	Dec'19 Actual	Dec'20 Actual	Dec'21 Actual	Dec'22 Actual	Dec'23 Actual	Dec'24 Estimate	Dec'25 Estimate	Dec'26 Estimate	Dec'27 Estimate	Dec'28 Estimate	Dec'29 Estimate	Dec'30 Estimate	Dec'31 Estimate	Dec'32 Estimate	Dec'33 Estimate	Dec'34 Terminal
Revenue % growth	11,982.2 0.8%	10,606.0 (11.5%)	13,763.0 29.8%	17,320.0 25.8%	18,302.0 5.7%	21,334.6 16.6%	22,261.8 4.3%	23,178.6 4.1%	24,107.5 4.0%	25,523.0 5.9%	26,856.9 5.2%	28,087.2 4.6%	29,192.7 3.9%	30,153.3 3.3%	30,950.9 2.6%	31,569.9 2.0%
Operating income (EBIT) % margin	1,651.2 13.8%	813.0 7.7%	1,773.0 12.9%	2,086.0 12.0%	2,339.0 12.8%	2,455.5 11.5%	2,562.3 11.5%	2,667.8 11.5%	2,774.7 11.5%	2,937.6 11.5%	3,091.1 11.5%	3,232.7 11.5%	3,360.0 11.5%	3,470.5 11.5%	3,562.3 11.5%	3,633.6 11.5%
NOPAT % effective tax rate	1,237.8 10.3%	582.6 5.5%	1,267.5 9.2%	1,621.3 9.4%	1,772.0 9.7%	1,860.3 8.7%	1,941.2 8.7%	2,021.1 8.7%	2,102.1 8.7%	2,225.5 8.7%	2,341.9 8.7%	2,449.1 8.7%	2,545.5 8.7%	2,629.3 8.7%	2,698.8 8.7%	2,752.8 8.7%
D&A % of revenue	637.1 5.3%	677.3 6.4%	813.2 5.9%	801.3 4.6%	528.0 2.9%	954.4 4.5%	995.8 4.5%	1,036.9 4.5%	1,078.4 4.5%	1,141.7 4.5%	1,201.4 4.5%	1,256.4 4.5%	1,305.9 4.5%	1,348.9 4.5%	1,384.5 4.5%	1,412.2 4.5%
Capex % of revenue	(600.3) (5.0%)	(408.0) (3.8%)	(349.0) (2.5%)	(603.0) (3.5%)	(672.0) (3.7%)	(689.0) (3.2%)	(719.0) (3.2%)	(748.6) (3.2%)	(778.6) (3.2%)	(824.3) (3.2%)	(867.4) (3.2%)	(907.1) (3.2%)	(942.8) (3.2%)	(973.9) (3.2%)	(999.6) (3.2%)	(1,019.6) (3.2%)
Change in Working Capital % of revenue	(29.9) (0.2%)	216.0 2.0%	(393.0) (2.9%)	427.0 2.5%	232.0 1.3%	62.4 0.3%	65.1 0.3%	67.8 0.3%	70.5 0.3%	74.7 0.3%	78.6 0.3%	82.2 0.3%	85.4 0.3%	88.2 0.3%	90.5 0.3%	92.3 0.3%
Free Cash Flow to Firm (FCFF) % of revenue	1,244.8 10.4%	1,067.9 10.1%	1,338.7 9.7%	2,246.6 13.0%	1,860.0 10.2%	2,188.1 10.3%	2,283.1 10.3%	2,377.2 10.3%	2,472.4 10.3%	2,617.6 10.3%	2,754.4 10.3%	2,880.6 10.3%	2,994.0 10.3%	3,092.5 10.3%	3,174.3 10.3%	3,237.8 10.3%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

CCEP DCF Value

Crunching data... Almost there!

CCEP Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

CCEP Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Jun 30, 2024

LTM Free Cash Flow

4,094.7M

Long-Term growth rate

2.0%

Discount rate

N/A

FX rate

1.1

Reverse DCF Value

N/A

Last share price

71.6

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with CCEP Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Coca-Cola Europacific Partners PLCCCEP CCEP	$40.3B	$51.2B	$158.8 82.7% undervalued	N/A 0.0% overvalued	$158.8 82.7% undervalued	$128.1 47.4% undervalued	$108.0 24.2% undervalued	N/A	N/A	0.0%	0.0%
The Coca-Cola CompanyKO KO	$309.3B	$341.0B	$44.5 38.5% overvalued	$48.3 33.0% overvalued	$40.6 43.9% overvalued	$57.0 21.1% overvalued	$39.6 45.2% overvalued	40.8%	59.2%	13.8%	11.2%
PepsiCo, Inc.PEP PEP	$213.0B	$248.7B	$139.1 10.8% overvalued	$99.2 36.0% overvalued	$178.9 14.7% undervalued	$177.0 13.5% undervalued	$126.3 19.0% overvalued	65.5%	34.5%	4.7%	5.4%
Monster Beverage CorporationMNST MNST	$53.8B	$53.0B	$35.5 35.6% overvalued	$38.1 31.0% overvalued	$33.0 40.1% overvalued	$16.2 70.7% overvalued	$14.6 73.6% overvalued	43.6%	56.4%	7.1%	7.8%
Keurig Dr Pepper Inc.KDP KDP	$46.3B	$63.1B	$34.4 0.8% undervalued	$36.6 7.0% undervalued	$32.2 5.7% overvalued	$29.7 13.0% overvalued	$18.0 47.3% overvalued	58.3%	41.7%	1.5%	4.7%
Coca-Cola FEMSA, S.A.B. de C.V.KOF KOF	$18.7B	$22.3B	$252.3 190.2% undervalued	$80.9 7.0% overvalued	$423.7 387.4% undervalued	$499.6 474.7% undervalued	$1,317.4 1,415.4% undervalued	6.5%	93.5%	50.5%	48.5%
Coca-Cola Consolidated, Inc.COKE COKE	$12.3B	$12.8B	$1,249.1 11.2% overvalued	$561.7 60.0% overvalued	$1,936.4 37.6% undervalued	Negative 496.4% overvalued	N/A 0.0% overvalued	83.5%	16.5%	2.7%	2.8%
Celsius Holdings, Inc.CELH CELH	$6,270.1M	$5,400.1M	$16.1 37.3% overvalued	N/A 0.0% overvalued	$16.1 37.3% overvalued	Negative 112.8% overvalued	$4.8 81.2% overvalued	19.7%	80.3%	19.6%	18.2%
Primo Water CorporationPRMW PRMW	$4,538.3M	$5,336.5M	$20.1 29.1% overvalued	$6.2 78.0% overvalued	$33.9 19.8% undervalued	Negative 143.8% overvalued	Negative 128.1% overvalued	37.4%	62.6%	(1.6%)	(1.9%)
National Beverage Corp.FIZZ FIZZ	$3,772.6M	$3,710.2M	$33.3 17.6% overvalued	$27.3 32.0% overvalued	$39.3 2.8% overvalued	$23.9 40.7% overvalued	$27.3 32.5% overvalued	53.7%	46.3%	6.2%	6.5%
Embotelladora Andina S.A.AKO-B AKO-B	$3,227.4M	$4,319.2M	$24.4K 120,518.9% undervalued	$8,433.0 41,524.0% undervalued	$40.4K 199,513.9% undervalued	$1,020.9K 5,038,988.0% undervalued	$12.2K 60,344.8% undervalued	110.2%	(10.2%)	(13.0%)	(2.1%)