Intrinsic value of Keurig Dr Pepper - KDP

Previous Close

$25.92

  Intrinsic Value

$10.85

stock screener

  Rating & Target

str. sell

-58%

Previous close

$25.92

 
Intrinsic value

$10.85

 
Up/down potential

-58%

 
Rating

str. sell

We calculate the intrinsic value of KDP 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 0001), $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 36.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  7,025
  7,376
  7,745
  8,132
  8,538
  8,965
  9,414
  9,884
  10,378
  10,897
  11,442
  12,014
  12,615
  13,246
  13,908
  14,603
  15,334
  16,100
  16,905
  17,751
  18,638
  19,570
  20,548
  21,576
  22,655
  23,787
  24,977
  26,226
  27,537
  28,914
Variable operating expenses, $m
  5,421
  5,656
  5,902
  6,160
  6,431
  6,716
  7,015
  7,329
  7,659
  8,005
  7,635
  8,017
  8,417
  8,838
  9,280
  9,744
  10,231
  10,743
  11,280
  11,844
  12,436
  13,058
  13,711
  14,397
  15,116
  15,872
  16,666
  17,499
  18,374
  19,293
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
  5,421
  5,656
  5,902
  6,160
  6,431
  6,716
  7,015
  7,329
  7,659
  8,005
  7,635
  8,017
  8,417
  8,838
  9,280
  9,744
  10,231
  10,743
  11,280
  11,844
  12,436
  13,058
  13,711
  14,397
  15,116
  15,872
  16,666
  17,499
  18,374
  19,293
Operating income, $m
  1,603
  1,720
  1,843
  1,972
  2,107
  2,249
  2,398
  2,555
  2,719
  2,892
  3,807
  3,998
  4,198
  4,407
  4,628
  4,859
  5,102
  5,357
  5,625
  5,906
  6,202
  6,512
  6,837
  7,179
  7,538
  7,915
  8,311
  8,726
  9,163
  9,621
EBITDA, $m
  2,492
  2,617
  2,747
  2,885
  3,029
  3,180
  3,339
  3,506
  3,682
  3,866
  4,059
  4,262
  4,475
  4,699
  4,934
  5,181
  5,440
  5,712
  5,997
  6,297
  6,612
  6,942
  7,289
  7,654
  8,037
  8,439
  8,860
  9,303
  9,769
  10,257
Interest expense (income), $m
  0
  242
  262
  283
  306
  329
  354
  380
  408
  436
  466
  498
  531
  566
  603
  641
  682
  724
  769
  816
  865
  916
  971
  1,027
  1,087
  1,150
  1,216
  1,285
  1,357
  1,434
  1,514
Earnings before tax, $m
  1,361
  1,458
  1,560
  1,666
  1,778
  1,895
  2,018
  2,147
  2,283
  2,425
  3,309
  3,466
  3,631
  3,805
  3,986
  4,177
  4,378
  4,588
  4,809
  5,042
  5,285
  5,541
  5,810
  6,092
  6,388
  6,699
  7,026
  7,369
  7,729
  8,107
Tax expense, $m
  368
  394
  421
  450
  480
  512
  545
  580
  616
  655
  893
  936
  980
  1,027
  1,076
  1,128
  1,182
  1,239
  1,299
  1,361
  1,427
  1,496
  1,569
  1,645
  1,725
  1,809
  1,897
  1,990
  2,087
  2,189
Net income, $m
  994
  1,065
  1,138
  1,216
  1,298
  1,383
  1,473
  1,567
  1,666
  1,771
  2,416
  2,530
  2,651
  2,777
  2,910
  3,049
  3,196
  3,350
  3,511
  3,680
  3,858
  4,045
  4,241
  4,447
  4,664
  4,891
  5,129
  5,379
  5,642
  5,918

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
  10,516
  11,042
  11,594
  12,173
  12,782
  13,421
  14,092
  14,797
  15,537
  16,313
  17,129
  17,985
  18,885
  19,829
  20,820
  21,861
  22,954
  24,102
  25,307
  26,573
  27,901
  29,296
  30,761
  32,299
  33,914
  35,610
  37,390
  39,260
  41,223
  43,284
Adjusted assets (=assets-cash), $m
  10,516
  11,042
  11,594
  12,173
  12,782
  13,421
  14,092
  14,797
  15,537
  16,313
  17,129
  17,985
  18,885
  19,829
  20,820
  21,861
  22,954
  24,102
  25,307
  26,573
  27,901
  29,296
  30,761
  32,299
  33,914
  35,610
  37,390
  39,260
  41,223
  43,284
Revenue / Adjusted assets
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
  0.668
Average production assets, $m
  4,636
  4,868
  5,111
  5,367
  5,635
  5,917
  6,213
  6,524
  6,850
  7,192
  7,552
  7,929
  8,326
  8,742
  9,179
  9,638
  10,120
  10,626
  11,157
  11,715
  12,301
  12,916
  13,562
  14,240
  14,952
  15,700
  16,485
  17,309
  18,174
  19,083
Working capital, $m
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -304
  -320
  -335
  -352
  -370
  -388
  -408
  -428
  -450
  -472
  -496
  -520
Total debt, $m
  4,847
  5,244
  5,661
  6,099
  6,558
  7,041
  7,548
  8,079
  8,638
  9,225
  9,840
  10,487
  11,166
  11,879
  12,627
  13,413
  14,239
  15,105
  16,015
  16,970
  17,974
  19,027
  20,133
  21,294
  22,513
  23,794
  25,138
  26,549
  28,031
  29,588
Total liabilities, $m
  7,939
  8,336
  8,753
  9,191
  9,650
  10,133
  10,640
  11,171
  11,730
  12,317
  12,932
  13,579
  14,258
  14,971
  15,719
  16,505
  17,331
  18,197
  19,107
  20,062
  21,066
  22,119
  23,225
  24,386
  25,605
  26,886
  28,230
  29,641
  31,123
  32,680
Total equity, $m
  2,576
  2,705
  2,840
  2,982
  3,132
  3,288
  3,453
  3,625
  3,806
  3,997
  4,197
  4,406
  4,627
  4,858
  5,101
  5,356
  5,624
  5,905
  6,200
  6,510
  6,836
  7,178
  7,536
  7,913
  8,309
  8,724
  9,161
  9,619
  10,100
  10,605
Total liabilities and equity, $m
  10,515
  11,041
  11,593
  12,173
  12,782
  13,421
  14,093
  14,796
  15,536
  16,314
  17,129
  17,985
  18,885
  19,829
  20,820
  21,861
  22,955
  24,102
  25,307
  26,572
  27,902
  29,297
  30,761
  32,299
  33,914
  35,610
  37,391
  39,260
  41,223
  43,285
Debt-to-equity ratio
  1.880
  1.940
  1.990
  2.040
  2.090
  2.140
  2.190
  2.230
  2.270
  2.310
  2.340
  2.380
  2.410
  2.450
  2.480
  2.500
  2.530
  2.560
  2.580
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
  2.730
  2.740
  2.760
  2.780
  2.790
Adjusted equity ratio
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  994
  1,065
  1,138
  1,216
  1,298
  1,383
  1,473
  1,567
  1,666
  1,771
  2,416
  2,530
  2,651
  2,777
  2,910
  3,049
  3,196
  3,350
  3,511
  3,680
  3,858
  4,045
  4,241
  4,447
  4,664
  4,891
  5,129
  5,379
  5,642
  5,918
Depreciation, amort., depletion, $m
  889
  896
  905
  913
  922
  931
  941
  952
  963
  974
  252
  264
  278
  291
  306
  321
  337
  354
  372
  391
  410
  431
  452
  475
  498
  523
  549
  577
  606
  636
Funds from operations, $m
  1,882
  1,961
  2,043
  2,129
  2,220
  2,315
  2,414
  2,519
  2,629
  2,744
  2,667
  2,795
  2,928
  3,069
  3,216
  3,371
  3,533
  3,704
  3,883
  4,071
  4,268
  4,476
  4,693
  4,922
  5,162
  5,414
  5,679
  5,956
  6,248
  6,554
Change in working capital, $m
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
Cash from operations, $m
  1,889
  1,967
  2,050
  2,136
  2,227
  2,322
  2,422
  2,528
  2,638
  2,754
  2,677
  2,805
  2,939
  3,080
  3,228
  3,383
  3,546
  3,718
  3,897
  4,086
  4,284
  4,492
  4,711
  4,940
  5,181
  5,434
  5,700
  5,979
  6,272
  6,579
Maintenance CAPEX, $m
  -147
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -278
  -291
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -452
  -475
  -498
  -523
  -549
  -577
  -606
New CAPEX, $m
  -220
  -232
  -243
  -256
  -268
  -282
  -296
  -311
  -326
  -342
  -360
  -378
  -396
  -416
  -437
  -459
  -482
  -506
  -531
  -558
  -586
  -615
  -646
  -678
  -712
  -748
  -785
  -824
  -865
  -909
Cash from investing activities, $m
  -367
  -387
  -405
  -426
  -447
  -470
  -493
  -518
  -543
  -570
  -600
  -630
  -660
  -694
  -728
  -765
  -803
  -843
  -885
  -930
  -977
  -1,025
  -1,077
  -1,130
  -1,187
  -1,246
  -1,308
  -1,373
  -1,442
  -1,515
Free cash flow, $m
  1,521
  1,581
  1,644
  1,710
  1,780
  1,853
  1,929
  2,010
  2,094
  2,183
  2,078
  2,176
  2,278
  2,386
  2,499
  2,618
  2,743
  2,874
  3,012
  3,156
  3,308
  3,467
  3,635
  3,810
  3,995
  4,188
  4,392
  4,605
  4,829
  5,065
Issuance/(repayment) of debt, $m
  368
  397
  417
  438
  460
  483
  507
  532
  559
  587
  616
  647
  679
  713
  749
  786
  825
  867
  910
  955
  1,003
  1,053
  1,106
  1,161
  1,219
  1,280
  1,344
  1,411
  1,482
  1,556
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  
  368
  397
  417
  438
  460
  483
  507
  532
  559
  587
  616
  647
  679
  713
  749
  786
  825
  867
  910
  955
  1,003
  1,053
  1,106
  1,161
  1,219
  1,280
  1,344
  1,411
  1,482
  1,556
Total cash flow (excl. dividends), $m
  1,889
  1,978
  2,061
  2,148
  2,239
  2,335
  2,436
  2,542
  2,653
  2,769
  2,694
  2,822
  2,957
  3,099
  3,248
  3,404
  3,568
  3,741
  3,922
  4,112
  4,311
  4,521
  4,741
  4,971
  5,214
  5,469
  5,736
  6,017
  6,311
  6,621
Retained Cash Flow (-), $m
  -125
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -310
  -326
  -342
  -359
  -377
  -396
  -415
  -436
  -458
  -481
  -505
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
  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
  1,764
  1,849
  1,926
  2,006
  2,090
  2,179
  2,272
  2,369
  2,472
  2,579
  2,494
  2,612
  2,737
  2,868
  3,005
  3,149
  3,301
  3,460
  3,626
  3,802
  3,986
  4,179
  4,382
  4,595
  4,818
  5,053
  5,300
  5,559
  5,830
  6,116
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
  1,624
  1,556
  1,467
  1,372
  1,271
  1,166
  1,059
  950
  842
  737
  590
  503
  423
  350
  284
  227
  177
  136
  102
  74
  53
  37
  25
  17
  11
  7
  4
  2
  1
  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

FINANCIAL RATIOS  of  Keurig Dr Pepper (KDP)

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%

KDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KDP stock intrinsic value calculation we used $6690 million for the last fiscal year's total revenue generated by Keurig Dr Pepper. The default revenue input number comes from 0001 income statement of Keurig Dr Pepper. 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 KDP stock valuation model: a) initial revenue growth rate of 5% 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 KDP is calculated based on our internal credit rating of Keurig Dr Pepper, 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 Keurig Dr Pepper.
    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 KDP stock the variable cost ratio is equal to 77.7%.

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 KDP 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 Keurig Dr Pepper.

Corporate tax rate of 27% is the nominal tax rate for Keurig Dr Pepper. 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 KDP 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 KDP are equal to 66%.

Life of production assets of 33.5 years is the average useful life of capital assets used in Keurig Dr Pepper 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 KDP is equal to -1.8%. 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 - $2451 million for Keurig Dr Pepper - 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 1388.73 million for Keurig Dr Pepper 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 Keurig Dr Pepper at the current share price and the inputted number of shares is $36.0 billion.

COMPANY NEWS

▶ Weekly Top Insider Buys Highlight for the Week of Dec. 14   [Dec-15-18 03:44PM  GuruFocus.com]
▶ What Might Go Wrong for Keurig Dr Pepper?   [11:34AM  Motley Fool]
▶ What's Winning for Keurig Dr Pepper?   [11:29AM  Motley Fool]
▶ Keurig Dr Pepper: Inside the Numbers   [11:20AM  Motley Fool]
▶ What's Next for Keurig Dr Pepper?   [11:12AM  Motley Fool]
▶ Keurig Dr. Pepper After the Merge -- Where Are They Now?   [Dec-12-18 01:27PM  Motley Fool]
▶ Weekly Top Insider Buys Highlight for the Week of Dec. 7   [Dec-08-18 10:54PM  GuruFocus.com]
▶ Keurig Dr Pepper Declares Quarterly Dividend   [Dec-03-18 04:30PM  PR Newswire]
▶ 2 Top Stocks to Buy in the Coffee Sector   [Dec-02-18 10:16AM  Motley Fool]
▶ Weekly Top Insider Buys Highlight for the Week of Nov. 30   [Dec-01-18 05:50PM  GuruFocus.com]
▶ Weekly Top Insider Buys Highlight for the Week of Nov. 23   [Nov-25-18 02:35PM  GuruFocus.com]
▶ Weekly Top Insider Buys Highlight for the Week of Nov. 16   [Nov-17-18 02:09PM  GuruFocus.com]
▶ Drinkworks Home Bar Is a Keurig for Cocktails   [Nov-14-18 05:35PM  InvestorPlace]
▶ 3 Beverage Stocks Making New Highs   [Nov-12-18 10:06AM  Investopedia]
▶ Keurig Dr Pepper Earnings beat, Revenue misses In Q3   [Nov-07-18 06:56PM  Investing.com]
▶ Mario Gabelli Trims Keurig Dr Pepper, Chemed Positions   [Nov-05-18 04:04PM  GuruFocus.com]
▶ Investors Should Buy PZZA While Its on Sale   [Oct-10-18 06:30AM  InvestorPlace]
▶ Keurig Dr Pepper Reaffirms Guidance for 2018   [Oct-09-18 04:30PM  PR Newswire]
▶ Keurig Dr Pepper acquires healthy drink brand for $525M   [Sep-27-18 12:00PM  American City Business Journals]
▶ Top Insider Buys Highlight for the Week of Sept. 14   [Sep-14-18 07:09PM  GuruFocus.com]
▶ Keurig Dr Pepper Declares First Quarterly Dividend   [Sep-13-18 04:30PM  PR Newswire]
▶ Top Insider Buys Highlight for the Week of Sept. 7   [Sep-09-18 01:55PM  GuruFocus.com]
▶ The Biggest Dividend I've Ever Seen   [08:15AM  Motley Fool]
▶ Coca-Cola Enters Another High-Profit Category   [Sep-05-18 11:20AM  InvestorPlace]
▶ Pepsi (PEP) Buys SodaStream (SODA) for $144 per Share   [Aug-20-18 06:05PM  InvestorPlace]
▶ Weekly Top Insider Buys Highlight for the Week of Aug. 17   [Aug-18-18 11:31AM  GuruFocus.com]
▶ Correction: Earns-Keurig Dr Pepper story   [Aug-09-18 02:56PM  Associated Press]
▶ Pepsi Stock Should Continue to Satisfy Investors   [Jul-26-18 06:42PM  InvestorPlace]
▶ Earnings Beat Reaffirms PepsiCo Stock As a Dividend Play   [Jul-10-18 11:59AM  InvestorPlace]

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