Keurig Dr Pepper Inc. (KDP)

Industry: Beverages - Non-Alcoholic Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
PEP	1	PepsiCo, Inc.	92,364	27.75	27.60	17.07	16.69	17.03	17.53
CCEP	2	Coca-Cola Europaci	53,549	11.48	9.24	7.22	5.79	8.52	8.13
KO	3	The Coca-Cola Comp	47,663	21.69	19.83	17.07	15.81	19.92	19.60
CCH.L	4	Coca-Cola HBC AG	27,077	10.37	8.52	6.49	5.48	7.23	6.97
KDP	5	Keurig Dr Pepper I	16,174	21.91	21.07	14.46	13.98	12.99	18.39
AGHOL.IS	6	AG Anadolu Grubu H	15,031	27.63	20.82	1.26	0.74	2.69	8.88
9633.HK	7	Nongfu Spring Co.,	12,876	15.79	15.79	11.19	11.19	10.83	13.45
KOFUBL.MX	8	Coca-Cola FEMSA, S	12,156	21.53	18.85	13.98	13.36	10,427,311.95	13.95
0220.HK	9	Uni-President Chin	8,720	9.53	7.66	5.49	4.86	5.37	5.31
0K34.L	10	Monster Beverage C	7,975	38.57	35.82	26.78	24.72	23.81	26.41
0I0T.L	11	Coca-Cola Consolid	7,070	14.43	9.96	9.65	7.94	9.47	7.81
PRMB	12	Primo Brands Corpo	6,507	-	-	9.70	6.69	14.50	10.22
0506.HK	13	China Foods Limite	5,496	4.69	4.69	0.54	0.54	0.53	0.77
CCOLA.IS	14	Coca-Cola Içecek	3,874	9.16	5.68	4.12	2.50	3.94	4.62
2097.HK	15	Mixue Group	3,744	38.09	38.09	26.99	26.99	25.11	29.22
AKO-A	16	Embotelladora Andi	3,689	10.69	9.67	7.01	6.50	10.60	7.44

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.95	9.82	7.22	6.50	9.47	8.13
Full Range Median Multiple	15.11	12.88	9.65	6.69	10.60	8.88
Industry Multiple	18.67	16.59	10.97	9.99	695,164.77	12.02
Market Implied Multiple	23.54	22.64	15.18	14.68	13.64	19.30
Company (KDP) Multiple	21.91	21.07	14.46	13.98	12.99	18.39
(*) Net Income / EBITDA / Revenue	1,582	1,645	3,576	3,699	3,980	2,813
Winsorized Enterprise Value	N/A	N/A	25,825	24,034	37,695	22,862
Full Range Median Enterprise Value	N/A	N/A	34,500	24,736	42,207	24,992
(-) Net Debt	17,064	17,064	17,064	17,064	17,064	17,064
Winsorized Equity Value	20,491	16,143	8,761	6,970	20,631	5,798
Full Range Median Equity Value	23,904	21,175	17,436	7,672	25,143	7,928
(/) Shares Outstanding	1,359	1,359	1,359	1,359	1,359	1,359
Winsorized Fair Value	$15.08	$11.88	$6.45	$5.13	$15.19	$4.27
Full Range Median Fair Value	$17.60	$15.59	$12.83	$5.65	$18.51	$5.84
Current Price	$27.41	$27.41	$27.41	$27.41	$27.41	$27.41
Upside / Downside	-44.97%	-56.65%	-76.47%	-81.28%	-44.59%	-84.43%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.56	$8.32	$4.51	$3.59	$10.63	$2.99
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy