For each answer, do not forget to include analysis from the balance sheet, income statement, and cash flow statement Concepts to include are assets, debt, equity, net income, dividends, retained earnings, cash flows, sales, earnings, interest expense, and stock price. Assume the Value Line is current. You are free to make assumptions as you conduct the analysis but just be sure to state them clearly in your answers. Do not waste time searching for other analysts' information and referring to it. You are assessed based on your unique discussion, not on your ability to parrot other people's work. Other than the Value Line, you need no other outside information. While you may have a general explanation prepared, be sure to link your general comments to specific analysis about your assigned firm. Finance - general questions - You will pick 4 to answer. 1. Discuss the current macroeconomic environment, including the current interest rate environment, and how the current policies and conditions should affect the performance of the firm's industry and the capital structure of the firm. How will equity and debt investors respond? 2. Choose to discuss either the firm's equity or debt. Regarding industry structure and performance, what industry-specific characteristics of the structure of the firm's industry are beneficial for the equity/bond? What industry-specific characteristics are not beneficial for the equity/bond? How will equity and debt investors respond? 3. Discuss the entry barriers for new competitors in this industry? Say that the firm is considering an expansion. What are some of the financial and investment considerations that should come into play? How will equity and debt investors respond? Relate the entry barriers to the firm's financial statements. 4. What fixed costs does the industry have and how do these costs affect financial performance? How will equity and debt investors respond? How can your firm increase revenue, net income and stock price in this situation? 5. Is the firm's dividend policy appropriate? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? 6. Is the firm's overall cash position healthy? Discuss the firm's current cash flow status. What are some things that the firm can do to better its cash position? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? 7. What inventory constraints do the firm or the firm's customers face? How do these constraints affect purchase decisions, inventory management systems, and cash flow? How does the current trade situation affect inventory management for this firm? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? PE COCA-COLA NYSE:KO DVD PERCENT DO 46.67 kino 23.2 (Note13.) AN 1.73 3.5% VALUE Traling: 22.1 RELATIVE BSCR88 INDER 1088 shares EFT 1.40 241 2.58 2.35 9881 . ! 219 TIMELINESS 1 Raised 9/1320 High 29.7 32.9 35.9 40.7 43.4 45.0 43.9 47.1 47.5 50.8 55.9 60.1 Low 18.7 24.7 30.6 33.3 36.5 36.9 36.6 39.9 40.2 41.4 Target Price Range 44.4 36.3 SAFETY 1 New 712790 2023 2024 2025 LEGENDS 17.0 "Cash Fowsh TECHNICAL 2 Raised 4/1020 ... Relative Price Strength -128 2 for 1 soit 8/12 BETA 65 (1.00 - Market Options: Yes -96 Shaded aroa indicates recession .80 18-Month Target Price Range 2 tomt -64 Low-High Midpoint (% to Mid) .48 ce 40 S45-562 $54 (15%) -32 2023-25 PROJECTIONS -24 Ann'l Total Price Gain Return High 70 (+50%) 16 13% Low 55 (+20%) 8% 12 Institutional Decisions % TOT. RETURN 3/20 THIS VLARIN 202019 300019 402019 to Buy STOCK B85 Percent 919 15 10 1 yr. 2.6 26.1 to Sel 959 943 BBB traded 5 . 15.0 -16.7 Hid's/000292265929151662968437 5 yr 28.5 -5.7 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 VALUE LINE PUB. LLC 23-25 4.56 4.88 520 6.22 6.91 6.73 7.66 10 29 10.74 10.64 10.54 1024 9.76 8.31 7.46 8.71 8.65 9.40 Sales per sh 11.05 1.23 129 1.54 1.79 1.75 2.09 246 2.53 2.49 2.37 223 245 2.45 2.80 "Cash Flow" per sh 3.50 1.03 1.09 1.19 1.29 1.51 1.47 1.75 1.92 1.97 2.08 2.04 2.00 1.91 1.91 2.08 2.11 2.05 2.35 Earnings per shA 3.00 .50 56 .62 68 .76 .82 88 94 1.02 1.12 1.22 1.32 1.40 1.48 1.56 1.60 1.64 1.72 Div'ds Deeld per sh 2.00 .16 .19 36 .43 .48 65 62 .58 .55 59 53 39 48 45 .50 Cap'l Spending per sh 55 3.31 3.45 3.65 4.69 4.43 5.38 6.76 6.99 7.34 7.54 6.94 5.91 5.38 4.01 3.98 4.43 4.70 5.05 Book Value per sho 5.50 4818.7 47380 4635.0 4635.0 4624.0 4606.0 45840 4526.0 4469.0 4402.0 4356.0 43240 4288.0 4259.0 4268.0 42800 4275.0 1250.0 Common Shs Outstg 4100.0 1917 21.0 17.8 76.6 1612 783 19.1 2016 21 Bold figures are Avg Ann IPE Ratio 21.0 1.19 1.06 1.00 1.11 1.07 1.11 1.03 1.09 1.20 1.07 1.05 1.04 1.20 1.17 1.18 1.31 Vue Line Relative P/E Ratio 1.15 22% 26% 2.8% 2.5% 28% 3.4% 3.1% 2.8% 2.8% 2.8% 3.0% 3.2% 3.2% 3.3% 3.4% 3.1% Avg Ann'l Div'd Yield 3.2% CAPITAL STRUCTURE as of 12/31/19 35123 46554 48017 46854 45998 44294 41853 35410 31856 37266 37000 40000 Sales (Smill) Total Debt $42.763 bill. Due in 5 Yrs. $28.9 bill. 45250 31.4% 27.9% 26.6% 28.3% 28.1% 27.9% 28.1% 30.9% 34.2% 31.6% 32.0% 34.0% Operating Margin 35.0% LT Debt $27.516 bil. Total Int. $860.0 mill. 14430 1954.0 1982.0 1977.0 1976.0 19700 1787.0 1260.0 10860 1365.0 1650 (Total interest coverage: 12.9%) 1700 Depreciation (Smil) 1850 (50% of Cap) 81440 8932.0 9019.0 93740 9091.0 8797.0 8354.0 8240.0 8935.0 91040 8870 10240 Net Profit Smil 12510 227% 23.9% 23.1% 23.0% 22.5% 22.5% 22.5% 24.0% 18.7% 19.4% 20.0% 20.0% Income Tax Rate 20.0% Pension Assets-12/19 $8.1 bill. Oblig. $8.8 bil. 232 19.2 18.8% 2009 19.8% 19.9% 20.0% 23.3% 28.0% 24.4% 24.0% 25.6% Net Profit Margin 27.6% 30710 1214.0 2507.0 3493.0 6120 6465.0 7478.0 9351.0 1411.0 06562 05250 5000 Working Cap' (Smill) d4750 14041 13656 Pld Stock None 14736 19154 19063 28407 29684 31182 25354 27516 28000 28000 Long-Term Debt (Smill) 28500 31000 31635 32790 33173 30320 25554 23082 17072 16981 18981 20075 21380 Shr. Equity Smil) 22590 Common Stock 4.280,000,000 shs. 18.5% 20.2% 19.4% 18.3% 18.7% 16.5% 16.3% 17.6% 21.8% 20.2% 19.5% 21.5% Return on Total Cap1 25.5% 26.3% 28.2 27.5% 28.3% 30.0% 34.4% 36.2% 48.3% 52.6% 48.0% 4.0% 48.0% Return on Sht. Equity 55.5% MARKET CAP: $200 billion (Large Cap) 13.1% 14.6% 13.5% 13.3% 12,3% 12.0% 100% 11.2% 13.5% 11.9% 9.05 13.0% Retained to Com Eq 18.5% CURRENT POSITION 2017 2018 12/31/19 50% 48% 51% 53% 59% 72% 77% 74% 75% 80% ISMILL.) 73% All Div ds to Net Prot 67% Cash Assets 20675 15964 Receivables 3667 11175 BUSINESS: The Coca-Cola Company is the world's largest non- Int'l markets accounted for 69% of 2019 nel sales, Advertising ex- 3396 3971 Inventory (Avg Cst) 2766 alcoholic beverage company. Markets over 500 beverage brands penses, 11.4% of 2019 revenues. Has about 86,250 employees Other 8506 1888 through a network of company-owned and independent Directors and officers own 1.0% of stock: Berkshire Hathaway Current Assets 38545 30634 20411 boilers/distributors, wholesalers, and retailers. Leading compa- 9.3% Vanguard, 7.4%; Black Rock, 6.4% (320 Proxy). Chairman & Acets Payable 2288 2498 3804 nylicensed brands include Coca-Cola, Diet Coke, Sonte, Fanta, CEO: James Quincey. Inc.: DE. Address: One Coca-Cola Plaza, Al- Debt Due 16503 18191 15247 Fresca. Dasani, glacesu vitaminwater, Powerade, and Minute Meid. lanta, GA 30313. Tel: 404-676-2121. Web: www.coca-cola.com Other 8403 8534 7922 Current Liab. 2719% 29223 28973 The Coca-Cola Company has with Sugar, which enjoyed another year of ANNUAL RATES Past Past Estd 17-19 ly, it was expecting earnings per share to drawn its guidance for 2020. Previous- double-digit growth. And the company con- al charge pers 10 Yrs. 5 Yrs. tinues to roll out additional offerings to Sales 2.09 -5.0 5.04 climb 7%, to roughly $2.25. The gains were more markets. In particular, Plus Coffee is 3.5% "Cash Flow -1.5% 7.0% to be underpinned by another year of now available in more than 40 countries, Earnings 3.5% 6.5% healthy growth in organic revenues, which while Coca-Cola Energy was introduced to Dividends 7.5% 6.5% 4.5% Book Value -1.5% -10.5% 5.0% clocked in at 6% in 2019 and were targeted U.S. consumers over the winter. Overall, Cal QUARTERLY SALES (5 mil.) at 5% this year. Such a scenario, though, once current pandemic-related disruptions Full has been derailed by the coronavirus, are in the past, we expect the encouraging endar Mar.Per Jun.Per Sep.Per Dec.Per Year which has taken a big bite out of on- trends in organic revenue growth across 2017 9118 9702 9078 7512 35410 premise sales. These customers, such as Coke's portfolio to resume. And our initial 2018 7626 8927 8245 7058 31856 2019 8594 9997 restaurants and sports and entertainment 2021 estimate calls for earnings to reach 9507 9068 37266 2020 8400 9500 9900 9200 37000 venues, represent about 40% of industry $2.35 a share. 2021 9500 10750 10250 3500.000 sales. For Coke, the financial impact is These timely shares carry our Highest EARNINGS PER SHARE A likely to be particularly pronounced in rank (1) for Safety. Granted, this equity Cal endar Mar.Per Jun.Per Sep.Per Dec.Per Year ness has a high degree of vertical integra- broader market since late February, likely North America, where the fountain busi- has actually modestly underperformed the 2017 .43 59 50 39 2018 .46 61 1. tion compared to the rest of the world. reflecting concerns about Coke's exposure 58 .43 2019 .48 2.08 Elsewhere, most of the company's opera- to the restaurant and foodservice in 56 .44 2.11 2020 .54 .61 .48 2.05 tions in China, where the pandemic origi- dustries. KO stock, though, still has a 2021 .50 .68 .65 2.35 nated, are back up and running, and con- number of attributes that make it well sumer demand is on the upswing, though suited for conservative accounts, including Cal QUARTERLY DIVIDENDS PAID Full not yet to pre-crisis levels. endar Mar 31 Jun 30 Sep.30 Dec.31 Year The flagship brand has been making Predictability. Too, the recent 3% hike in top scores for Price Stability and Earnings 2016 35 35 .70 2017 .37 1.40 solid progress. Retail value increased 6% the quarterly dividend helped to push the 37 .74 2018 .39 39 -78 globally for Coca-Cola products in 2019. yield up to 3.5%, 40 basis points higher 2019 1.56 l'he growth is being aided by newer addi-than the Value Line median. .40 .40 80 2020 tions to the portfolio, particularly Zero Robert M. Greene April 17, 2020 (A) Based on diluted shares. Next earnings (446): 15, (33: "16 (42): "17. ($1.64% 18, (C) Includes intangibles. In '19: $28.8 bil. Company's Financial Strength report due April 21st Excludes nonrecurring (51): 19. 4B) bilds historically paid $8 25sh. A Stock's Price Stability 100 gain losses): 04 (3e: 06 (7 06. (110 about the first April, July, Oct., Dec. Diva (D) In millions, adjusted for stock split Price Growth Persistence 30 08. 27e): '10, 79: 11, (e): 13. (186) "14. reinvestment plan available. Earnings Predictability 100 , . is believed to be and provided without warranties of any kind THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREN. The publication is strictly for subscriber's cam, non commercial Internal use. No part to subscribe call 1-800-VALUELINE of it may be reproduced, resold stored or transmited in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product 2655 9548 Ful 9638 9399 | For each answer, do not forget to include analysis from the balance sheet, income statement, and cash flow statement Concepts to include are assets, debt, equity, net income, dividends, retained earnings, cash flows, sales, earnings, interest expense, and stock price. Assume the Value Line is current. You are free to make assumptions as you conduct the analysis but just be sure to state them clearly in your answers. Do not waste time searching for other analysts' information and referring to it. You are assessed based on your unique discussion, not on your ability to parrot other people's work. Other than the Value Line, you need no other outside information. While you may have a general explanation prepared, be sure to link your general comments to specific analysis about your assigned firm. Finance - general questions - You will pick 4 to answer. 1. Discuss the current macroeconomic environment, including the current interest rate environment, and how the current policies and conditions should affect the performance of the firm's industry and the capital structure of the firm. How will equity and debt investors respond? 2. Choose to discuss either the firm's equity or debt. Regarding industry structure and performance, what industry-specific characteristics of the structure of the firm's industry are beneficial for the equity/bond? What industry-specific characteristics are not beneficial for the equity/bond? How will equity and debt investors respond? 3. Discuss the entry barriers for new competitors in this industry? Say that the firm is considering an expansion. What are some of the financial and investment considerations that should come into play? How will equity and debt investors respond? Relate the entry barriers to the firm's financial statements. 4. What fixed costs does the industry have and how do these costs affect financial performance? How will equity and debt investors respond? How can your firm increase revenue, net income and stock price in this situation? 5. Is the firm's dividend policy appropriate? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? 6. Is the firm's overall cash position healthy? Discuss the firm's current cash flow status. What are some things that the firm can do to better its cash position? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? 7. What inventory constraints do the firm or the firm's customers face? How do these constraints affect purchase decisions, inventory management systems, and cash flow? How does the current trade situation affect inventory management for this firm? How will equity and debt investors respond? How does this policy affect the firm's long-run financial performance? How does this policy affect the stock price? PE COCA-COLA NYSE:KO DVD PERCENT DO 46.67 kino 23.2 (Note13.) AN 1.73 3.5% VALUE Traling: 22.1 RELATIVE BSCR88 INDER 1088 shares EFT 1.40 241 2.58 2.35 9881 . ! 219 TIMELINESS 1 Raised 9/1320 High 29.7 32.9 35.9 40.7 43.4 45.0 43.9 47.1 47.5 50.8 55.9 60.1 Low 18.7 24.7 30.6 33.3 36.5 36.9 36.6 39.9 40.2 41.4 Target Price Range 44.4 36.3 SAFETY 1 New 712790 2023 2024 2025 LEGENDS 17.0 "Cash Fowsh TECHNICAL 2 Raised 4/1020 ... Relative Price Strength -128 2 for 1 soit 8/12 BETA 65 (1.00 - Market Options: Yes -96 Shaded aroa indicates recession .80 18-Month Target Price Range 2 tomt -64 Low-High Midpoint (% to Mid) .48 ce 40 S45-562 $54 (15%) -32 2023-25 PROJECTIONS -24 Ann'l Total Price Gain Return High 70 (+50%) 16 13% Low 55 (+20%) 8% 12 Institutional Decisions % TOT. RETURN 3/20 THIS VLARIN 202019 300019 402019 to Buy STOCK B85 Percent 919 15 10 1 yr. 2.6 26.1 to Sel 959 943 BBB traded 5 . 15.0 -16.7 Hid's/000292265929151662968437 5 yr 28.5 -5.7 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 VALUE LINE PUB. LLC 23-25 4.56 4.88 520 6.22 6.91 6.73 7.66 10 29 10.74 10.64 10.54 1024 9.76 8.31 7.46 8.71 8.65 9.40 Sales per sh 11.05 1.23 129 1.54 1.79 1.75 2.09 246 2.53 2.49 2.37 223 245 2.45 2.80 "Cash Flow" per sh 3.50 1.03 1.09 1.19 1.29 1.51 1.47 1.75 1.92 1.97 2.08 2.04 2.00 1.91 1.91 2.08 2.11 2.05 2.35 Earnings per shA 3.00 .50 56 .62 68 .76 .82 88 94 1.02 1.12 1.22 1.32 1.40 1.48 1.56 1.60 1.64 1.72 Div'ds Deeld per sh 2.00 .16 .19 36 .43 .48 65 62 .58 .55 59 53 39 48 45 .50 Cap'l Spending per sh 55 3.31 3.45 3.65 4.69 4.43 5.38 6.76 6.99 7.34 7.54 6.94 5.91 5.38 4.01 3.98 4.43 4.70 5.05 Book Value per sho 5.50 4818.7 47380 4635.0 4635.0 4624.0 4606.0 45840 4526.0 4469.0 4402.0 4356.0 43240 4288.0 4259.0 4268.0 42800 4275.0 1250.0 Common Shs Outstg 4100.0 1917 21.0 17.8 76.6 1612 783 19.1 2016 21 Bold figures are Avg Ann IPE Ratio 21.0 1.19 1.06 1.00 1.11 1.07 1.11 1.03 1.09 1.20 1.07 1.05 1.04 1.20 1.17 1.18 1.31 Vue Line Relative P/E Ratio 1.15 22% 26% 2.8% 2.5% 28% 3.4% 3.1% 2.8% 2.8% 2.8% 3.0% 3.2% 3.2% 3.3% 3.4% 3.1% Avg Ann'l Div'd Yield 3.2% CAPITAL STRUCTURE as of 12/31/19 35123 46554 48017 46854 45998 44294 41853 35410 31856 37266 37000 40000 Sales (Smill) Total Debt $42.763 bill. Due in 5 Yrs. $28.9 bill. 45250 31.4% 27.9% 26.6% 28.3% 28.1% 27.9% 28.1% 30.9% 34.2% 31.6% 32.0% 34.0% Operating Margin 35.0% LT Debt $27.516 bil. Total Int. $860.0 mill. 14430 1954.0 1982.0 1977.0 1976.0 19700 1787.0 1260.0 10860 1365.0 1650 (Total interest coverage: 12.9%) 1700 Depreciation (Smil) 1850 (50% of Cap) 81440 8932.0 9019.0 93740 9091.0 8797.0 8354.0 8240.0 8935.0 91040 8870 10240 Net Profit Smil 12510 227% 23.9% 23.1% 23.0% 22.5% 22.5% 22.5% 24.0% 18.7% 19.4% 20.0% 20.0% Income Tax Rate 20.0% Pension Assets-12/19 $8.1 bill. Oblig. $8.8 bil. 232 19.2 18.8% 2009 19.8% 19.9% 20.0% 23.3% 28.0% 24.4% 24.0% 25.6% Net Profit Margin 27.6% 30710 1214.0 2507.0 3493.0 6120 6465.0 7478.0 9351.0 1411.0 06562 05250 5000 Working Cap' (Smill) d4750 14041 13656 Pld Stock None 14736 19154 19063 28407 29684 31182 25354 27516 28000 28000 Long-Term Debt (Smill) 28500 31000 31635 32790 33173 30320 25554 23082 17072 16981 18981 20075 21380 Shr. Equity Smil) 22590 Common Stock 4.280,000,000 shs. 18.5% 20.2% 19.4% 18.3% 18.7% 16.5% 16.3% 17.6% 21.8% 20.2% 19.5% 21.5% Return on Total Cap1 25.5% 26.3% 28.2 27.5% 28.3% 30.0% 34.4% 36.2% 48.3% 52.6% 48.0% 4.0% 48.0% Return on Sht. Equity 55.5% MARKET CAP: $200 billion (Large Cap) 13.1% 14.6% 13.5% 13.3% 12,3% 12.0% 100% 11.2% 13.5% 11.9% 9.05 13.0% Retained to Com Eq 18.5% CURRENT POSITION 2017 2018 12/31/19 50% 48% 51% 53% 59% 72% 77% 74% 75% 80% ISMILL.) 73% All Div ds to Net Prot 67% Cash Assets 20675 15964 Receivables 3667 11175 BUSINESS: The Coca-Cola Company is the world's largest non- Int'l markets accounted for 69% of 2019 nel sales, Advertising ex- 3396 3971 Inventory (Avg Cst) 2766 alcoholic beverage company. Markets over 500 beverage brands penses, 11.4% of 2019 revenues. Has about 86,250 employees Other 8506 1888 through a network of company-owned and independent Directors and officers own 1.0% of stock: Berkshire Hathaway Current Assets 38545 30634 20411 boilers/distributors, wholesalers, and retailers. Leading compa- 9.3% Vanguard, 7.4%; Black Rock, 6.4% (320 Proxy). Chairman & Acets Payable 2288 2498 3804 nylicensed brands include Coca-Cola, Diet Coke, Sonte, Fanta, CEO: James Quincey. Inc.: DE. Address: One Coca-Cola Plaza, Al- Debt Due 16503 18191 15247 Fresca. Dasani, glacesu vitaminwater, Powerade, and Minute Meid. lanta, GA 30313. Tel: 404-676-2121. Web: www.coca-cola.com Other 8403 8534 7922 Current Liab. 2719% 29223 28973 The Coca-Cola Company has with Sugar, which enjoyed another year of ANNUAL RATES Past Past Estd 17-19 ly, it was expecting earnings per share to drawn its guidance for 2020. Previous- double-digit growth. And the company con- al charge pers 10 Yrs. 5 Yrs. tinues to roll out additional offerings to Sales 2.09 -5.0 5.04 climb 7%, to roughly $2.25. The gains were more markets. In particular, Plus Coffee is 3.5% "Cash Flow -1.5% 7.0% to be underpinned by another year of now available in more than 40 countries, Earnings 3.5% 6.5% healthy growth in organic revenues, which while Coca-Cola Energy was introduced to Dividends 7.5% 6.5% 4.5% Book Value -1.5% -10.5% 5.0% clocked in at 6% in 2019 and were targeted U.S. consumers over the winter. Overall, Cal QUARTERLY SALES (5 mil.) at 5% this year. Such a scenario, though, once current pandemic-related disruptions Full has been derailed by the coronavirus, are in the past, we expect the encouraging endar Mar.Per Jun.Per Sep.Per Dec.Per Year which has taken a big bite out of on- trends in organic revenue growth across 2017 9118 9702 9078 7512 35410 premise sales. These customers, such as Coke's portfolio to resume. And our initial 2018 7626 8927 8245 7058 31856 2019 8594 9997 restaurants and sports and entertainment 2021 estimate calls for earnings to reach 9507 9068 37266 2020 8400 9500 9900 9200 37000 venues, represent about 40% of industry $2.35 a share. 2021 9500 10750 10250 3500.000 sales. For Coke, the financial impact is These timely shares carry our Highest EARNINGS PER SHARE A likely to be particularly pronounced in rank (1) for Safety. Granted, this equity Cal endar Mar.Per Jun.Per Sep.Per Dec.Per Year ness has a high degree of vertical integra- broader market since late February, likely North America, where the fountain busi- has actually modestly underperformed the 2017 .43 59 50 39 2018 .46 61 1. tion compared to the rest of the world. reflecting concerns about Coke's exposure 58 .43 2019 .48 2.08 Elsewhere, most of the company's opera- to the restaurant and foodservice in 56 .44 2.11 2020 .54 .61 .48 2.05 tions in China, where the pandemic origi- dustries. KO stock, though, still has a 2021 .50 .68 .65 2.35 nated, are back up and running, and con- number of attributes that make it well sumer demand is on the upswing, though suited for conservative accounts, including Cal QUARTERLY DIVIDENDS PAID Full not yet to pre-crisis levels. endar Mar 31 Jun 30 Sep.30 Dec.31 Year The flagship brand has been making Predictability. Too, the recent 3% hike in top scores for Price Stability and Earnings 2016 35 35 .70 2017 .37 1.40 solid progress. Retail value increased 6% the quarterly dividend helped to push the 37 .74 2018 .39 39 -78 globally for Coca-Cola products in 2019. yield up to 3.5%, 40 basis points higher 2019 1.56 l'he growth is being aided by newer addi-than the Value Line median. .40 .40 80 2020 tions to the portfolio, particularly Zero Robert M. Greene April 17, 2020 (A) Based on diluted shares. Next earnings (446): 15, (33: "16 (42): "17. ($1.64% 18, (C) Includes intangibles. In '19: $28.8 bil. Company's Financial Strength report due April 21st Excludes nonrecurring (51): 19. 4B) bilds historically paid $8 25sh. A Stock's Price Stability 100 gain losses): 04 (3e: 06 (7 06. (110 about the first April, July, Oct., Dec. Diva (D) In millions, adjusted for stock split Price Growth Persistence 30 08. 27e): '10, 79: 11, (e): 13. (186) "14. reinvestment plan available. Earnings Predictability 100 , . is believed to be and provided without warranties of any kind THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREN. The publication is strictly for subscriber's cam, non commercial Internal use. No part to subscribe call 1-800-VALUELINE of it may be reproduced, resold stored or transmited in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product 2655 9548 Ful 9638 9399 |