Intrinsic value of Coca-Cola Bottling Consolidated - COKE

Previous Close

$218.54

  Intrinsic Value

$693.72

stock screener

  Rating & Target

str. buy

+217%

Previous close

$218.54

 
Intrinsic value

$693.72

 
Up/down potential

+217%

 
Rating

str. buy

We calculate the intrinsic value of COKE 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  36.86
  39.20
  35.78
  32.70
  29.93
  27.44
  25.19
  23.18
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
Revenue, $m
  3,156
  4,393
  5,965
  7,916
  10,285
  13,107
  16,409
  20,212
  24,529
  29,367
  34,726
  40,604
  46,991
  53,880
  61,258
  69,113
  77,436
  86,215
  95,443
  105,114
  115,226
  125,779
  136,774
  148,220
  160,123
  172,498
  185,358
  198,721
  212,610
  227,045
  242,055
Variable operating expenses, $m
 
  4,128
  5,600
  7,427
  9,645
  12,288
  15,380
  18,941
  22,984
  27,514
  32,532
  38,021
  44,003
  50,453
  57,362
  64,718
  72,511
  80,732
  89,373
  98,430
  107,899
  117,780
  128,076
  138,794
  149,940
  161,528
  173,570
  186,084
  199,089
  212,607
  226,662
Fixed operating expenses, $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
Total operating expenses, $m
  3,027
  4,128
  5,600
  7,427
  9,645
  12,288
  15,380
  18,941
  22,984
  27,514
  32,532
  38,021
  44,003
  50,453
  57,362
  64,718
  72,511
  80,732
  89,373
  98,430
  107,899
  117,780
  128,076
  138,794
  149,940
  161,528
  173,570
  186,084
  199,089
  212,607
  226,662
Operating income, $m
  129
  265
  365
  489
  640
  819
  1,029
  1,271
  1,545
  1,853
  2,194
  2,582
  2,988
  3,426
  3,896
  4,395
  4,924
  5,483
  6,070
  6,685
  7,328
  7,999
  8,698
  9,426
  10,183
  10,970
  11,788
  12,638
  13,521
  14,439
  15,393
EBITDA, $m
  246
  429
  582
  772
  1,004
  1,279
  1,601
  1,972
  2,394
  2,866
  3,389
  3,962
  4,585
  5,258
  5,978
  6,744
  7,556
  8,413
  9,313
  10,257
  11,244
  12,273
  13,346
  14,463
  15,625
  16,832
  18,087
  19,391
  20,746
  22,155
  23,620
Interest expense (income), $m
  35
  41
  77
  124
  181
  251
  334
  432
  544
  671
  814
  972
  1,146
  1,334
  1,537
  1,755
  1,987
  2,232
  2,491
  2,764
  3,049
  3,347
  3,659
  3,983
  4,321
  4,672
  5,037
  5,417
  5,811
  6,221
  6,647
Earnings before tax, $m
  93
  224
  288
  365
  458
  568
  695
  839
  1,001
  1,182
  1,380
  1,610
  1,843
  2,092
  2,358
  2,640
  2,938
  3,250
  3,578
  3,921
  4,279
  4,651
  5,039
  5,443
  5,862
  6,298
  6,751
  7,221
  7,710
  8,218
  8,747
Tax expense, $m
  36
  61
  78
  99
  124
  153
  188
  227
  270
  319
  373
  435
  498
  565
  637
  713
  793
  878
  966
  1,059
  1,155
  1,256
  1,361
  1,470
  1,583
  1,700
  1,823
  1,950
  2,082
  2,219
  2,362
Net income, $m
  50
  164
  210
  267
  335
  415
  507
  612
  731
  863
  1,007
  1,175
  1,345
  1,527
  1,722
  1,927
  2,144
  2,373
  2,612
  2,862
  3,123
  3,396
  3,679
  3,973
  4,279
  4,597
  4,928
  5,271
  5,628
  5,999
  6,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  2,449
  3,379
  4,588
  6,089
  7,912
  10,082
  12,623
  15,548
  18,869
  22,590
  26,712
  31,234
  36,147
  41,446
  47,121
  53,164
  59,566
  66,319
  73,418
  80,857
  88,636
  96,753
  105,211
  114,015
  123,172
  132,691
  142,583
  152,863
  163,546
  174,650
  186,196
Adjusted assets (=assets-cash), $m
  2,427
  3,379
  4,588
  6,089
  7,912
  10,082
  12,623
  15,548
  18,869
  22,590
  26,712
  31,234
  36,147
  41,446
  47,121
  53,164
  59,566
  66,319
  73,418
  80,857
  88,636
  96,753
  105,211
  114,015
  123,172
  132,691
  142,583
  152,863
  163,546
  174,650
  186,196
Revenue / Adjusted assets
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
Average production assets, $m
  1,428
  1,986
  2,696
  3,578
  4,649
  5,924
  7,417
  9,136
  11,087
  13,274
  15,696
  18,353
  21,240
  24,354
  27,689
  31,239
  35,001
  38,969
  43,140
  47,512
  52,082
  56,852
  61,822
  66,995
  72,376
  77,969
  83,782
  89,822
  96,100
  102,625
  109,409
Working capital, $m
  136
  171
  233
  309
  401
  511
  640
  788
  957
  1,145
  1,354
  1,584
  1,833
  2,101
  2,389
  2,695
  3,020
  3,362
  3,722
  4,099
  4,494
  4,905
  5,334
  5,781
  6,245
  6,727
  7,229
  7,750
  8,292
  8,855
  9,440
Total debt, $m
  956
  1,798
  2,877
  4,215
  5,841
  7,777
  10,043
  12,653
  15,615
  18,934
  22,612
  26,644
  31,027
  35,754
  40,816
  46,206
  51,917
  57,941
  64,273
  70,909
  77,847
  85,088
  92,632
  100,485
  108,653
  117,144
  125,968
  135,137
  144,667
  154,572
  164,871
Total liabilities, $m
  2,172
  3,014
  4,093
  5,431
  7,057
  8,993
  11,259
  13,869
  16,831
  20,150
  23,828
  27,860
  32,243
  36,970
  42,032
  47,422
  53,133
  59,157
  65,489
  72,125
  79,063
  86,304
  93,848
  101,701
  109,869
  118,360
  127,184
  136,353
  145,883
  155,788
  166,087
Total equity, $m
  277
  365
  496
  658
  854
  1,089
  1,363
  1,679
  2,038
  2,440
  2,885
  3,373
  3,904
  4,476
  5,089
  5,742
  6,433
  7,162
  7,929
  8,733
  9,573
  10,449
  11,363
  12,314
  13,303
  14,331
  15,399
  16,509
  17,663
  18,862
  20,109
Total liabilities and equity, $m
  2,449
  3,379
  4,589
  6,089
  7,911
  10,082
  12,622
  15,548
  18,869
  22,590
  26,713
  31,233
  36,147
  41,446
  47,121
  53,164
  59,566
  66,319
  73,418
  80,858
  88,636
  96,753
  105,211
  114,015
  123,172
  132,691
  142,583
  152,862
  163,546
  174,650
  186,196
Debt-to-equity ratio
  3.451
  4.930
  5.810
  6.410
  6.840
  7.140
  7.370
  7.540
  7.660
  7.760
  7.840
  7.900
  7.950
  7.990
  8.020
  8.050
  8.070
  8.090
  8.110
  8.120
  8.130
  8.140
  8.150
  8.160
  8.170
  8.170
  8.180
  8.190
  8.190
  8.190
  8.200
Adjusted equity ratio
  0.105
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  50
  164
  210
  267
  335
  415
  507
  612
  731
  863
  1,007
  1,175
  1,345
  1,527
  1,722
  1,927
  2,144
  2,373
  2,612
  2,862
  3,123
  3,396
  3,679
  3,973
  4,279
  4,597
  4,928
  5,271
  5,628
  5,999
  6,385
Depreciation, amort., depletion, $m
  117
  164
  217
  284
  364
  460
  572
  701
  848
  1,013
  1,195
  1,380
  1,597
  1,831
  2,082
  2,349
  2,632
  2,930
  3,244
  3,572
  3,916
  4,275
  4,648
  5,037
  5,442
  5,862
  6,299
  6,754
  7,226
  7,716
  8,226
Funds from operations, $m
  97
  327
  427
  550
  699
  874
  1,079
  1,314
  1,579
  1,875
  2,202
  2,555
  2,942
  3,358
  3,803
  4,276
  4,776
  5,303
  5,856
  6,435
  7,039
  7,670
  8,327
  9,010
  9,721
  10,460
  11,227
  12,025
  12,854
  13,715
  14,611
Change in working capital, $m
  -65
  48
  61
  76
  92
  110
  129
  148
  168
  189
  209
  229
  249
  269
  288
  306
  325
  342
  360
  377
  394
  412
  429
  446
  464
  483
  502
  521
  542
  563
  585
Cash from operations, $m
  162
  279
  366
  474
  606
  764
  950
  1,166
  1,411
  1,686
  1,993
  2,326
  2,693
  3,090
  3,516
  3,970
  4,452
  4,960
  5,496
  6,057
  6,645
  7,259
  7,898
  8,564
  9,257
  9,977
  10,726
  11,504
  12,312
  13,152
  14,026
Maintenance CAPEX, $m
  0
  -107
  -149
  -203
  -269
  -350
  -445
  -558
  -687
  -834
  -998
  -1,180
  -1,380
  -1,597
  -1,831
  -2,082
  -2,349
  -2,632
  -2,930
  -3,244
  -3,572
  -3,916
  -4,275
  -4,648
  -5,037
  -5,442
  -5,862
  -6,299
  -6,754
  -7,226
  -7,716
New CAPEX, $m
  -173
  -558
  -710
  -882
  -1,071
  -1,276
  -1,493
  -1,719
  -1,951
  -2,187
  -2,422
  -2,657
  -2,887
  -3,114
  -3,335
  -3,551
  -3,762
  -3,968
  -4,171
  -4,372
  -4,571
  -4,770
  -4,970
  -5,173
  -5,380
  -5,593
  -5,813
  -6,040
  -6,277
  -6,525
  -6,784
Cash from investing activities, $m
  -452
  -665
  -859
  -1,085
  -1,340
  -1,626
  -1,938
  -2,277
  -2,638
  -3,021
  -3,420
  -3,837
  -4,267
  -4,711
  -5,166
  -5,633
  -6,111
  -6,600
  -7,101
  -7,616
  -8,143
  -8,686
  -9,245
  -9,821
  -10,417
  -11,035
  -11,675
  -12,339
  -13,031
  -13,751
  -14,500
Free cash flow, $m
  -290
  -386
  -494
  -610
  -734
  -861
  -988
  -1,111
  -1,227
  -1,334
  -1,428
  -1,511
  -1,574
  -1,621
  -1,650
  -1,663
  -1,659
  -1,639
  -1,605
  -1,558
  -1,498
  -1,427
  -1,347
  -1,257
  -1,161
  -1,058
  -949
  -836
  -719
  -598
  -475
Issuance/(repayment) of debt, $m
  280
  850
  1,079
  1,338
  1,626
  1,936
  2,266
  2,609
  2,962
  3,319
  3,677
  4,033
  4,383
  4,727
  5,062
  5,390
  5,710
  6,024
  6,332
  6,636
  6,938
  7,241
  7,545
  7,853
  8,168
  8,491
  8,824
  9,170
  9,529
  9,905
  10,299
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  265
  850
  1,079
  1,338
  1,626
  1,936
  2,266
  2,609
  2,962
  3,319
  3,677
  4,033
  4,383
  4,727
  5,062
  5,390
  5,710
  6,024
  6,332
  6,636
  6,938
  7,241
  7,545
  7,853
  8,168
  8,491
  8,824
  9,170
  9,529
  9,905
  10,299
Total cash flow (excl. dividends), $m
  -25
  464
  585
  728
  892
  1,076
  1,278
  1,498
  1,735
  1,986
  2,250
  2,522
  2,809
  3,106
  3,412
  3,727
  4,051
  4,384
  4,727
  5,078
  5,440
  5,813
  6,198
  6,596
  7,007
  7,433
  7,875
  8,333
  8,811
  9,307
  9,824
Retained Cash Flow (-), $m
  -34
  -102
  -131
  -162
  -197
  -234
  -274
  -316
  -359
  -402
  -445
  -488
  -531
  -572
  -613
  -653
  -691
  -729
  -767
  -803
  -840
  -877
  -913
  -951
  -989
  -1,028
  -1,068
  -1,110
  -1,154
  -1,199
  -1,247
Prev. year cash balance distribution, $m
 
  14
  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
 
  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 available for distribution, $m
 
  376
  454
  566
  695
  841
  1,004
  1,182
  1,376
  1,584
  1,805
  2,034
  2,278
  2,534
  2,799
  3,075
  3,360
  3,655
  3,960
  4,275
  4,600
  4,937
  5,285
  5,645
  6,018
  6,405
  6,806
  7,223
  7,657
  8,108
  8,577
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  342
  372
  414
  449
  474
  488
  490
  480
  458
  427
  387
  343
  296
  249
  205
  164
  127
  96
  71
  51
  35
  24
  15
  10
  6
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Coca-Cola Bottling Co. Consolidated produces, markets and distributes nonalcoholic beverages. The Company is an independent Coca-Cola bottler in the United States. The Company's segments include Nonalcoholic Beverages and All Other. Majority of its total bottle/can volume to retail customers consist of products of The Coca-Cola Company. It also distributes products for various other beverage brands, including Dr Pepper, Sundrop and Monster Energy. The Company's product offerings include both sparkling and still beverages. Sparkling beverages are carbonated beverages and the Company's principal sparkling beverage is Coca-Cola. Still beverages include energy products and noncarbonated beverages, such as bottled water, tea, ready to drink coffee, enhanced water, juices and sports drinks. There are two main categories of sales, which include bottle/can sales and other sales.

FINANCIAL RATIOS  of  Coca-Cola Bottling Consolidated (COKE)

Valuation Ratios
P/E Ratio 40.7
Price to Sales 0.6
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow -185
Growth Rates
Sales Growth Rate 36.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.5%
Cap. Spend. - 3 Yr. Gr. Rate 23.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 342.2%
Total Debt to Equity 345.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 21.1%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 38.5%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin 7.8%
EBITDA Margin - 3 Yr. Avg. 8.3%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 38.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 18%

COKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COKE stock intrinsic value calculation we used $3156 million for the last fiscal year's total revenue generated by Coca-Cola Bottling Consolidated. The default revenue input number comes from 2017 income statement of Coca-Cola Bottling Consolidated. 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 COKE stock valuation model: a) initial revenue growth rate of 39.2% 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 10%, whose default value for COKE is calculated based on our internal credit rating of Coca-Cola Bottling Consolidated, 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 Bottling Consolidated.
    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 COKE stock the variable cost ratio is equal to 94.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for COKE 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 4.3% for Coca-Cola Bottling Consolidated.

Corporate tax rate of 27% is the nominal tax rate for Coca-Cola Bottling Consolidated. 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 COKE stock is equal to 0%.

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 COKE are equal to 45.2%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Coca-Cola Bottling Consolidated 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 COKE is equal to 3.9%. 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 - $277 million for Coca-Cola Bottling Consolidated - 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 9.34 million for Coca-Cola Bottling Consolidated 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 Bottling Consolidated at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
KO Coca-Cola 45.90 17.04  str.sell
DPS Dr Pepper Snap 93.76 131.40  buy
PEP PepsiCo 117.80 59.61  sell
FIZZ National Bever 102.36 214.20  str.buy
COT Cott 17.08 25.60  str.buy
KOF Coca-Cola Fems 71.52 154.27  str.buy

COMPANY NEWS

▶ Coca Cola Bottling Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Coca-Cola Bottling posts 3Q profit   [Nov-07-17 05:57PM  Associated Press]
▶ Trump is wrong about the NFL's 'massive tax breaks'   [Oct-10-17 09:10AM  Yahoo Finance]
▶ Trump touts Tax plan as stocks make solid Q3 gains   [Sep-29-17 09:04AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 29th, 2017   [07:20AM  Yahoo Finance Video]
▶ A head on collision between politics and sports   [Sep-25-17 10:53AM  Yahoo Finance Video]
▶ Markets struggle after Trumps troubles   [09:15AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 25th, 2017   [07:20AM  Yahoo Finance Video]
▶ Red Sox reportedly used Apple Watch to cheat   [Sep-06-17 01:19PM  Yahoo Finance Video]
▶ How This Ad Exec Is Crushing The Competition   [Aug-17-17 03:52PM  Forbes]
▶ What Is A Brand Really Worth?   [Aug-12-17 12:31PM  Forbes]
▶ Coca-Cola Bottling posts 2Q profit   [Aug-08-17 10:35PM  Associated Press]
▶ Coca-Cola beats analysts' expectations   [Jul-26-17 08:28AM  CNBC Videos]
▶ Orange Juice Continues to Trade Lower This Week   [Jul-13-17 10:15AM  Market Realist]
▶ How Orange Juice Prices Moved Last Week   [Jul-05-17 03:52PM  Market Realist]
▶ How Orange Juice Futures Traded for the Week Ended June 23   [Jun-27-17 07:43AM  Market Realist]
▶ Is the OJ Contango as Bad as It Sounds?   [Jun-20-17 10:49AM  Market Realist]
▶ Coca-Cola Bottling Co. Consolidated of Charlotte to open new Triad facility, add jobs   [May-25-17 03:59PM  American City Business Journals]
▶ Coca-Cola Bottling reports 1Q loss   [May-09-17 07:28PM  Associated Press]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-01-17 12:25PM  Investor's Business Daily]
▶ Coca-Cola Bottling May Be Ready To Pop Into New High Ground   [12:22PM  Investor's Business Daily]
▶ Coca-Cola Bottling Trades Ex-Dividend Wednesday   [Apr-24-17 08:40AM  Investopedia]
▶ Coca Cola Bottling Shows Some Pop With New And Improved IBD Rating   [Mar-22-17 09:47PM  Investor's Business Daily]
Financial statements of COKE
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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