* Financial leverage = Return on equity (%)
2.18 42.33
KO 2009 22.02 0.69 15.30 1.97 30.15
KO 2008 18.18 0.76 13.86 1.98 27.51
PEP PEP PEP 2010 2009 2008 10.93 13.75 11.89 1.07 1.14 1.22 11.70 15.68 14.56 2.85 2.63 2.41 33.36 41.25 35.15
根据一项20世纪的调查，全世界最流行的三个词分别是：上帝、她、 可口可乐
Introduction
可口可乐公司介绍
可口可乐的诞生与发展
可口可乐的市场现况
Coca-Cola’s Products
/通用格式
/通用格式 销售收入 (Sales)
/通用格式
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Profitability Ratios Year
KO KO KO PEP PEP PEP 2010 2009 2008 2010 2009 2008
Gross profit margin (%) 63.86 64.22 64.39 54.74 53.51 52.95
EBITDA margin (%) 28.17 30.55 30.28 20.92 22.39 19.60
• 主要分析现金流量表 (Cash Flow Statement)
分解ROE ROE decomposition
KO
Year
2010
Net Profit Margin (ROS) (%) 33.63
* Asset turnover
0.58
= Return on assets (ROA) (%) 19.43
Trade payables turnover Days' payables Asset turnover
KO 2010 0.12 0.42 8.36 2.89 8.58 42.55 5.07 71.95 1.67 218.01 0.58
KO 2009 0.12 0.31 8.00 3.47 9.05 40.33 4.88 74.74 1.75 208.56 0.69
可口可乐公司 财务报表分
析
王冠男
The Framework公司简介 (Introduction)
战略分析 (Strategy Analysis) 账目分析 (Account Analysis) 信用分析 (Credit Analysis) 财务分析 (Financial Analysis) 前景分析 (Prospective Analysis)
ROE 第三个驱动因素 杠杆效应(Financial Leverage)
Debt and coverage ratios KO
Year
2010
Liabilities-to-equity
1.33
Debt-to-equituity (%) 38.57
Debt-to-capital (%)
SGAI
Hint the abnormal deferred cost.
1.0568 0.9923 1.0007
LVGI
Evaluate the change of risk.
1.1568 0.9915 1.0204
Positively related to the likelihood of
TATA
42.78
Net debt-to-net capital (%) 23.70
Interest coverage (earning
based)
20.36
Interest coverage (cash
flow based)
17.26
KO 2009 0.92 46.79 10.44 31.87 8.78
25.97
M-Score Normsdist(M)
2010 -2.3271 1.00%
2009 -3.2719 0.05%
2008 -2.7523 0.30%
M-Score
Z= 1.2 (X1) + 1.4 (X2) + 3.3 (X3) + 0.6 (X4) + 1.0 (X5)
(X1) NWC/assets (X2) Retained
1.3499 0.8749 0.8905
SGI Suggest the company’s growth character. 1.1332 0.9701 1.1070
Show the possibility of change of
DEPI
1.2144 1.0041 0.9835
depreciation rate.
0.6 3.597
1
0.482
Score (KO) 0.051
0.385 0.382
2.158 0.482 3.458
Ratios (PEP) 0.025
0.243 0.143
2.180 0.849
Score (PEP) 0.030
0.340 0.473
1.308 0.849 3.000
信用分析 - Altman Z-score Model
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FY2006
FY2007
FY2008
FY2009
FY2010
销售收入
第四回合
• 股市表现旗鼓相当
第三回合 第二回合
• 各选择麦当劳与肯德基作为战略合 作伙伴
• 百事与可口可乐的广告大战
第一回合
• 百事根本不是可口可乐的对手
With Its Competitor-PepsiCo
市场份额 (Market Share)
ROE (%)
42.33 30.15 27.51 33.36 41.25 35.15
Dividend payout ratio (%) 34.40 55.61 60.63 47.91 46.55 50.35
Sustainable growth rate (%) 27.77 13.38 10.83 17.38 22.05 17.45
KO 2008 0.04 0.26 25.15 3.80 9.97 36.70 5.16 70.91 1.73 211.71 0.76
PEP 2010 0.01 0.33 82.27 3.65 10.57 34.45 8.74 41.64 2.83 128.73 1.07
PEP PEP 2009 2008 0.01 0.01 0.29 0.27 86.29 92.22 3.55 3.78 9.29 9.54 39.18 38.17 7.82 8.46 46.54 43.03 2.46 2.59 147.80 140.37 1.14 1.22
态势分析法 SWOT Analysis
Strengths • 行业领先地位 • 健全的销售网络
Weaknesses •
造成肥胖不利健康 • 产品召回事件 (12/2009)
• 积极进军发展中的市场 • 收购北美CCE • 着重销量和价格的结合
Opportunities
Threats
• 汇率风险 • 水质和水量 • 消费者喜好正在改变
earnings/Total assets
(X3) EBIT/Total assets (X4) MV of equity/BV of
total liability
(X5)Sales/Total assets Z-Score
Coeffici ent 1.2
Ratios (KO) 0.042
1.4 0.275 3.3 0.116
C现ash金flo流w a分nal析ysis
KO KO KO PEP PEP PEP
(CasYhearFlow Analy2s0i1s0) 2009 2008 2010 2009 2008
Cash From Operations
29.81
KO 2008 0.94 44.65 20.78 30.87 16.54
17.98
22.01
PEP 2010 2.17 115.93 86.27 53.69 35.92
10.10
12.45
PEP 2009 1.28 45.09 21.38 31.08 16.31
21.27
23.41
PEP 2008 1.97 67.96 49.15 40.46 24.53
22.34
27.98
ROE 第三个驱动因素 杠杆效应(Financial Leverage)
Sustaina可ble持gro续wt增h ra长te 率 KO
KO
KO PEP PEP PEP
(SYeuasr tainable2G01r0ow2t0h09 Ra2t0e0)8 2010 2009 2008
ROE 第二个驱动因素 资产周转率(Asset Turnover)
Liquidity ratios Year
Current ratio Quick ratio Cash ratio Operating cash flow ratio Financial leverage
KO KO KO PEP PEP PEP 2010 2009 2008 2010 2009 2008 1.17 1.28 0.94 1.11 1.44 1.23 0.85 0.95 0.62 0.80 1.00 0.79 0.61 0.67 0.38 0.40 0.47 0.26 0.52 0.60 0.58 0.53 0.78 0.80 2.18 1.97 1.98 2.85 2.63 2.41