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GROUP 7
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I. Overview of the two companies
II. Analysis Ratios
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O
v
e r
al
PEPSI:
• Founded in 1965
• Popular in Asia for it’s flavor
Remarkable Product:1. Pepsi
2. Gatorade
3. Lay’s
4. Doritos
5. Frappuccino
6. Mountain Dew
• Operating income : $ 6,44 bil(2006)
• Net income: $ 5,64 bil (2006)
• Employee : 153,000 (2005)
COCA-COLA
• Founded in 1892
• Popular in EU and America for it’s
flavor
Remarkable Product:
1. Coca-Cola zero
2. Aquarious
3. Diet Coke
4. Fanta
5. Fruitopia
6. Sprite
• Operating income: $ 8,23 bil(2009)
• Net income: $5,82 bil (2009)
• Employee: 92,400 (2009)
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Profitability Ratios
Return on Equity
Return on assets (investment)
Profit margin
Efficiency
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Profit marginSales
income Net
2009 2008 2007
Coca22% 18% 20.72%
Pepsi13.73% 11.87% 14.30%
990,30
842,6
944,31
807,5
857,28
981,5
232,43
940,5
251,43
134,5
474,39
646,5
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Return on Assets (Investment)
671,48
824,6
14%
14.33%
13.82%
519,40
807,5
269,43
981,5
16.30%
14.26%
14.90%
994,35
134,5
628,34
646,5
848,39
940,52009
2008
2007
assetsTotal
income Net
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Return on Assets (Investment)
assetsTotal
Sales X
Sales
income Net
13.82%
14.33%
14%
16.30%
14.26%
14.90%
12.50%
13.00%
13.50%
14.00%
14.50%
15.00%
15.50%
16.00%
16.50%
2007 2008 2009
Coca-cola
Pepsi
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Return on Equity = __Net income__
Stockholders’ equity
= Return on asset (investment)
(1 – Debt/Assets)
2009 2008 2007
Coca
6,824
24,799
5,807
20,472
5,981
21,74427.5% 28.4% 27.5%
Pepsi
5,940
16,804
5,134
12,106
6,646
17,234
35.4% 42.4% 32.8%
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32.8%
42.4%
35.4%
27.5% 28.4% 27.5%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
2007 2008 2009
Pepsi
Cocacola
Return on Equity
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Receivable Turnover
Fixed Asset Turnover
Inventory Turnover
Average Collection Period
Total Asset Turnover
ASSET UTILIZATION RATIOS
Turn overits assets
morerapidly
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Receivables turnover
8.25
times
10.34
times
8.7
times
309903758
319443090 28857
3317 2009 2008 2007
ceivablecredit Sale
Re)(
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Receivables turnover
9 9.24 9.358.7
10.34
8.25
0
2
4
6
8
10
12
YEAR
T I M
E S
Pepsi
Cocacola
Pepsi 9 9.24 9.35
Cocacola 8.7 10.34 8.25
2007 2008 2009
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Average collection period
___Account receivable___
Average daily credit sales
44 days 39 days
_3758_
86083
_4624_
120.88
3090
88.73 35 days
4683_
120.141 39 days
3317
8.16 41 days
4389
109.65 40 days
Coca Pepsi
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Average collection period
40 39 3941
35
44
0
10
20
30
40
50
YEAR
D A Y S Pepsi
Cocacola
Pepsi 40 39 39
Cocacola 41 35 44
2007 2008 2009
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Inventory turnover = _Sales__
Inventory
2009 2008 2007
Coca 309902354 319442187 288572220
13.16 times 16.61 times 13.00 times
Pepsi 432322618
_43251_2522
394742290
16.51 times 17.15 times 17.24 times
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Inventory turnover
17.24 17.15 16.51
13
14.6113.16
0
2
4
6
810
12
14
16
18
20
YEAR
T I M
E S Pepsi
Cocacola
Pepsi 17.24 17.15 16.51
Cocacola 13 14.61 13.16
2007 2008 2009
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Fixed asset turnover = __Sales___
Fixed assets
2009 2008 2007
Coca
30990
31120
31944
28343
28857
31364
1 times 1.1 times 0.9 times
Pepsi 4323227277
_43251_25188
3947424531
1.6 times 1.7 times 1.6 times
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Fixed assetturnover
0
0,20,4
0,6
0,8
1
1,2
1,4
1,6
1,8
2009 2008 2007
Pepsi
Coca-Cola
Generatesales better
High Low
Over-invested
Pepsi Cola
2009 2008 2007
Cola 1 1.1 0.9
Pepsi 1.6 1.7 1.6
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Total assets turnover = __Sales__
Total assets
2009 2008 2007
Coca 30990
48671
31944
40519 28857
43269
0.6 times 0.8 times 0.7 times
Pepsi 43232
39848
43251
35994 39474
34628
1.1 times 1.2 times 1.1 times
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Total assetsturnover
2009 2008 2007
Cola 0.6 0.8 0.7
Pepsi 1.1 1.2 1.1
Low profitmargins
High Low
High profitmargins
Pepsi Cola
0
0,2
0,4
0,6
0,8
1
1,2
2009 2008 2007
Cola
Pepsi
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Liquidity Ratios
Liquidity of the firm
Current Ratio
Quick Ratio
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Current Ratio
C R
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Current Ratio
2009 2008 2007
COCACOLA
Current assets 17551 12176 12105
Current liabilities 13721 12988 13225
Current Ratio 1.28 0.94 0.92
PEPSICurrent assets 12571 10806 10151
Current liabilities 8756 8787 7753
Current Ratio 1.44 1.23 1.31
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• An indication of a company's ability to meet short-term debt
obligations; the higher the ratio, the more liquid the company is.
• Pepsi’s current ratio is still high, which is favorable for short-termsolvency
• Coca-cola’s current ratio is slightly increase but still under Pepsi
Current Ratio
2007 2008 2009
0,92 0,94 1,28
1,31 1,23 1,44
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Current Ratio
0.92 0.94
1.281.311.23
1.44
00.2
0.4
0.6
0.8
1
1.2
1.41.6
2007 2008 2009
CocacolaPepsi
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Quick Ratio
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2009 2008 2007
COCACOLA
Current assets 17551 12176 10151
Current liabilities 13721 12988 13225Inventories 2354 2187 2220
Quick ratio 1.11 0.77 0.75
PEPSI
Current assets 12571 10806 10151
Current liabilities 8756 8787 7753
Inventories 2618 2522 2290
Quick ratio 1.14 0.94 1.01
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• A measure of a company's liquidity and ability to
meet its obligations. Quick ratio, often referred to asacid-test ratio
Quick Ratio
2007 2008 2009
0,75 0,77 1,11
1,01 0,94 1,14
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Quick Ratio
0.75 0.77
1.11
1.01
0.94
1.14
0
0.2
0.4
0.6
0.8
1
1.2
2007 2008 2009
CocacolaPepsi
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Debt Utilization Ratios
Measure the prudence of the debtmanagement policies of the firm
Debt to total assets
Times Interest Earned
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Debt to total assets =Total debt
Total assets
2009 2008 2007
Coca 23872
48671
20047
40519 21525
43269
50% 50% 50%
Pepsi
23044
39848
23888
35944
17394
34628 60% 70% 50%
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Debt To Total Assets: (%)
50%
70%
60%
50% 50% 50%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009
P e p s i
Coca-
cola
• High Debt ratios high risk><high profit
Times interest earned
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Times interest earned =
Income before interest and taxes
Interest
2009 2008 2007
Coca 8231355
8446438
7252456
23.2 times 19.3 times 15.9 times
Pepsi 8044397
6959329
7182224
20.3 times 21.2 times 32 times
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Times Interest Earned : (times)
32
21.2 20.3
15.9
19.3
23.2
0
5
10
15
20
25
30
35
2007 2008 2009
P e p s i
Coca-
cola
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Market Value Ratio
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Earning per share
Earnings available to
common shareholders
EPS =
Number of outstanding shares
Total earnings divided by the number of shares outstanding
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2009 2008 2007
COCACOLA
Net income 6824 5807 5981
Outstanding shares 2329 2332 2327
EPS 2.93 2.49 2.57
PEPSI
Net income 5946 5142 5658
Outstanding shares 1577 1601 1659
EPS 3.77 3.21 3.41
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Earning per share
2.93
2.49 2.57
3.773.21
3.41
0
0.5
1
1.5
2
2.5
3
3.54
2009 2008 2007
Cocacola
Pepsi
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Payout ratioAmount of earnings paid out in dividends
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2009 2008 2007
COCACOLA
Dividend per share 1.64 1.52 1.36
EPS 2.93 2.49 2.57
Payout ratio 0.55 0.61 0.53
PEPSI
Dividend per share 1.78 1.65 1.43
EPS 3.77 3.21 3.41
Payout ratio 0.47 0.51 0.42
Payout ratio
0.550.61
0.530.47
0.51
0.42
00.1
0.2
0.30.4
0.5
0.6
0.7
2009 2008 2007
CocacolaPepsi
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Price earning ratio
(P/E)
Market price per share
P/E =
Earning per share
Expectation about the future
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2009 2008 2007
COCACOLA
Market price per share 56.99 45.27 61.37
EPS 2.93 2.49 2.57
P/E 19.45 18.18 23.88
PEPSI
Market price per share 60.81 54.96 75.67
EPS 3.77 3.21 3.41
P/E 16.13 17.12 22.19
Price earning ratio
19.4518.18
23.88
16.13
17.12
22.19
0
5
10
15
20
25
30
2009 2008 2007
CocacolaPepsi
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Dividend yield
Dividend per share
Dividend yield =
Market price per share
how much a company pays out in dividends each year
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2009 2008 2007
COCACOLA
Dividend per share 1.64 1.52 1.36
Market price per share 56.99 45.27 61.37
Dividend yield 0.03 0.03 0.02 PEPSI
Dividend per share 1.78 1.65 1.43
Market price per share 60.87 54.96 75.67Dividend yield 0.03 0.03 0.02
Dividend yield
0
0.005
0.01
0.015
0.02
0.025
0.03
0.035
2009 2008 2007
Cocacola
Pepsi
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the ratio of market price of a company's shares(share price) over its book value of equity
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2009 2008 2007
COCACOLA
Market price per share 56.99 45.27 61.37
Book value per share 10.77 8.85 9.38
P/B 5.29 5.12 6.54
PEPSI
Market price per share 60.81 54.96 75.67
Book value per share 10.80 7.86 10.79
P/B 5.63 6.99 7.01
Price to book value
5.29 5.12
6.54
5.63
6.99 7.01
0
1
2
3
45
6
7
8
2009 2008 2007
Cocacola
Pepsi
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Conclusion
Coca-cola• Current ratio slowly
increase
• Stable in debt ratio
• Increase in assetturnover in 2008,decrease in 2009
• Low volatility in ratios
Pepsi• Current ratio is high
• Reduce in debt ratio
• Decrease slightlyasset turnover
• Greater volatility inratios
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