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Coca Cola Pepsico Indicadores Economico Financieros PDF
Coca Cola Pepsico Indicadores Economico Financieros PDF
PEPSICO INC
BALANCES
INDICADORES
ECONOMICO FINANCIEROS
COCA COLA CO
https://www.gurufocus.com/term/wacc/NYSE:KO/WACC-/Coca-Cola
W A C C = E / ( E + D ) * C o s t o f E q u i t y + D / ( E + D ) * C o s t o f D e b t * ( 1 - Ta x R a t e )
1. Weig hts :
G e n e r a l l y s p e a k i n g , a c o m p a n y ' s a s s e t s a r e f i n a n c e d b y d e b t a n d e q u i t y. W e n e e d t o c a l c u l a t e
the weig ht of equity an d the weight of debt.
T h e m a r k e t v a l u e o f e q u i t y ( E ) is a l s o c a l l e d " M a r k e t C a p " . A s o f t o d a y, C o c a - C o l a C o ' s m a r k e t
capitalization (E) is $ 2 0 6 3 4 0 . 8 7 7 Mil.
T h e m a r k e t v a l u e o f d e b t is t y p i c a l l y d i ff i c u l t t o c a l c u l a t e , t h e r e f o r e , G u r u F o c u s u s e s b o o k
v a l u e o f d e b t ( D ) t o d o t h e c a l c u l a t i o n . I t is s i m p l i f i e d b y a d d i n g t h e l a t e s t t w o - y e a r
a v e r a g e S h o r t - Te r m D e b t & C a p i t a l L e a s e O b l i g a t i o n a n d L o n g - Te r m D e b t & C a p i t a l L e a s e
O b l i g a t i o n t o g e t h e r. A s o f D e c . 2 0 1 9 , C o c a - C o l a C o ' s l a t e s t t w o - y e a r a v e r a g e S h o r t - Te r m D e b t
& C a p i t a l L e a s e O b l i g a t i o n w a s $ 1 7 0 4 2 . 5 M i l a n d its l a t e s t t w o - y e a r a v e r a g e L o n g - Te r m D e b t &
C a p i t a l L e a s e O b l i g a t i o n w a s $ 2 6 4 4 6 M i l . T h e to ta l B o o k Va l u e o f D e b t ( D ) is $ 4 3 4 8 8 . 5 M i l .
a) weight of equity = E / (E + D) = 2 0 6 3 4 0 .8 77 / (206340.877 + 43488.5) = 0.8259
b) weight of debt = D / (E + D) = 43488.5 / (206340.877} + 43488.5) = 0.1741
2. Cost of Equity:
GuruFocus uses Capital Asset Pricing M o d e l ( C A P M ) to calculate the required rate of return.
T h e f o r m u l a is:
Cost of Equity = Risk-Free Rate of Return + Beta of Asset * (Expected Return of the Market -
Risk-Free Rate of Return)
a ) G u r u F o c u s u s e s 1 0 - Y e a r T r e a s u r y C o n s t a n t M a t u r i t y R a t e as t h e risk-free rate. It is u p d a t e d
daily. T h e current risk-free rate is 0 . 6 5 0 0 0 0 0 0 % . Pl eas e g o to E c o n o m i c Indicators p a g e for
m o r e information.
b ) B eta is t h e sensitivity of th e e x p e c t e d ex ces s asset returns to th e e x p e c t e d ex ces s m a r k e t
returns. Co ca- Co l a Co's b e t a is 0.66.
c) ( E x p ected R e t u r n of th e M a r k e t - Risk-Free R ate of R etu rn ) is also called m a r k e t p r e m i u m .
GuruFocus requires market p r em i u m to b e 6%.
Cost of Equity = 0.65000000% + 0.66 * 6 % = 4.61%
3. Cost of Debt:
G u r u F o c u s u s e s last fiscal y e a r e n d I n teres t E x p e n s e d i v i d e d b y t h e latest t w o - y e a r a v e r a g e
debt to get the simplified cost of debt.
A s o f D e c . 2 0 1 9 , C o c a - C o l a Co ' s interest e x p e n s e (positive n u m b e r ) w a s $ 9 4 6 Mil. Its total B o o k
Val u e of D e b t (D) is $ 4 3 4 8 8 . 5 Mil.
Cost of Debt = 946 / 43488.5 = 2.1753%.
= 4.11%
* All n u m b e r s are in millions ex cep t for p er s h are d ata a n d ratio. All n u m b e r s are in their local
exchange's currency.
PEPSICO INC
https://www.gurufocus.com/term/wacc/NYSE:KO/WACC-/Coca-Cola