Coke Value Line Report

Coke Value Line Report - TIMELINESS SAFETY TECHNICAL...

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120 100 80 64 48 32 24 20 16 12 8 Percent shares traded 6 4 2 Target Price Range 2011 2012 2013 COCA-COLA NYSE-KO 46.03 15.0 15.4 26.0 1.28 3.4% T I M E L I N E SS 2 R a i sed 10 / 31 / 08 S AFE TY 1 N e w 7 / 27 / 90 TEC H N I C A L 4 Lo w e r ed 10 / 31 / 08 BE T A . 60 ( 1 . 00 = M a r ke t ) 2011-13 PROJECTIONS Ann’l Total Price Gain Return High 90 (+95%) 20% Low 75 (+65%) 16% Insider Decisions D J F M A M J J A to Buy 003001000 Options 000000000 to Sell Institutional Decisions 4Q2007 1Q2008 2Q2008 to Buy 605 498 527 to Sell 530 647 613 Hld’s(000) 154464315319211501491 High: 72.6 88.9 70.9 66.9 62.2 57.9 50.9 53.5 45.3 49.3 64.3 65.6 Low: 50.0 53.6 47.3 42.9 42.4 42.9 37.0 38.3 40.3 39.4 45.6 40.3 % T O T . R E T U R N 9 / 08 T H I S V L A R I T H . S T OC K I N D E X 1 yr. -5.6 -19.3 3 yr. 32.6 1.5 5 yr. 40.3 43.8 CAPITAL STRUCTURE as of 8/26/08 Total Debt $11524.0 mill. Due in 5 Yrs. $7450.0 LT Debt $2877.0 mill. Total Int. $285.0 mill. F (Total interest coverage: 15x) (33% of Cap’l) F Pension Assets-12/07 $3.42 bill. Oblig. $3.51 bill. Pfd Stock None Common Stock 2,311,497,962 shs. as of 7/21/08 MARKET CAP: $106 billion (Large Cap) CURRENT POSITION 2006 2007 8/26/08 ($MILL.) Cash Assets 2590 4308 8084 Receivables 2587 3317 3674 Inventory (Avg Cst) 1641 2220 2321 Other 1623 2260 2741 Current Assets 8441 12105 16820 Accts Payable 5055 6915 7659 Debt Due 3268 6052 8647 Other 567 258 281 Current Liab. 8890 13225 16587 ANNUAL RATES Past Past Est’d ’05-’07 of change (per sh) 10 Yrs. 5 Yrs. to ’11-’13 Sales 3.5% 4.5% 8.0% ‘‘Cash Flow’’ 6.5% 8.0% 8.0% Earnings 6.5% 8.5% 8.5% Dividends 9.5% 10.5% 7.0% Book Value 12.0% 11.5% 14.0% Cal- Full endar Year QUARTERLY SALES ($ mill.) Mar.Per Jun.30r Sep.Per Dec.Per 2005 5206 6310 6037 5551 23104 2006 5226 6476 6454 5932 24088 2007 6103 7733 7690 7331 28857 2008 7379 9046 8393 7882 32700 2009 7700 9350 8900 8550 34500 Cal- Full endar Year EARNINGS PER SHARE A Mar.Per Jun.Per Sep.Per Dec.Per 2005 .47 .67 .57 .46 2.17 2006 .49 .74 .62 .52 2.37 2007 .54 .80 .71 .52 2.57 2008 .64 1.01 .81 .60 3.06 2009 .65 1.05 .85 .70 3.25 Cal- Full endar Year QUARTERLY DIVIDENDS PAID B Mar.31 Jun.30 Sep.30 Dec.31 2004 - - .25 .25 .50 1.00 2005 - - .28 .28 .56 1.12 2006 - - .31 .31 .62 1.24 2007 - - .34 .34 .68 1.36 2008 - - .38 .38 .38 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 E 2002 2003 2004 2005 5.00 5.38 6.34 7.19 7.48 7.64 7.63 8.01 8.23 7.06 7.92 8.62 9.12 9.75 .84 .98 1.16 1.37 1.60 1.92 1.69 1.63 1.79 1.92 1.99 2.31 2.45 2.59 .72 .84 .99 1.19 1.40 1.64 1.42 1.30 1.48 1.60 1.65 1.95 2.06 2.17 .28 .34 .39 .44 .50 .56 .60 .64 .68 .72 .80 .88 1.00 1.12 .41 .31 .34 .37 .40 .44 .35 .43 .30 .31 .34 .33 .31 .38 1.49 1.77 2.05 2.15 2.48 2.96 3.41 3.85 3.75 4.57 4.78 5.77 6.61 6.90 2613.7 2594.9 2551.9 2504.6 2481.0 2470.6 2465.5 2471.6 2484.8 2486.2 2471.0 2441.5 2409.3 2369.0 28.7 25.1 22.5 26.8 32.8 38.1 51.3 47.5 37.5 30.5 30.2 22.6 22.6 19.7 1.74 1.48 1.48 1.79 2.05 2.20 2.67 2.71 2.44 1.56 1.65 1.29 1.19 1.05 1.4% 1.6% 1.7% 1.4% 1.1% .9% .8% 1.0% 1.2% 1.5% 1.6% 2.0% 2.2% 2.6% 18813 19805 20458 17545 19564 21044 21962 23104 29.8% 28.2% 28.9% 35.1% 32.0% 31.6% 32.2% 30.8% 645.0 792.0 773.0 803.0 806.0 850.0
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