Definitive Analysis
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Coca-Cola Consolidated, Inc. (0I0T.L)

Company Dividend Discount ModelIndustry: Beverages - Non-AlcoholicSector: Consumer Defensive

Valuation Snapshot

Stable Growth$164.80 - $437.18$252.00
Multi-Stage$111.11 - $121.49$116.21
Blended Fair Value$184.11
Current Price$115.39
Upside59.55%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS81.72%34.95%2.130.540.110.110.110.110.110.110.110.11
YoY Growth--296.08%399.98%0.00%0.00%0.05%0.17%0.27%0.23%0.22%0.23%
Dividend Yield--1.60%0.64%0.20%0.21%0.37%0.52%0.38%0.63%0.54%0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)612.28
(-) Cash Dividends Paid (M)69.87
(=) Cash Retained (M)542.41
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)122.4676.5445.92
Cash Retained (M)542.41542.41542.41
(-) Cash Required (M)-122.46-76.54-45.92
(=) Excess Retained (M)419.95465.87496.49
(/) Shares Outstanding (M)87.1587.1587.15
(=) Excess Retained per Share4.825.355.70
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share4.825.355.70
(=) Adjusted Dividend5.626.156.50
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$164.80$252.00$437.18
Upside / Downside42.82%118.39%278.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)612.28652.08694.46739.60787.68838.88864.04
Payout Ratio11.41%27.13%42.85%58.56%74.28%90.00%92.50%
Projected Dividends (M)69.87176.90297.56433.15585.11754.99799.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)160.63162.15163.67
Year 2 PV (M)245.32250.00254.71
Year 3 PV (M)324.26333.57343.05
Year 4 PV (M)397.72413.02428.75
Year 5 PV (M)465.98488.49511.86
PV of Terminal Value (M)8,089.478,480.198,885.87
Equity Value (M)9,683.3910,127.4210,587.92
Shares Outstanding (M)87.1587.1587.15
Fair Value$111.11$116.21$121.49
Upside / Downside-3.71%0.71%5.29%

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