DDM Analysis: KO

Valuation Snapshot

Stable Growth	$51.75 - $105.14	$72.34
Multi-Stage	$70.10 - $76.81	$73.39
Blended Fair Value	$72.87
Current Price	$65.67
Upside	10.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.08%	4.56%	1.94	1.84	1.76	1.68	1.63	1.59	1.54	1.46	1.40	1.33
YoY Growth	-	-	5.12%	4.41%	5.02%	2.91%	2.95%	3.03%	5.13%	4.58%	5.26%	7.31%
Dividend Yield	-	-	2.75%	3.01%	2.85%	2.67%	3.11%	3.71%	3.29%	3.37%	3.30%	2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,031.00
(-) Cash Dividends Paid (M)	8,476.00
(=) Cash Retained (M)	4,555.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,606.20	1,628.88	977.33
Cash Retained (M)	4,555.00	4,555.00	4,555.00
(-) Cash Required (M)	-2,606.20	-1,628.88	-977.33
(=) Excess Retained (M)	1,948.80	2,926.13	3,577.68
(/) Shares Outstanding (M)	4,315.25	4,315.25	4,315.25
(=) Excess Retained per Share	0.45	0.68	0.83
LTM Dividend per Share	1.96	1.96	1.96
(+) Excess Retained per Share	0.45	0.68	0.83
(=) Adjusted Dividend	2.42	2.64	2.79
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	2.08%	3.08%	4.08%
Fair Value	$51.75	$72.34	$105.14
Upside / Downside	-21.20%	10.15%	60.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,031.00	13,432.01	13,845.36	14,271.42	14,710.60	15,163.30	15,618.20
Payout Ratio	65.04%	70.04%	75.03%	80.02%	85.01%	90.00%	92.50%
Projected Dividends (M)	8,476.00	9,407.23	10,387.75	11,419.70	12,505.33	13,646.97	14,446.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	2.08%	3.08%	4.08%
Year 1 PV (M)	8,719.35	8,804.77	8,890.18
Year 2 PV (M)	8,924.13	9,099.83	9,277.25
Year 3 PV (M)	9,093.30	9,363.17	9,638.33
Year 4 PV (M)	9,229.62	9,596.65	9,974.51
Year 5 PV (M)	9,335.70	9,802.04	10,286.82
PV of Terminal Value (M)	257,200.39	270,047.97	283,403.90
Equity Value (M)	302,502.48	316,714.42	331,470.99
Shares Outstanding (M)	4,315.25	4,315.25	4,315.25
Fair Value	$70.10	$73.39	$76.81
Upside / Downside	6.75%	11.76%	16.97%

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The Coca-Cola Company (KO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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