phân tích tài chính Pepsi vs Coca-cola

8/2/2019 phân tích tài chính Pepsi vs Coca-cola

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GROUP 7



I. Overview of the two companies

II. Analysis Ratios



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)



Profitability Ratios

Return on Equity

Return on assets (investment)

Profit margin

Efficiency



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



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



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



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%



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



Receivable Turnover

Fixed Asset Turnover

Inventory Turnover

Average Collection Period

Total Asset Turnover

ASSET UTILIZATION RATIOS

Turn overits assets

morerapidly



Receivables turnover

8.25

times

10.34

times

8.7

times

309903758

319443090 28857

3317 2009 2008 2007

ceivablecredit Sale

Re)(



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



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



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



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




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



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




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



Total assets turnover = __Sales__

Total assets

2009 2008 2007

Coca 30990

48671

31944

40519 28857

43269


Pepsi 43232

39848

43251

35994 39474

34628




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



Liquidity Ratios

Liquidity of the firm

Current Ratio

Quick Ratio



Current Ratio

C R



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 Ratio 1.44 1.23 1.31



• 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



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



Quick Ratio



2009 2008 2007

COCACOLA


Current liabilities 13721 12988 13225Inventories 2354 2187 2220

Quick ratio 1.11 0.77 0.75

PEPSI



Inventories 2618 2522 2290

Quick ratio 1.14 0.94 1.01



• 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



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



Debt Utilization Ratios

Measure the prudence of the debtmanagement policies of the firm

Debt to total assets

Times Interest Earned



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%



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



Times interest earned =

Income before interest and taxes

Interest

2009 2008 2007

Coca 8231355

8446438

7252456


Pepsi 8044397

6959329

7182224

20.3 times 21.2 times 32 times



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



Market Value Ratio



Earning per share

Earnings available to

common shareholders

EPS =

Number of outstanding shares

Total earnings divided by the number of shares outstanding



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



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



Payout ratioAmount of earnings paid out in dividends



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


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



Price earning ratio

(P/E)

Market price per share

P/E =

Earning per share

Expectation about the future



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


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



Dividend yield

Dividend per share

Dividend yield =

Market price per share

how much a company pays out in dividends each year



2009 2008 2007

COCACOLA



Dividend yield 0.03 0.03 0.02 PEPSI


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



the ratio of market price of a company's shares(share price) over its book value of equity



2009 2008 2007

COCACOLA


Book value per share 10.77 8.85 9.38

P/B 5.29 5.12 6.54

PEPSI


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



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

phân tích tài chính Pepsi vs Coca-cola

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