Intrinsic value of Dr Pepper Snapple Group - DPS

Previous Close

$115.37

  Intrinsic Value

$102.70

stock screener

  Rating & Target

hold

-11%

Previous close

$115.37

 
Intrinsic value

$102.70

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of DPS 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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.52
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  6,440
  6,672
  6,921
  7,189
  7,475
  7,780
  8,105
  8,450
  8,816
  9,203
  9,614
  10,047
  10,506
  10,989
  11,500
  12,038
  12,605
  13,203
  13,832
  14,494
  15,192
  15,925
  16,697
  17,509
  18,363
  19,260
  20,204
  21,196
  22,239
  23,334
  24,486
Variable operating expenses, $m
 
  2,271
  2,345
  2,424
  2,508
  2,599
  2,694
  2,796
  2,905
  3,019
  3,140
  2,969
  3,105
  3,248
  3,398
  3,557
  3,725
  3,902
  4,088
  4,283
  4,490
  4,706
  4,934
  5,174
  5,427
  5,692
  5,971
  6,264
  6,572
  6,896
  7,236
Fixed operating expenses, $m
 
  2,981
  3,055
  3,132
  3,210
  3,290
  3,372
  3,457
  3,543
  3,632
  3,722
  3,816
  3,911
  4,009
  4,109
  4,212
  4,317
  4,425
  4,535
  4,649
  4,765
  4,884
  5,006
  5,131
  5,260
  5,391
  5,526
  5,664
  5,806
  5,951
  6,100
Total operating expenses, $m
  5,038
  5,252
  5,400
  5,556
  5,718
  5,889
  6,066
  6,253
  6,448
  6,651
  6,862
  6,785
  7,016
  7,257
  7,507
  7,769
  8,042
  8,327
  8,623
  8,932
  9,255
  9,590
  9,940
  10,305
  10,687
  11,083
  11,497
  11,928
  12,378
  12,847
  13,336
Operating income, $m
  1,402
  1,420
  1,521
  1,634
  1,757
  1,891
  2,038
  2,197
  2,368
  2,553
  2,751
  3,263
  3,490
  3,733
  3,992
  4,269
  4,563
  4,876
  5,209
  5,562
  5,937
  6,335
  6,756
  7,203
  7,676
  8,177
  8,707
  9,268
  9,861
  10,487
  11,150
EBITDA, $m
  1,626
  1,851
  1,957
  2,074
  2,203
  2,344
  2,497
  2,662
  2,841
  3,033
  3,239
  3,460
  3,697
  3,949
  4,219
  4,506
  4,811
  5,136
  5,481
  5,848
  6,236
  6,649
  7,085
  7,548
  8,038
  8,557
  9,105
  9,685
  10,299
  10,947
  11,632
Interest expense (income), $m
  117
  156
  150
  160
  170
  181
  193
  206
  219
  234
  249
  265
  282
  300
  319
  339
  360
  382
  405
  430
  456
  483
  512
  542
  574
  607
  642
  679
  718
  759
  802
Earnings before tax, $m
  1,283
  1,264
  1,372
  1,474
  1,587
  1,710
  1,845
  1,991
  2,149
  2,319
  2,502
  2,998
  3,208
  3,433
  3,674
  3,930
  4,203
  4,494
  4,803
  5,132
  5,481
  5,852
  6,245
  6,661
  7,102
  7,570
  8,065
  8,589
  9,143
  9,728
  10,348
Tax expense, $m
  434
  341
  370
  398
  428
  462
  498
  538
  580
  626
  676
  809
  866
  927
  992
  1,061
  1,135
  1,213
  1,297
  1,386
  1,480
  1,580
  1,686
  1,799
  1,918
  2,044
  2,178
  2,319
  2,468
  2,627
  2,794
Net income, $m
  847
  923
  1,001
  1,076
  1,158
  1,248
  1,347
  1,453
  1,568
  1,693
  1,826
  2,188
  2,342
  2,506
  2,682
  2,869
  3,068
  3,281
  3,506
  3,746
  4,001
  4,272
  4,559
  4,863
  5,185
  5,526
  5,887
  6,270
  6,674
  7,102
  7,554

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,787
  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
  9,791
  8,288
  8,598
  8,930
  9,286
  9,665
  10,068
  10,497
  10,951
  11,433
  11,942
  12,481
  13,050
  13,651
  14,285
  14,954
  15,658
  16,401
  17,182
  18,005
  18,872
  19,783
  20,742
  21,750
  22,811
  23,926
  25,098
  26,330
  27,626
  28,987
  30,417
Adjusted assets (=assets-cash), $m
  8,004
  8,288
  8,598
  8,930
  9,286
  9,665
  10,068
  10,497
  10,951
  11,433
  11,942
  12,481
  13,050
  13,651
  14,285
  14,954
  15,658
  16,401
  17,182
  18,005
  18,872
  19,783
  20,742
  21,750
  22,811
  23,926
  25,098
  26,330
  27,626
  28,987
  30,417
Revenue / Adjusted assets
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
  0.805
Average production assets, $m
  3,807
  3,943
  4,091
  4,249
  4,418
  4,598
  4,790
  4,994
  5,210
  5,439
  5,682
  5,938
  6,209
  6,495
  6,796
  7,114
  7,450
  7,803
  8,175
  8,566
  8,978
  9,412
  9,868
  10,348
  10,852
  11,383
  11,941
  12,527
  13,143
  13,791
  14,471
Working capital, $m
  1,685
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -176
  -185
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
  -297
  -311
  -327
  -343
Total debt, $m
  4,478
  4,280
  4,559
  4,858
  5,178
  5,519
  5,882
  6,268
  6,677
  7,110
  7,569
  8,054
  8,566
  9,107
  9,678
  10,279
  10,913
  11,582
  12,285
  13,026
  13,805
  14,626
  15,489
  16,396
  17,351
  18,354
  19,409
  20,518
  21,684
  22,909
  24,196
Total liabilities, $m
  7,657
  7,459
  7,738
  8,037
  8,357
  8,698
  9,061
  9,447
  9,856
  10,289
  10,748
  11,233
  11,745
  12,286
  12,857
  13,458
  14,092
  14,761
  15,464
  16,205
  16,984
  17,805
  18,668
  19,575
  20,530
  21,533
  22,588
  23,697
  24,863
  26,088
  27,375
Total equity, $m
  2,134
  829
  860
  893
  929
  966
  1,007
  1,050
  1,095
  1,143
  1,194
  1,248
  1,305
  1,365
  1,429
  1,495
  1,566
  1,640
  1,718
  1,801
  1,887
  1,978
  2,074
  2,175
  2,281
  2,393
  2,510
  2,633
  2,763
  2,899
  3,042
Total liabilities and equity, $m
  9,791
  8,288
  8,598
  8,930
  9,286
  9,664
  10,068
  10,497
  10,951
  11,432
  11,942
  12,481
  13,050
  13,651
  14,286
  14,953
  15,658
  16,401
  17,182
  18,006
  18,871
  19,783
  20,742
  21,750
  22,811
  23,926
  25,098
  26,330
  27,626
  28,987
  30,417
Debt-to-equity ratio
  2.098
  5.160
  5.300
  5.440
  5.580
  5.710
  5.840
  5.970
  6.100
  6.220
  6.340
  6.450
  6.560
  6.670
  6.770
  6.870
  6.970
  7.060
  7.150
  7.230
  7.320
  7.390
  7.470
  7.540
  7.610
  7.670
  7.730
  7.790
  7.850
  7.900
  7.950
Adjusted equity ratio
  0.043
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  847
  923
  1,001
  1,076
  1,158
  1,248
  1,347
  1,453
  1,568
  1,693
  1,826
  2,188
  2,342
  2,506
  2,682
  2,869
  3,068
  3,281
  3,506
  3,746
  4,001
  4,272
  4,559
  4,863
  5,185
  5,526
  5,887
  6,270
  6,674
  7,102
  7,554
Depreciation, amort., depletion, $m
  224
  431
  436
  441
  447
  453
  459
  466
  473
  481
  489
  198
  207
  216
  227
  237
  248
  260
  272
  286
  299
  314
  329
  345
  362
  379
  398
  418
  438
  460
  482
Funds from operations, $m
  841
  1,353
  1,437
  1,517
  1,605
  1,701
  1,806
  1,919
  2,041
  2,173
  2,315
  2,386
  2,549
  2,723
  2,908
  3,106
  3,317
  3,541
  3,779
  4,032
  4,300
  4,585
  4,887
  5,208
  5,547
  5,905
  6,285
  6,687
  7,112
  7,561
  8,036
Change in working capital, $m
  -98
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Cash from operations, $m
  939
  1,357
  1,440
  1,521
  1,609
  1,705
  1,810
  1,924
  2,047
  2,179
  2,321
  2,392
  2,555
  2,729
  2,915
  3,114
  3,325
  3,549
  3,788
  4,041
  4,310
  4,596
  4,898
  5,219
  5,559
  5,918
  6,299
  6,701
  7,127
  7,577
  8,052
Maintenance CAPEX, $m
  0
  -127
  -131
  -136
  -142
  -147
  -153
  -160
  -166
  -174
  -181
  -189
  -198
  -207
  -216
  -227
  -237
  -248
  -260
  -272
  -286
  -299
  -314
  -329
  -345
  -362
  -379
  -398
  -418
  -438
  -460
New CAPEX, $m
  -182
  -137
  -147
  -158
  -169
  -180
  -192
  -204
  -216
  -229
  -242
  -256
  -271
  -286
  -302
  -318
  -335
  -353
  -372
  -392
  -412
  -434
  -456
  -480
  -505
  -531
  -558
  -586
  -616
  -648
  -680
Cash from investing activities, $m
  -189
  -264
  -278
  -294
  -311
  -327
  -345
  -364
  -382
  -403
  -423
  -445
  -469
  -493
  -518
  -545
  -572
  -601
  -632
  -664
  -698
  -733
  -770
  -809
  -850
  -893
  -937
  -984
  -1,034
  -1,086
  -1,140
Free cash flow, $m
  750
  1,093
  1,162
  1,226
  1,298
  1,378
  1,465
  1,560
  1,664
  1,776
  1,897
  1,947
  2,087
  2,237
  2,397
  2,569
  2,752
  2,948
  3,156
  3,377
  3,613
  3,863
  4,128
  4,410
  4,709
  5,026
  5,361
  5,717
  6,093
  6,491
  6,912
Issuance/(repayment) of debt, $m
  1,050
  -188
  279
  299
  320
  341
  363
  386
  409
  433
  459
  485
  512
  541
  571
  602
  634
  668
  704
  741
  780
  820
  863
  908
  954
  1,004
  1,055
  1,109
  1,166
  1,225
  1,287
Issuance/(repurchase) of shares, $m
  -505
  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  
  516
  -188
  279
  299
  320
  341
  363
  386
  409
  433
  459
  485
  512
  541
  571
  602
  634
  668
  704
  741
  780
  820
  863
  908
  954
  1,004
  1,055
  1,109
  1,166
  1,225
  1,287
Total cash flow (excl. dividends), $m
  1,262
  905
  1,440
  1,525
  1,618
  1,719
  1,828
  1,946
  2,073
  2,209
  2,356
  2,431
  2,599
  2,777
  2,968
  3,171
  3,386
  3,616
  3,859
  4,118
  4,392
  4,683
  4,991
  5,318
  5,664
  6,029
  6,416
  6,826
  7,259
  7,716
  8,200
Retained Cash Flow (-), $m
  49
  -472
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
Prev. year cash balance distribution, $m
 
  1,777
  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
 
  2,210
  1,409
  1,492
  1,582
  1,681
  1,788
  1,903
  2,028
  2,161
  2,305
  2,378
  2,542
  2,717
  2,904
  3,104
  3,316
  3,541
  3,781
  4,036
  4,306
  4,592
  4,895
  5,217
  5,557
  5,918
  6,299
  6,703
  7,129
  7,580
  8,057
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  2,085
  1,247
  1,231
  1,210
  1,182
  1,148
  1,108
  1,060
  1,006
  946
  852
  787
  718
  648
  576
  506
  437
  372
  311
  256
  206
  163
  127
  96
  71
  51
  36
  25
  17
  11
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

Dr Pepper Snapple Group, Inc. is an integrated brand owner, manufacturer and distributor of non-alcoholic beverages in the United States, Mexico and Canada. The Company offers a diverse portfolio of flavored (non-cola) carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, water and mixers. The Company's segments include Beverage Concentrates, Packaged Beverages and Latin America Beverages. The Company's brand portfolio includes CSD brands, such as Dr Pepper, Canada Dry, Penafiel, Squirt, 7UP, Crush, A&W, Sunkist soda and Schweppes, and NCB brands, such as Snapple, Hawaiian Punch, Mott's and Clamato. The Company's NCB brands include Snapple, Hawaiian Punch, Mott's, FIJI mineral water, Clamato, Yoo-Hoo, Deja Blue, Bai Brands, ReaLemon, AriZona tea, Vita Coco coconut water, Mr and Mrs T mixers, BodyArmor, Nantucket Nectars, Garden Cocktail, Mistic and Rose's.

FINANCIAL RATIOS  of  Dr Pepper Snapple Group (DPS)

Valuation Ratios
P/E Ratio 24.9
Price to Sales 3.3
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.1%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
Financial Strength
Quick Ratio 179
Current Ratio 0.1
LT Debt to Equity 209.4%
Total Debt to Equity 209.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 13.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 39.2%
Return On Equity - 3 Yr. Avg. 34.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 59.5%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 21.8%
Oper. Margin - 3 Yr. Avg. 20.6%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 13.2%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 45.6%

DPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DPS stock intrinsic value calculation we used $6440 million for the last fiscal year's total revenue generated by Dr Pepper Snapple Group. The default revenue input number comes from 2016 income statement of Dr Pepper Snapple Group. 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 DPS stock valuation model: a) initial revenue growth rate of 3.6% 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 6%, whose default value for DPS is calculated based on our internal credit rating of Dr Pepper Snapple Group, 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 Dr Pepper Snapple Group.
    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 DPS stock the variable cost ratio is equal to 34.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2908 million in the base year in the intrinsic value calculation for DPS 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 3.5% for Dr Pepper Snapple Group.

Corporate tax rate of 27% is the nominal tax rate for Dr Pepper Snapple Group. 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 DPS 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 DPS are equal to 59.1%.

Life of production assets of 30.3 years is the average useful life of capital assets used in Dr Pepper Snapple Group 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 DPS is equal to -1.4%. 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 - $2134 million for Dr Pepper Snapple Group - 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 180.198 million for Dr Pepper Snapple Group 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 Dr Pepper Snapple Group at the current share price and the inputted number of shares is $20.8 billion.

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COMPANY NEWS

▶ Arby's Has The Meats -- And The 'Pepper'   [09:00AM  PR Newswire]
▶ Dr Pepper Snapple Group posts 4Q profit   [09:53AM  Associated Press]
▶ Dow futures tank on today's CPI data   [09:13AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Feb 14th, 2018   [07:20AM  Yahoo Finance Video]
▶ [$$] Coca-Cola, PepsiCo Try New Ways to Combat Soda Slump   [Feb-11-18 11:56PM  The Wall Street Journal]
▶ [$$] Coca-Cola, PepsiCo Try New Ways to Combat Soda Slump   [Feb-10-18 09:31AM  The Wall Street Journal]
▶ Dr Pepper Snapple Group Declares Quarterly Dividend   [Feb-08-18 04:35PM  PR Newswire]
▶ Who Will Pull the Strings at Keurig Dr Pepper?   [Feb-06-18 06:02PM  Motley Fool]
▶ How Does PepsiCo Make Money?   [10:56AM  Investopedia]
▶ [$$] The Man Who Has to Make Coffee and Soda Mix   [09:20AM  The Wall Street Journal]
▶ The Beverage Industry Gets a Little Smaller   [Jan-30-18 11:05PM  Motley Fool]
▶ How the Keurig Dr Pepper merger could change the way we drink soda   [05:35PM  American City Business Journals]
▶ [$$] Keurig-Dr Pepper: Why Coffee and Soda Might Just Mix   [02:21PM  The Wall Street Journal]
▶ Pfizer: 7 Secrets You Didn't Know (PFE)   [10:11AM  Investopedia]
▶ Company News For Jan 30, 2018   [09:46AM  Zacks]
▶ Asian shares lower, tracking modest pullback on Wall Street   [Jan-29-18 11:31PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ Analysts: Why Keurig is buying Dr Pepper Snapple   [03:52PM  American City Business Journals]
▶ The Largest Beverage Companies   [03:25PM  Investopedia]
▶ [$$] Keurig-Dr Pepper: Why Coffee and Soda Might Just Mix   [02:36PM  The Wall Street Journal]
▶ 3 Stocks Move Heavily in Premarket Monday   [02:07PM  GuruFocus.com]
▶ Dr Pepper Snapple, Keurig Green Mountain to merge   [01:32PM  American City Business Journals]
▶ Dr Pepper Shares Soar After Deal With Keurig   [11:36AM  GuruFocus.com]
▶ Major Tech Earnings In Focus   [10:37AM  Zacks]
Financial statements of DPS
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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