Intrinsic value of Coca-Cola European Partners - CCE

Previous Close

$41.96

  Intrinsic Value

$158.40

stock screener

  Rating & Target

str. buy

+278%

Previous close

$41.96

 
Intrinsic value

$158.40

 
Up/down potential

+278%

 
Rating

str. buy

We calculate the intrinsic value of CCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  38.10
  34.79
  31.81
  29.13
  26.72
  24.55
  22.59
  20.83
  19.25
  17.82
  16.54
  15.39
  14.35
  13.41
  12.57
  11.81
  11.13
  10.52
  9.97
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.38
  7.14
  6.92
  6.73
  6.56
Revenue, $m
  0
  18,340
  24,720
  32,584
  42,075
  53,317
  66,403
  81,404
  98,362
  117,295
  138,202
  161,062
  185,845
  212,510
  241,016
  271,317
  303,373
  337,149
  372,617
  409,760
  448,570
  489,050
  531,214
  575,090
  620,716
  668,140
  717,424
  768,638
  821,864
  877,195
  934,730
Variable operating expenses, $m
 
  14,760
  19,439
  25,207
  32,168
  40,413
  50,011
  61,013
  73,451
  87,337
  102,670
  118,128
  136,304
  155,862
  176,768
  198,992
  222,503
  247,275
  273,289
  300,531
  328,995
  358,684
  389,609
  421,789
  455,252
  490,035
  526,181
  563,743
  602,781
  643,362
  685,560
Fixed operating expenses, $m
 
  753
  770
  787
  804
  822
  840
  858
  877
  896
  916
  936
  957
  978
  999
  1,021
  1,044
  1,067
  1,090
  1,114
  1,139
  1,164
  1,190
  1,216
  1,242
  1,270
  1,298
  1,326
  1,355
  1,385
  1,416
Total operating expenses, $m
  0
  15,513
  20,209
  25,994
  32,972
  41,235
  50,851
  61,871
  74,328
  88,233
  103,586
  119,064
  137,261
  156,840
  177,767
  200,013
  223,547
  248,342
  274,379
  301,645
  330,134
  359,848
  390,799
  423,005
  456,494
  491,305
  527,479
  565,069
  604,136
  644,747
  686,976
Operating income, $m
  0
  2,827
  4,511
  6,590
  9,103
  12,082
  15,552
  19,533
  24,034
  29,062
  34,615
  41,998
  48,584
  55,671
  63,248
  71,303
  79,826
  88,807
  98,238
  108,115
  118,436
  129,202
  140,416
  152,086
  164,221
  176,836
  189,945
  203,569
  217,728
  232,448
  247,755
EBITDA, $m
  0
  6,430
  8,912
  11,975
  15,676
  20,061
  25,168
  31,025
  37,648
  45,045
  53,213
  62,147
  71,833
  82,256
  93,399
  105,245
  117,778
  130,984
  144,852
  159,376
  174,552
  190,382
  206,871
  224,030
  241,873
  260,420
  279,695
  299,726
  320,544
  342,185
  364,689
Interest expense (income), $m
  0
  373
  658
  1,016
  1,458
  1,992
  2,624
  3,360
  4,203
  5,156
  6,221
  7,396
  8,681
  10,075
  11,574
  13,177
  14,880
  16,682
  18,581
  20,575
  22,663
  24,845
  27,121
  29,492
  31,958
  34,523
  37,190
  39,960
  42,840
  45,832
  48,943
Earnings before tax, $m
  0
  2,454
  3,853
  5,574
  7,645
  10,090
  12,928
  16,173
  19,831
  23,905
  28,394
  34,602
  39,902
  45,596
  51,674
  58,127
  64,946
  72,124
  79,657
  87,540
  95,773
  104,356
  113,295
  122,594
  132,263
  142,312
  152,756
  163,609
  174,889
  186,616
  198,812
Tax expense, $m
  0
  663
  1,040
  1,505
  2,064
  2,724
  3,491
  4,367
  5,354
  6,454
  7,666
  9,342
  10,774
  12,311
  13,952
  15,694
  17,535
  19,474
  21,507
  23,636
  25,859
  28,176
  30,590
  33,100
  35,711
  38,424
  41,244
  44,174
  47,220
  50,386
  53,679
Net income, $m
  0
  1,791
  2,813
  4,069
  5,581
  7,366
  9,438
  11,806
  14,477
  17,451
  20,728
  25,259
  29,128
  33,285
  37,722
  42,432
  47,410
  52,651
  58,149
  63,904
  69,914
  76,180
  82,705
  89,494
  96,552
  103,888
  111,512
  119,434
  127,669
  136,230
  145,133

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  30,164
  40,658
  53,592
  69,203
  87,692
  109,216
  133,889
  161,780
  192,920
  227,305
  264,904
  305,665
  349,524
  396,407
  446,244
  498,968
  554,521
  612,857
  673,948
  737,779
  804,358
  873,708
  945,872
  1,020,914
  1,098,915
  1,179,974
  1,264,207
  1,351,751
  1,442,754
  1,537,385
Adjusted assets (=assets-cash), $m
  0
  30,164
  40,658
  53,592
  69,203
  87,692
  109,216
  133,889
  161,780
  192,920
  227,305
  264,904
  305,665
  349,524
  396,407
  446,244
  498,968
  554,521
  612,857
  673,948
  737,779
  804,358
  873,708
  945,872
  1,020,914
  1,098,915
  1,179,974
  1,264,207
  1,351,751
  1,442,754
  1,537,385
Revenue / Adjusted assets
  0.000
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
Average production assets, $m
  0
  22,943
  30,925
  40,762
  52,636
  66,699
  83,071
  101,837
  123,051
  146,736
  172,890
  201,488
  232,492
  265,850
  301,510
  339,417
  379,519
  421,773
  466,144
  512,610
  561,161
  611,801
  664,549
  719,438
  776,516
  835,844
  897,497
  961,566
  1,028,152
  1,097,371
  1,169,348
Working capital, $m
  0
  -3,411
  -4,598
  -6,061
  -7,826
  -9,917
  -12,351
  -15,141
  -18,295
  -21,817
  -25,705
  -29,957
  -34,567
  -39,527
  -44,829
  -50,465
  -56,427
  -62,710
  -69,307
  -76,215
  -83,434
  -90,963
  -98,806
  -106,967
  -115,453
  -124,274
  -133,441
  -142,967
  -152,867
  -163,158
  -173,860
Total debt, $m
  0
  12,178
  18,820
  27,007
  36,889
  48,593
  62,218
  77,835
  95,490
  115,202
  136,968
  160,768
  186,570
  214,332
  244,010
  275,557
  308,931
  344,095
  381,022
  419,693
  460,098
  502,242
  546,141
  591,821
  639,323
  688,697
  740,007
  793,327
  848,742
  906,347
  966,249
Total liabilities, $m
  0
  19,094
  25,737
  33,924
  43,805
  55,509
  69,134
  84,751
  102,407
  122,118
  143,884
  167,684
  193,486
  221,248
  250,926
  282,473
  315,847
  351,012
  387,939
  426,609
  467,014
  509,158
  553,057
  598,737
  646,239
  695,613
  746,923
  800,243
  855,658
  913,264
  973,165
Total equity, $m
  0
  11,070
  14,921
  19,668
  25,397
  32,183
  40,082
  49,137
  59,373
  70,802
  83,421
  97,220
  112,179
  128,275
  145,481
  163,772
  183,121
  203,509
  224,919
  247,339
  270,765
  295,199
  320,651
  347,135
  374,676
  403,302
  433,050
  463,964
  496,093
  529,491
  564,220
Total liabilities and equity, $m
  0
  30,164
  40,658
  53,592
  69,202
  87,692
  109,216
  133,888
  161,780
  192,920
  227,305
  264,904
  305,665
  349,523
  396,407
  446,245
  498,968
  554,521
  612,858
  673,948
  737,779
  804,357
  873,708
  945,872
  1,020,915
  1,098,915
  1,179,973
  1,264,207
  1,351,751
  1,442,755
  1,537,385
Debt-to-equity ratio
  0.000
  1.100
  1.260
  1.370
  1.450
  1.510
  1.550
  1.580
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
Adjusted equity ratio
  0.000
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  1,791
  2,813
  4,069
  5,581
  7,366
  9,438
  11,806
  14,477
  17,451
  20,728
  25,259
  29,128
  33,285
  37,722
  42,432
  47,410
  52,651
  58,149
  63,904
  69,914
  76,180
  82,705
  89,494
  96,552
  103,888
  111,512
  119,434
  127,669
  136,230
  145,133
Depreciation, amort., depletion, $m
  0
  3,603
  4,401
  5,385
  6,573
  7,979
  9,616
  11,493
  13,614
  15,983
  18,598
  20,149
  23,249
  26,585
  30,151
  33,942
  37,952
  42,177
  46,614
  51,261
  56,116
  61,180
  66,455
  71,944
  77,652
  83,584
  89,750
  96,157
  102,815
  109,737
  116,935
Funds from operations, $m
  0
  5,395
  7,214
  9,454
  12,153
  15,344
  19,054
  23,299
  28,091
  33,434
  39,326
  45,408
  52,378
  59,870
  67,873
  76,374
  85,362
  94,828
  104,764
  115,165
  126,030
  137,360
  149,160
  161,438
  174,204
  187,472
  201,261
  215,591
  230,484
  245,967
  262,067
Change in working capital, $m
  0
  -941
  -1,187
  -1,463
  -1,765
  -2,091
  -2,434
  -2,790
  -3,154
  -3,522
  -3,889
  -4,252
  -4,610
  -4,960
  -5,302
  -5,636
  -5,962
  -6,282
  -6,597
  -6,909
  -7,219
  -7,529
  -7,843
  -8,161
  -8,486
  -8,821
  -9,167
  -9,526
  -9,900
  -10,291
  -10,702
Cash from operations, $m
  0
  6,336
  8,401
  10,917
  13,919
  17,435
  21,488
  26,089
  31,245
  36,955
  43,214
  49,660
  56,987
  64,830
  73,175
  82,010
  91,325
  101,110
  111,361
  122,074
  133,249
  144,889
  157,003
  169,598
  182,690
  196,293
  210,428
  225,117
  240,384
  256,258
  272,769
Maintenance CAPEX, $m
  0
  -1,662
  -2,294
  -3,092
  -4,076
  -5,264
  -6,670
  -8,307
  -10,184
  -12,305
  -14,674
  -17,289
  -20,149
  -23,249
  -26,585
  -30,151
  -33,942
  -37,952
  -42,177
  -46,614
  -51,261
  -56,116
  -61,180
  -66,455
  -71,944
  -77,652
  -83,584
  -89,750
  -96,157
  -102,815
  -109,737
New CAPEX, $m
  0
  -6,324
  -7,982
  -9,837
  -11,874
  -14,063
  -16,371
  -18,766
  -21,214
  -23,685
  -26,154
  -28,598
  -31,003
  -33,359
  -35,660
  -37,907
  -40,102
  -42,254
  -44,371
  -46,466
  -48,551
  -50,640
  -52,748
  -54,889
  -57,078
  -59,328
  -61,654
  -64,069
  -66,586
  -69,218
  -71,977
Cash from investing activities, $m
  0
  -7,986
  -10,276
  -12,929
  -15,950
  -19,327
  -23,041
  -27,073
  -31,398
  -35,990
  -40,828
  -45,887
  -51,152
  -56,608
  -62,245
  -68,058
  -74,044
  -80,206
  -86,548
  -93,080
  -99,812
  -106,756
  -113,928
  -121,344
  -129,022
  -136,980
  -145,238
  -153,819
  -162,743
  -172,033
  -181,714
Free cash flow, $m
  0
  -1,650
  -1,875
  -2,013
  -2,032
  -1,891
  -1,554
  -984
  -153
  965
  2,387
  3,773
  5,835
  8,222
  10,930
  13,953
  17,281
  20,905
  24,813
  28,993
  33,437
  38,133
  43,075
  48,255
  53,669
  59,314
  65,190
  71,298
  77,641
  84,225
  91,055
Issuance/(repayment) of debt, $m
  0
  5,277
  6,643
  8,187
  9,882
  11,703
  13,625
  15,618
  17,655
  19,712
  21,766
  23,800
  25,802
  27,762
  29,677
  31,547
  33,374
  35,165
  36,927
  38,670
  40,405
  42,144
  43,898
  45,680
  47,502
  49,374
  51,310
  53,320
  55,415
  57,605
  59,901
Issuance/(repurchase) of shares, $m
  0
  1,254
  1,038
  678
  149
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  6,531
  7,681
  8,865
  10,031
  11,703
  13,625
  15,618
  17,655
  19,712
  21,766
  23,800
  25,802
  27,762
  29,677
  31,547
  33,374
  35,165
  36,927
  38,670
  40,405
  42,144
  43,898
  45,680
  47,502
  49,374
  51,310
  53,320
  55,415
  57,605
  59,901
Total cash flow (excl. dividends), $m
  0
  4,881
  5,806
  6,852
  7,999
  9,812
  12,071
  14,634
  17,502
  20,676
  24,153
  27,573
  31,637
  35,984
  40,607
  45,499
  50,655
  56,069
  61,739
  67,664
  73,842
  80,277
  86,973
  93,935
  101,170
  108,688
  116,500
  124,618
  133,056
  141,830
  150,956
Retained Cash Flow (-), $m
  0
  -3,045
  -3,851
  -4,747
  -5,729
  -6,785
  -7,899
  -9,055
  -10,236
  -11,428
  -12,619
  -13,799
  -14,959
  -16,096
  -17,206
  -18,290
  -19,350
  -20,388
  -21,409
  -22,420
  -23,426
  -24,434
  -25,451
  -26,484
  -27,540
  -28,626
  -29,749
  -30,914
  -32,128
  -33,398
  -34,730
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  13
  18
  25
  33
  42
  53
  66
  81
  98
  117
  138
  161
  186
  213
  241
  271
  303
  337
  373
  410
  449
  489
  531
  575
  621
  668
  717
  769
  822
  877
Cash available for distribution, $m
 
  1,835
  1,955
  2,105
  2,270
  3,027
  4,172
  5,579
  7,266
  9,248
  11,533
  13,774
  16,678
  19,888
  23,401
  27,209
  31,305
  35,682
  40,330
  45,243
  50,416
  55,843
  61,522
  67,450
  73,630
  80,062
  86,752
  93,704
  100,928
  108,432
  116,227
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  1,733
  1,733
  1,742
  1,743
  2,141
  2,699
  3,275
  3,839
  4,359
  4,804
  5,020
  5,262
  5,370
  5,344
  5,188
  4,917
  4,550
  4,113
  3,631
  3,130
  2,634
  2,163
  1,732
  1,352
  1,028
  761
  548
  383
  260
  171
Current shareholders' claim on cash, %
  100
  94.2
  90.8
  89.2
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9
  88.9

Coca-Cola European Partners plc, a consumer packaged goods company, produces, distributes, and markets a range of non-alcoholic ready-to-drink beverages in Europe. The company was founded in 2015 and is headquartered in Uxbridge, United Kingdom. Coca-Cola European Partners plc is a subsidiary of The Coca-Cola Company.

FINANCIAL RATIOS  of  Coca-Cola European Partners (CCE)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCE stock intrinsic value calculation we used $13280 million for the last fiscal year's total revenue generated by Coca-Cola European Partners. The default revenue input number comes from income statement of Coca-Cola European Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CCE stock valuation model: a) initial revenue growth rate of 38.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for CCE is calculated based on our internal credit rating of Coca-Cola European Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Coca-Cola European Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CCE stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $737 million in the base year in the intrinsic value calculation for CCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Coca-Cola European Partners.

Corporate tax rate of 27% is the nominal tax rate for Coca-Cola European Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CCE stock is equal to 0.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CCE are equal to 125.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Coca-Cola European Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CCE is equal to -18.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8025 million for Coca-Cola European Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 483 million for Coca-Cola European Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Coca-Cola European Partners at the current share price and the inputted number of shares is $20.3 billion.

RELATED COMPANIES Price Int.Val. Rating
KO Coca-Cola 45.28 13.92  str.sell
DPS Dr Pepper Snap 123.66 74.32  sell
PEP PepsiCo 116.01 101.62  hold

COMPANY NEWS

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Financial statements of CCE
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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