from investor to investor and the percentages for acceptable return vary
drastically based on the risk implied and the individual investor, most investors use a matrix such
as the S&P 500, with their average returns in the neighborhood of 7-10% return, as a basis for a
stable investment with average returns. For greater returns, greater risk must be assumed so
determining what is a good rate you are willing to accept to invest in a stock or company is your
starting point before investing any money upfront (What is a Good Annual Rate of Return,
2018).
The other valuation method used in place of CAPM is the Arbitrage Pricing Theory
(APT), expressed as “E(ri) = rf + βi1 * RP1 + βi2 * RP2 + ... + βkn * RPn, where rf is the risk-
free rate of return, β is the sensitivity of the asset or portfolio in relation to the specified factor
and RP is the risk premium of the specified factor.” One of the major differences between
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CAPM and APT is that APT uses formulas that help identify stocks which may be over or
underpriced using deviation methods (NICKOLAS, 2016).
When seeking an investment, investors may use the APT pricing model to see if their
stocks meet fair market value or if they are finding a “needle in a haystack” underpriced stock, in
which case, they may invest a large amount of money to make the best returns.
Weighted Average Cost of Capital
The reason behind the use of Weighted Average Cost of Capital (WACC) is to establish
the costs of carrying capital sources (stocks, bonds, long-term debt vehicles) derived from an
after-tax basis formula (SETH, 2018). The WACC formula is expressed as:
E = market value of the firm’s equity
D = market value of the firm’s debt
V = E + D
Re = cost of equity
Rd = cost of debt
Tc = corporate tax rate
If we assume that Coca-Cola™ is going to open a new plant that will generate $20M free
cash flow per year for the next 5 years, we can estimate the WACC with the parameters:
New Debt Capital (bond sales): $20M
Time to Maturity: 15 years
Coupon Rate (RD)= 6%
Face Value: $100K
Current Bond Yield=4.42%
New Common Equity Capital=$50M
Expected Dividend Per Share after one year
of operations (D1)=$2.00
RE=Cost of Equity Capital:12.54%
Corporate Tax Rate (Tc)=35%
Given these parameters, we can estimate our WACC as follows:
50M
X 6% +
20M
X 12.54% X (1-35%) = 10.07%
50M+20M 20M+50M
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When reviewing something such as the bond price in order to determine the share price
of a $100k issued bond, we need a few pieces of information in order to determine the final
valuation. In this example, we have a coupon rate of 6% and a bond yield of 4.42%.
With this formula, we can determine our current selling price of the bond listed above by
calculating the present value of the bond, the interest payments, and the valuation with this
formula.
The calculations price our current $100k bond at $117,062.19. As you can see, the
interest payments will be $6,000 per year for 15 years, or $90,000 in pure interest payments, plus
the $100k face value of the bond. This makes the bond very attractive to investors as it almost
doubles in value over the 15 years.
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Determining the current value of a bond is slightly different. We use NPV in order to
determine the current value of a bond before maturity date. With the subset data given, we can
estimate that the current value of the bond at issue is $5,746.02 per the chart as follows:
When determining what the minimum price per share would be, we use the formula
Share Price(p)=D1/r
Where D1 is equal to the dividend rate of $2 and the r is equal to the WACC of 10.07%
P=2/10.07%
P=$19.86 per share minimum price for $2.00 return.
Break-Even Costs & Sensitivity Analysis
When calculating the breakeven cost analysis, that is, the number of units we would need
to sell in order to break even against our expenses, we need to determine the fixed cost, sale
price, and variable cost inputs in order to determine our BEP (break-even point). For the
purposes of this argument, we will use a sale price (SP) of $4.00 per case (in Indian market),
Variable Cost (VC) of $2.00 per case and fixed costs (FC) of $100k per month.
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BEP=FC/(SP-VC)
BEP=100,000/($4/$2)
BEP=50,000 cases
Expressed as a chart, you can clearly see the point where the BEP meets the axis which
represents the point at which a profit is generated after expenses are met (Break Even Analysis,
N.D.):
Sensitivity analysis (often referred to as the “what if” analysis) is a way of breaking down
and predicting outcomes based on different variables. If you determine that someone entering
your market (competitor) can have an adverse reaction on your stock to up to approximately 5%
and someone leaving the market can impact your price positively 5%, you can determine the net
change against net margin with such factors (Kenton, Sensitivity Analysis, 2018). The example
given is a company stock trades at $100.00 per share. If the company becomes more efficient
and improves its net margin 17%, the stock price should improve by 4% to $104.00 per share
(Kenton, Sensitivity Analysis, 2018).
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For Coca-Cola™ company, this situational analysis can help them determine their cash
flow forecasting as they would have a better grip on the SWOT of their competitive advantage
within their segment markets and have the ability to break down the percentage of market share
each of their segments possess with variables such as new product release, trends in beverage
consumption, and competitors who enter the market against their products (of which Coke™ is
known to devour in acquisitions).
The ability to segment their analysis based on sensitivity analysis will truly give a picture
of stock valuation of their company as well as the individual brand sell-through rates of success,
which drive revenues and cost analysis. By breaking down these figures, they can see where
“dead weight” resides and continue to run lean by discontinuing brands that are bringing down
their cash flows through slumping sales and poor break-even rates.
Debt & Equity Capital
For companies, finding the appropriate debt to equity ratios are the key to finding their
valuation and liquidity, thus in maintaining investor interest. For most companies or sectors,
there is an acceptable debt to equity ratio that is learned by dividing the total liabilities by the
total shareholder equity (Debt to Equity Ratios, N.D.).
Depending on the type of industry and size of the company, the D/E ratios can vary in
their acceptable percentages. For example, utility companies have larger D/E ratios due to the
nature of their industry and the requirements of equipment maintenance that exist. On the
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opposite end, service firms tend to have a lower D/E ratios as they are mostly “think tanks” and
do not require the upkeep in terms of purchased items to maintain themselves. In an auto
manufacturing company, the average D/E ratio is over 2.0 and in a tech or services firm, the D/E
ratio is generally under .5 (Debt to Equity Ratios, N.D.).
These liquidity measures give investors the screenshot of the company’s ability to meet
obligations of debt. For the purposes of our calculations, we have a $50M equity capital and a
$20M debt capital.
D/E Ratio =
20,000,000
50,000,000
D/E Ratio = .4
As with most large, publically traded firms, this D/E ratio of .4 is considered favorable
among investors as it indicates the ability to meet immediate obligations should they become
“callable”. When D/E ratios of over .6 for the same type industry are present, the debt has a
possibility of default because the debt is a lot for the firm to carry against their equity (Ross,
2018). For investors, the ability to generate greater profits through leveraging the immediate
needs of the firm with short-term debt, while remaining able to pay these debts back and
increasing profitability, indicate that a net profit will be reported which will directly impact
shareholder revenues in the bigger picture of the financial profile of the company (Debt to Equity
Ratios, N.D.).
Foreign Stock Offerings & Risks
For a new issue IPO of an existing company which is currently being traded on, for
example, the U.S. market, launching an IPO in a new country can bring new blood investors who
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are local to the country in which the IPO is offered while driving a more international value to
the company across trading platforms.
Multinational companies are known for their multi-exchange offerings as these offerings
not only raise local capital but remove the US markets risk from the stock valuation in a foreign
country. For example, if Coke were to launch an Indian IPO, the offering would be done in
Rupees, the currency of the market in question. The company would likely be opening plants in
the area as part of the IPO which drive public perception, reputation, and offerings in foreign
countries which are specific to the countries in which they are traded. As an example, their
product offering (one of them) in Japan is a product called Georgia (translated). This beverage
line is only available in Asian markets and the stock valuation of that company in that country is
driven by the success of the products offered in that country which are not directly impacted by
the US market offerings (Georgia.JP, N.D.) (International Investing, 2016). These international
offerings of both product and stock options give a multinational company such as Coca-Cola™ a
unique opportunity for revenue generation on a global scale.
Risks & Rewards of Foreign Operations
The risks of foreign operations are great. Among the top concerns for companies such as
Coca-Cola™ operating in a country, such a India are things such as macroeconomic issues which
impact the workers. From political climate, cultural differences, human rights concerns, and
other unforeseen issues or those for which the company might be completely blind (or inept) to
pose the greatest risk to the company.
Coke™ takes a proactive response to these issues by mitigating risk through remediation
prior to large-scale issue development within its partnering countries, suppliers, and bottlers
(Addressing Global Issues, n.d.).
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Aside from these issues, Coke™ also faces the risk of a failure to anticipate the products
the local Indian market may want to purchase or the cost they may be willing to pay for these
issues. These microeconomic issues are present for any company that opens operations offering
a consumer good on a global scale and Coke™ is not alone in this risk. They have, however,
found success by hiring locally, doing their due diligence, and researching the product offerings
and needs of the employees prior to any real issue arising, which has led to a success in global
marketplace for the company.
Often, companies overestimate what the public wants, can afford, or how to market these
products to the local consumers. By operating your global facilities with host country employees
who are overseen by the corporate office structure, we better establish ourselves with a greater
visibility of the marketplace in which we intend to do business. When we properly offer the
products the markets are looking for at the right price, we find success through profits and
shareholder equity as a response.
Conclusion
As the financial review of the 2013 10-K for Coca-Cola™ finalized, we were able to
fully see how investors take to determining ratios, liquidity, and worthiness of a company based
on how they make their money, how they reinvest their money, and how they borrow their
money.
Through strategic investments for the benefit of their IRA plan, their employees will find
a safety net after retirement and their investors will continue to find that the reputation of Coke™
is in positive light as they open offices on a global scale while offering their stock in a variety of
currencies.
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When a financial manager reviews these formulas and determines the worthiness of the
company to investors, the stock valuation, and the emerging markets opportunities, we also
improve our view of our profits through not only these valuations but our sensitivity analysis will
help us identify those products which are dragging down our profit margins in order to
discontinue them less they become a drain on our profits.
Understanding these formulas and their impact on the company stock price/valuation is
key to maintaining a healthy bottom line for a company.
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