Intrinsic value of Coca-Cola Bottling Consolidated - COKE

Previous Close

$174.81

  Intrinsic Value

$1,145

stock screener

  Rating & Target

str. buy

+555%

Previous close

$174.81

 
Intrinsic value

$1,145

 
Up/down potential

+555%

 
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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  37.00
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
Revenue, $m
  5,924
  7,926
  10,377
  13,316
  16,778
  20,787
  25,362
  30,512
  36,240
  42,545
  49,420
  56,853
  64,834
  73,349
  82,386
  91,934
  101,982
  112,523
  123,554
  135,073
  147,081
  159,585
  172,594
  186,118
  200,175
  214,782
  229,962
  245,739
  262,142
  279,200
Variable operating expenses, $m
  5,646
  7,517
  9,808
  12,555
  15,790
  19,537
  23,812
  28,624
  33,978
  39,870
  46,184
  53,131
  60,590
  68,548
  76,993
  85,916
  95,306
  105,157
  115,466
  126,231
  137,453
  149,138
  161,295
  173,934
  187,071
  200,722
  214,908
  229,652
  244,981
  260,923
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
  5,646
  7,517
  9,808
  12,555
  15,790
  19,537
  23,812
  28,624
  33,978
  39,870
  46,184
  53,131
  60,590
  68,548
  76,993
  85,916
  95,306
  105,157
  115,466
  126,231
  137,453
  149,138
  161,295
  173,934
  187,071
  200,722
  214,908
  229,652
  244,981
  260,923
Operating income, $m
  278
  409
  569
  762
  988
  1,251
  1,550
  1,887
  2,262
  2,675
  3,235
  3,722
  4,244
  4,802
  5,393
  6,018
  6,676
  7,366
  8,088
  8,842
  9,628
  10,447
  11,298
  12,184
  13,104
  14,060
  15,054
  16,087
  17,160
  18,277
EBITDA, $m
  657
  880
  1,151
  1,478
  1,862
  2,307
  2,814
  3,386
  4,021
  4,721
  5,484
  6,309
  7,194
  8,139
  9,142
  10,201
  11,316
  12,486
  13,710
  14,988
  16,321
  17,708
  19,151
  20,652
  22,212
  23,833
  25,517
  27,268
  29,088
  30,981
Interest expense (income), $m
  35
  61
  115
  183
  266
  365
  482
  618
  773
  947
  1,140
  1,354
  1,586
  1,837
  2,107
  2,395
  2,701
  3,023
  3,363
  3,720
  4,093
  4,482
  4,888
  5,311
  5,751
  6,208
  6,683
  7,177
  7,691
  8,224
  8,779
Earnings before tax, $m
  217
  293
  386
  496
  623
  768
  932
  1,115
  1,316
  1,535
  1,882
  2,136
  2,407
  2,694
  2,998
  3,318
  3,653
  4,003
  4,369
  4,750
  5,146
  5,559
  5,987
  6,433
  6,896
  7,377
  7,877
  8,396
  8,936
  9,499
Tax expense, $m
  58
  79
  104
  134
  168
  207
  252
  301
  355
  414
  508
  577
  650
  728
  809
  896
  986
  1,081
  1,179
  1,282
  1,389
  1,501
  1,617
  1,737
  1,862
  1,992
  2,127
  2,267
  2,413
  2,565
Net income, $m
  158
  214
  282
  362
  455
  561
  681
  814
  960
  1,120
  1,374
  1,559
  1,757
  1,967
  2,189
  2,422
  2,666
  2,922
  3,189
  3,467
  3,757
  4,058
  4,371
  4,696
  5,034
  5,385
  5,750
  6,129
  6,524
  6,934

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
Total assets, $m
  4,210
  5,633
  7,375
  9,464
  11,925
  14,774
  18,026
  21,686
  25,757
  30,238
  35,124
  40,407
  46,080
  52,132
  58,555
  65,340
  72,482
  79,974
  87,814
  96,001
  104,535
  113,422
  122,668
  132,280
  142,271
  152,653
  163,441
  174,655
  186,312
  198,436
Adjusted assets (=assets-cash), $m
  4,210
  5,633
  7,375
  9,464
  11,925
  14,774
  18,026
  21,686
  25,757
  30,238
  35,124
  40,407
  46,080
  52,132
  58,555
  65,340
  72,482
  79,974
  87,814
  96,001
  104,535
  113,422
  122,668
  132,280
  142,271
  152,653
  163,441
  174,655
  186,312
  198,436
Revenue / Adjusted assets
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
  1.407
Average production assets, $m
  2,695
  3,606
  4,721
  6,059
  7,634
  9,458
  11,540
  13,883
  16,489
  19,358
  22,486
  25,868
  29,500
  33,374
  37,486
  41,830
  46,402
  51,198
  56,217
  61,458
  66,922
  72,611
  78,530
  84,684
  91,080
  97,726
  104,633
  111,811
  119,274
  127,036
Working capital, $m
  -255
  -341
  -446
  -573
  -721
  -894
  -1,091
  -1,312
  -1,558
  -1,829
  -2,125
  -2,445
  -2,788
  -3,154
  -3,543
  -3,953
  -4,385
  -4,839
  -5,313
  -5,808
  -6,324
  -6,862
  -7,422
  -8,003
  -8,608
  -9,236
  -9,888
  -10,567
  -11,272
  -12,006
Total debt, $m
  2,135
  3,389
  4,923
  6,764
  8,931
  11,442
  14,306
  17,531
  21,118
  25,065
  29,370
  34,024
  39,022
  44,354
  50,012
  55,990
  62,282
  68,883
  75,790
  83,002
  90,521
  98,351
  106,496
  114,964
  123,766
  132,912
  142,417
  152,296
  162,567
  173,248
Total liabilities, $m
  3,709
  4,963
  6,498
  8,338
  10,506
  13,016
  15,880
  19,105
  22,692
  26,640
  30,944
  35,599
  40,596
  45,928
  51,587
  57,565
  63,856
  70,457
  77,364
  84,576
  92,096
  99,925
  108,070
  116,539
  125,340
  134,487
  143,992
  153,871
  164,141
  174,822
Total equity, $m
  501
  670
  878
  1,126
  1,419
  1,758
  2,145
  2,581
  3,065
  3,598
  4,180
  4,808
  5,483
  6,204
  6,968
  7,775
  8,625
  9,517
  10,450
  11,424
  12,440
  13,497
  14,597
  15,741
  16,930
  18,166
  19,450
  20,784
  22,171
  23,614
Total liabilities and equity, $m
  4,210
  5,633
  7,376
  9,464
  11,925
  14,774
  18,025
  21,686
  25,757
  30,238
  35,124
  40,407
  46,079
  52,132
  58,555
  65,340
  72,481
  79,974
  87,814
  96,000
  104,536
  113,422
  122,667
  132,280
  142,270
  152,653
  163,442
  174,655
  186,312
  198,436
Debt-to-equity ratio
  4.260
  5.050
  5.610
  6.010
  6.290
  6.510
  6.670
  6.790
  6.890
  6.970
  7.030
  7.080
  7.120
  7.150
  7.180
  7.200
  7.220
  7.240
  7.250
  7.270
  7.280
  7.290
  7.300
  7.300
  7.310
  7.320
  7.320
  7.330
  7.330
  7.340
Adjusted equity ratio
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119
  0.119

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  158
  214
  282
  362
  455
  561
  681
  814
  960
  1,120
  1,374
  1,559
  1,757
  1,967
  2,189
  2,422
  2,666
  2,922
  3,189
  3,467
  3,757
  4,058
  4,371
  4,696
  5,034
  5,385
  5,750
  6,129
  6,524
  6,934
Depreciation, amort., depletion, $m
  380
  471
  582
  716
  874
  1,056
  1,264
  1,498
  1,759
  2,046
  2,249
  2,587
  2,950
  3,337
  3,749
  4,183
  4,640
  5,120
  5,622
  6,146
  6,692
  7,261
  7,853
  8,468
  9,108
  9,773
  10,463
  11,181
  11,927
  12,704
Funds from operations, $m
  538
  685
  864
  1,078
  1,328
  1,617
  1,945
  2,312
  2,719
  3,166
  3,622
  4,146
  4,707
  5,304
  5,937
  6,605
  7,307
  8,042
  8,811
  9,613
  10,449
  11,319
  12,224
  13,164
  14,142
  15,158
  16,213
  17,310
  18,451
  19,638
Change in working capital, $m
  -69
  -86
  -105
  -126
  -149
  -172
  -197
  -221
  -246
  -271
  -296
  -320
  -343
  -366
  -389
  -411
  -432
  -453
  -474
  -495
  -516
  -538
  -559
  -582
  -604
  -628
  -653
  -678
  -705
  -734
Cash from operations, $m
  607
  771
  970
  1,204
  1,477
  1,789
  2,141
  2,534
  2,966
  3,437
  3,918
  4,466
  5,050
  5,671
  6,326
  7,015
  7,739
  8,495
  9,285
  10,108
  10,965
  11,857
  12,783
  13,746
  14,746
  15,786
  16,866
  17,989
  19,156
  20,371
Maintenance CAPEX, $m
  -197
  -270
  -361
  -472
  -606
  -763
  -946
  -1,154
  -1,388
  -1,649
  -1,936
  -2,249
  -2,587
  -2,950
  -3,337
  -3,749
  -4,183
  -4,640
  -5,120
  -5,622
  -6,146
  -6,692
  -7,261
  -7,853
  -8,468
  -9,108
  -9,773
  -10,463
  -11,181
  -11,927
New CAPEX, $m
  -729
  -911
  -1,115
  -1,338
  -1,575
  -1,824
  -2,081
  -2,343
  -2,606
  -2,869
  -3,128
  -3,382
  -3,631
  -3,874
  -4,112
  -4,344
  -4,572
  -4,796
  -5,019
  -5,241
  -5,464
  -5,689
  -5,919
  -6,154
  -6,396
  -6,646
  -6,907
  -7,179
  -7,463
  -7,761
Cash from investing activities, $m
  -926
  -1,181
  -1,476
  -1,810
  -2,181
  -2,587
  -3,027
  -3,497
  -3,994
  -4,518
  -5,064
  -5,631
  -6,218
  -6,824
  -7,449
  -8,093
  -8,755
  -9,436
  -10,139
  -10,863
  -11,610
  -12,381
  -13,180
  -14,007
  -14,864
  -15,754
  -16,680
  -17,642
  -18,644
  -19,688
Free cash flow, $m
  -320
  -409
  -506
  -605
  -704
  -798
  -886
  -964
  -1,029
  -1,080
  -1,146
  -1,165
  -1,168
  -1,154
  -1,123
  -1,077
  -1,016
  -941
  -854
  -754
  -644
  -525
  -397
  -261
  -118
  32
  187
  347
  512
  682
Issuance/(repayment) of debt, $m
  1,003
  1,254
  1,535
  1,841
  2,168
  2,510
  2,864
  3,225
  3,587
  3,948
  4,304
  4,655
  4,997
  5,332
  5,659
  5,978
  6,292
  6,601
  6,907
  7,212
  7,519
  7,829
  8,145
  8,469
  8,802
  9,146
  9,505
  9,879
  10,270
  10,681
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
Cash from financing (excl. dividends), $m  
  1,003
  1,254
  1,535
  1,841
  2,168
  2,510
  2,864
  3,225
  3,587
  3,948
  4,304
  4,655
  4,997
  5,332
  5,659
  5,978
  6,292
  6,601
  6,907
  7,212
  7,519
  7,829
  8,145
  8,469
  8,802
  9,146
  9,505
  9,879
  10,270
  10,681
Total cash flow (excl. dividends), $m
  684
  844
  1,028
  1,235
  1,464
  1,712
  1,978
  2,261
  2,558
  2,868
  3,159
  3,489
  3,829
  4,178
  4,535
  4,901
  5,275
  5,659
  6,053
  6,458
  6,875
  7,305
  7,749
  8,208
  8,684
  9,178
  9,691
  10,226
  10,783
  11,363
Retained Cash Flow (-), $m
  -134
  -169
  -207
  -249
  -293
  -339
  -387
  -436
  -485
  -533
  -581
  -629
  -675
  -720
  -764
  -807
  -850
  -892
  -933
  -974
  -1,016
  -1,058
  -1,100
  -1,144
  -1,189
  -1,235
  -1,284
  -1,334
  -1,387
  -1,443
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
  9
  12
  16
  21
  27
  34
  42
  51
  61
  72
  85
  99
  114
  130
  147
  165
  184
  204
  225
  247
  270
  294
  319
  345
  372
  400
  430
  460
  491
  524
Cash available for distribution, $m
  550
  675
  821
  987
  1,171
  1,373
  1,592
  1,825
  2,073
  2,334
  2,577
  2,861
  3,154
  3,458
  3,771
  4,093
  4,426
  4,768
  5,120
  5,484
  5,859
  6,247
  6,648
  7,064
  7,495
  7,942
  8,408
  8,891
  9,395
  9,920
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  506
  568
  626
  675
  712
  735
  742
  732
  707
  667
  609
  551
  488
  422
  357
  295
  238
  187
  144
  107
  78
  55
  38
  25
  16
  10
  6
  4
  2
  1
Current shareholders' claim on cash, %
  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 32.5
Price to Sales 0.5
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow -148
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 $4324 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 37% 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 8.6%, 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 96%.

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 5.4% 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 0.2%.

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 45.5%.

Life of production assets of 10 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 -4.3%. 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 - $367 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 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 $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
KO Coca-Cola 46.60 13.92  str.sell
DPS Dr Pepper Snap 123.66 74.32  sell
PEP PepsiCo 114.96 101.62  hold
FIZZ National Bever 116.93 170.84  str.buy
COT Cott 15.97 43.34  str.buy
KOF Coca-Cola Fems 62.53 6.06  str.sell

COMPANY NEWS

▶ Coca-Cola Bottling: 2Q Earnings Snapshot   [Aug-08-18 05:56PM  Associated Press]
▶ Will Philly's state Supreme Court win cause soda taxes to bubble up elsewhere?   [Jul-23-18 03:02PM  American City Business Journals]
▶ Coca-Cola to invest in, expand Cincinnati operations   [Jun-29-18 12:37PM  American City Business Journals]
▶ Coca-Cola to open huge facility in NKY, create 430 jobs   [Jun-28-18 12:00PM  American City Business Journals]
▶ Coca-Cola Bottling: 1Q Earnings Snapshot   [May-09-18 05:03AM  Associated Press]
▶ Coca-Cola Bottling posts 4Q profit   [05:04AM  Associated Press]
▶ Giving Stocks as a Gift Could Be New Holiday Tradition   [Dec-22-17 04:28PM  TheStreet.com]
▶ Need a sales expert? This Google vet has 'Emissaries' ready to help   [Dec-21-17 01:06PM  American City Business Journals]
▶ 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]
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