PepsiCo DCF Valuation

(in USD million except per Share Data)

Valuation Date 30-Sep-20

Choose Discounting 1

6 Months 12 Months 12 Months

Date of cash flows 31-Dec-20 31-Dec-21 31-Dec-22

EBIT 6,280 11,542 12,020

Tax Rate 21.5% 22.6% 24.1%
Tax expense (1,349) (2,611) (2,894)
NOPAT 4,931 8,931 9,125
Add: Depreciation and amortisation 1,267 2,633 2,734
Add/Less: (Increase)/ Decrease in net working capital 2,918 375 146
Less: Capital expenditure (2,349) (2,100) (3,479)
Debt free cash flow (Free Cash Flows to Firm) 6,768 9,838 8,526
5.2% Discount rate (%)
Full Period or Partial Period 0.5 1 1
Discounting Period-Year End 0.25 1.25 2.25
Discounting Period-Mid Year 0.125 0.75 1.75
Present value factor- Mid year discounting 0.99 0.96 0.91
Present value factor- year end discounting 0.99 0.94 0.89
Present value debt free cash flow (PV of FCFF) 3,362 9,470 7,800

Present value for explicit period 35,497

Terminal value Gordon growth

Long Term Growth Rate 2.0%
Terminal Value 280,401
Present Value of TV 231,700
DCF Value of Firm / Operating Business Enterprise Value 267,197
Add: Non Operating Assets 2,911
Total Value of Firm 270,108
Less: Gross Debt & Debt Equivalents 44,978
Add: Cash 8,927
Less: Non Controling Interest 96
DCF value of Common Equity 233,961
No. of shares o/s-Diluted 1,385
DCF value per share 169

Terminal Value Exit Multiple Method

LTM EV/EBITDA 14.0
Terminal Year EBITDA 16,011
Terminal Value 224,147
Present Value of TV 185,216
DCF Value of Firm / Operating Business Enterprise Value 220,713
Add: Non Operating Assets 2,911
Total Value of Firm 223,624
Less: Gross Debt & Debt Equivalents 44,978
Add: Cash 8,927
Less: Non Controling Interest 96
DCF value of Common Equity 187,477
No. of shares o/s-Diluted 1,385
DCF value per share 135
 PE

Infosys 26.4
TCS 32.1
Wipro 20.3

26.266667

Value of XYZ Ltd Net Income 200 5253.33333

TV Value of Business at the end of Projection Period

EV =10x of EBITDA of LTM
10X of EBITDA of 2024
12 Months 12 Months
31-Dec-23 31-Dec-24

12,524 13,055
25.5% 27.0% 27.0%
(3,198) (3,525)
9,325 9,530
2,841 2,955
154 163
(3,635) (3,799)
8,686 8,849 9,026

1 1
3.25 4.25
2.75 3.75
0.87 0.83
0.85 0.81
7,552 7,312

WACC
169 4.5% 4.75% 5.00% 5.25% 5.50% 5.75%
1.00%
1.25%
1.50%
1.75%
LTGR

2.00%
2.25%
2.50%
2.75%
3.00%

WACC
135 4.5% 4.75% 5.00% 5.25% 5.50% 5.75%
11.0x
12.0x
13.0x
Exit Multiple

14.0x
15.0x
16.0x
17.0x
18.0x
19.0x
of Projection Period
6.00% 6.25% 6.50%

6.00% 6.25% 6.50%

Mid Year Discounting
Year End Discounting
ABC Ltd
Face value of Bond 100 USD
Coupon Rate 7% Book interest rate
Current cost of Debt-ABC Ltd 12%
Tenure Left Left on Existing Bond 5 Years

Market Price Lower

Year Year Year Year Year
0 1 2 3 4 5
Interest Income 7 7 7 7 7
Redemtion Value 100

Total Inflows 7 7 7 7 107

Required Return 12% YTM

PV 82.0 6 6 5 4 61

Current Trading Price 82.0

Calculate YTM ?
(82.0) 7 7 7 7 107

IRR 12.0% YTM

 PepsiCo WACC Calculation
(in USD million except per Share Data)
1
Cost of equity
Particulars Notes Value
Risk-free rate (%) Average of YTD 0.90%
Beta Bottoms Up beta 0.86

Equity market risk premium (%) Damodaran ERP 6.0%

Additional risk premium (%) 0%
Cost of equity capital (%) 6.1%
Source: Calculation

Calculation of beta
Particulars Equity beta D/(D+E)
(last three years)
Bottom-up
Coca Cola 0.90 20.2%
Kraft Heinz 0.80 38.2%
Mondelez 0.76 21.9%
Monster Beverage 1.02 0.0%

Beta Calculation for Target Co Target Debt

1 Bottoms Up beta 18%
2 Regression beta 0.78 18%

Calculation of Capital Structure of Peer Group Companies

Debt Equity
Coca Cola Share Price
26 June 2020 52,333 43.2
28 June 2019 45,075 48.9
29 June 2018 46,801 40.8

Kraft Heinz
27 June 2020 28,860 30.9
29 June 2019 31,131 31.0
30 June 2018 34,168 62.8

Mondelez
30 June 2020 20,183 51.1
30 June 2019 19,219 53.9
30 June 2018 19,711 41.0

Monster Beverage
30 June 2020 0 69.3
30 June 2019 0 63.8
30 June 2018 0 57.3

PepsiCo
13 June 2020 44978 129.0
15 June 2019 31185 132.7
16 June 2018 40593 107.6
Approach 1 Historical Return Long Term History
Approach 2 Based on Market Survey
Approach 3 Predictive Model

Aprroach 4 ERP (Matured Market) + Country Risk Premium

Country Risk Premium

1
2

Sources of Current Cost of Debt

1 Recent Debt Issued by the Co
2 YTM on Bonds of the Co listed on the Market
3 Rating based kd
Risk Free Rate + Country Default Spread + Company Default Spread
 Cost of debt Weighted average cost of capital
Particulars Notes Value Particulars
Debt borrowing rate (%) Rating Based 1.9% Debt (%)
Expected income tax rate Marginal Tax Rate 27.0% Equity (%)

After-tax cost of debt (%) 1.4% WACC

Source: Calculation Source: Calculation

E/(D+E) Tax rate (%) Unlevered beta Relevered beta R sq

(last three years)

79.8% 27.0% 0.76 0.0%

61.8% 27.0% 0.55 0.0%
78.1% 27.0% 0.63 0.0%
100.0% 27.0% 1.02 0.0%
Industry Average 0.74
Target Equity
82% 27% 0.74 0.86
81.6% 27.0% 0.67 0.78

Equity
Shares O/S M.Cap Tax Rate
4,295 185,649 27%
4,276 209,098 27%
4,253 173,349 27%

1,223 37,778 27%

1,220 37,869 27%
1,219 76,593 27%

1,428 73,031 27%

1,442 77,732 27%
1,467 60,129 27%

527 36,559 27%

545 34,780 27%
553 31,660 27%

1,385 178,618 27%

1,398 185,579 27%
1,414 152,195 27%
 can go upto 50 years as well

Default Spread (As per Debt Market) Diffrential

Deafult Spread Diff * Relative volatality of Equity Market vs Debt Market

Reltive Volatality Std Dev of Equity Index/Std Dev of Govt bond

read + Company Default Spread

eighted average cost of capital
Weight Particulars Cost Value
18.4% Cost of debt (%) 1.4% 0.3%
81.6% Cost of equity (%) 6.1% 5.0%

5.2%
urce: Calculation

Step 1 Calculate Levered Bet of Peer Group Companies

Step 2 Unlever Beta of Peer Group Companies Calculated in Step 1, Use Historical Cap Structure
Step 3 Calculate Industry Average of Unlevered Beta
Step 4 We Need to Calculate Beta of Target Copany by relevering Unlevered Beta Calculated in Step 3
Use Historical Cap Structure

levered Beta Calculated in Step 3 with Target Cap Structure of your Target Co
 Competitors List as per PepsiCo Filing Beta calculation
Comeptitor Name Geogra M.Cap (bn USD) Name of Companies Beta
1 The Coca-Cola Company phy
USA 210 PepsiCo 0.78
2 Campbell Soup Company USA 14.6 Coca Cola 0.90
3 Conagra Brands USA 18 Campbell 0.30
4 Kellogg Company USA 22.3 Conagra 0.62
5 Keurig Dr Pepper USA 39.4 Kellogg 0.48
6 The Kraft Heinz Company USA 37.5 Keurig Dr Pepper 0.24
7 Link Snacks, Inc Private Kraft Heinz 0.80
8 Mondelēz International USA 80.11 Mondelez 0.76
9 Monster Beverage Corporation USA 40.9 Monster Beverage 1.02
10 Nestlé S.A. Europe 301
11 Red Bull GmbH Europe Private
Source: 10K Dec 2019, Pg 9 as on 10th Oct 2020

Date PepsiCo Coca Cola Campbell Conagra

Price % Price % Price % Price %
25-Sep-17 101.794 40.8 42.1 31.2
2-Oct-17 100.853 -0.9% 41.2 1.1% 41.8 -0.7% 31.5 1.0%
9-Oct-17 102.881 2.0% 41.8 1.5% 41.6 -0.6% 31.7 0.7%
16-Oct-17 101.959 -0.9% 42.0 0.4% 41.7 0.3% 31.3 -1.2%
23-Oct-17 101.036 -0.9% 41.7 -0.7% 43.7 4.7% 31.1 -0.6%
30-Oct-17 100.689 -0.3% 41.6 -0.2% 42.2 -3.4% 31.3 0.7%
6-Nov-17 103 2.3% 42.1 1.2% 43.0 2.0% 32.3 3.3%
13-Nov-17 104.763 1.7% 41.4 -1.8% 45.1 4.9% 33.2 2.6%
20-Nov-17 105.878 1.1% 41.5 0.4% 41.8 -7.4% 33.0 -0.7%
27-Nov-17 106.682 0.8% 41.6 0.2% 44.6 6.9% 34.8 5.7%
4-Dec-17 107.229 0.5% 41.4 -0.6% 44.4 -0.5% 34.6 -0.6%
11-Dec-17 109.666 2.3% 42.2 1.9% 45.0 1.3% 35.1 1.4%
18-Dec-17 109.096 -0.5% 41.6 -1.3% 44.2 -1.7% 35.4 0.8%
25-Dec-17 110.31 1.1% 41.9 0.6% 43.6 -1.4% 35.0 -1.1%
1-Jan-18 109.16 -1.0% 42.1 0.4% 42.9 -1.7% 35.4 1.0%
8-Jan-18 107.974 -1.1% 42.1 0.2% 41.3 -3.8% 34.1 -3.5%
15-Jan-18 110.54 2.4% 43.1 2.2% 43.3 4.9% 35.1 2.9%
22-Jan-18 112 1.3% 44.3 2.9% 43.3 -0.1% 35.8 1.9%
29-Jan-18 109.16 -2.5% 42.7 -3.7% 40.8 -5.8% 34.1 -4.6%
5-Feb-18 102.271 -6.3% 39.4 -7.7% 41.8 2.5% 33.2 -2.6%
12-Feb-18 102.16 -0.1% 41.1 4.3% 42.2 1.0% 33.9 1.9%
19-Feb-18 100.891 -1.2% 40.2 -2.1% 40.3 -4.4% 33.9 0.1%
26-Feb-18 100.302 -0.6% 39.9 -0.7% 38.4 -4.8% 34.5 1.6%
5-Mar-18 104.287 4.0% 40.9 2.5% 39.9 3.8% 35.6 3.2%
12-Mar-18 103.453 -0.8% 39.7 -3.0% 39.8 -0.1% 34.2 -3.8%
19-Mar-18 98.3652 -4.9% 39.0 -1.7% 38.6 -3.0% 33.2 -3.0%
26-Mar-18 101.145 2.8% 40.0 2.6% 39.6 2.5% 34.5 3.9%
2-Apr-18 101.284 0.1% 40.5 1.1% 40.0 1.0% 34.3 -0.4%
9-Apr-18 101.247 0.0% 41.0 1.3% 38.8 -2.9% 34.4 0.2%
16-Apr-18 94.9644 -6.2% 40.3 -1.7% 37.2 -4.1% 34.1 -1.0%
23-Apr-18 94.2508 -0.8% 39.9 -1.0% 38.8 4.3% 34.9 2.5%
30-Apr-18 91.7303 -2.7% 39.0 -2.2% 37.8 -2.5% 34.7 -0.6%
7-May-18 90.2847 -1.6% 38.8 -0.5% 37.5 -0.8% 35.6 2.5%
14-May-18 90.3589 0.1% 38.8 0.1% 31.7 -15.5% 35.2 -1.1%
21-May-18 92.9535 2.9% 39.1 0.5% 31.9 0.7% 35.2 0.0%
28-May-18 92.8979 -0.1% 39.7 1.7% 30.7 -3.8% 34.7 -1.3%
4-Jun-18 95.8471 3.2% 40.5 1.9% 31.4 2.3% 35.5 2.2%
 11-Jun-18 100.635 5.0% 40.6 0.4% 34.2 9.0% 36.2 2.0%
18-Jun-18 101.346 0.7% 40.2 -1.1% 35.6 4.0% 36.2 0.1%
25-Jun-18 101.814 0.5% 40.8 1.4% 37.3 5.0% 33.6 -7.3%
2-Jul-18 102.459 0.6% 41.5 1.8% 38.6 3.4% 33.6 0.0%
9-Jul-18 105.386 2.9% 41.6 0.2% 37.8 -2.1% 33.9 1.0%
16-Jul-18 108.491 2.9% 42.1 1.2% 37.6 -0.5% 34.0 0.2%
23-Jul-18 106.873 -1.5% 42.9 2.1% 38.0 1.1% 35.1 3.2%
30-Jul-18 108.762 1.8% 43.3 0.9% 39.7 4.4% 35.3 0.8%
6-Aug-18 105.554 -2.9% 42.8 -1.2% 38.4 -3.3% 34.6 -2.0%
13-Aug-18 107.509 1.9% 43.3 1.1% 39.1 1.7% 35.4 2.3%
20-Aug-18 104.881 -2.4% 42.4 -2.1% 37.8 -3.2% 34.8 -1.7%
27-Aug-18 104.75 -0.1% 41.4 -2.3% 36.6 -3.0% 34.7 -0.3%
3-Sep-18 105.433 0.7% 42.5 2.6% 37.4 2.0% 34.3 -1.1%
10-Sep-18 108.03 2.5% 42.7 0.6% 38.4 2.7% 36.2 5.3%
17-Sep-18 108.351 0.3% 43.7 2.1% 37.2 -3.0% 35.4 -2.1%
24-Sep-18 105.419 -2.7% 43.3 -0.8% 34.0 -8.5% 32.1 -9.3%
1-Oct-18 100.412 -4.7% 43.0 -0.7% 34.6 1.6% 31.8 -1.1%
8-Oct-18 99.2707 -1.1% 41.9 -2.6% 34.5 -0.3% 33.4 5.2%
15-Oct-18 103.995 4.8% 43.4 3.7% 35.6 3.2% 33.9 1.4%
22-Oct-18 104.146 0.1% 43.0 -0.9% 34.4 -3.2% 33.7 -0.6%
29-Oct-18 104.824 0.7% 45.0 4.5% 34.6 0.4% 33.3 -1.2%
5-Nov-18 110.774 5.7% 46.6 3.5% 36.5 5.7% 32.7 -1.7%
12-Nov-18 111.595 0.7% 47.0 1.0% 36.2 -0.8% 31.4 -3.8%
19-Nov-18 108.822 -2.5% 45.9 -2.3% 38.0 4.9% 31.6 0.4%
26-Nov-18 114.98 5.7% 47.2 2.8% 36.8 -3.3% 30.8 -2.6%
3-Dec-18 109.209 -5.0% 46.4 -1.8% 35.4 -3.6% 29.3 -4.6%
10-Dec-18 108.299 -0.8% 46.6 0.5% 36.7 3.7% 28.4 -3.1%
17-Dec-18 103.994 -4.0% 44.9 -3.6% 33.5 -8.7% 21.1 -25.9%
24-Dec-18 104.887 0.9% 44.6 -0.8% 31.4 -6.5% 20.1 -4.4%
31-Dec-18 105 0.1% 44.9 0.8% 30.8 -1.8% 20.8 3.2%
7-Jan-19 102.796 -2.1% 44.7 -0.5% 32.9 6.7% 20.6 -1.1%
14-Jan-19 104.611 1.8% 45.0 0.6% 33.6 2.3% 20.5 -0.2%
21-Jan-19 103.927 -0.7% 44.7 -0.5% 32.4 -3.5% 20.0 -2.6%
28-Jan-19 106.626 2.6% 46.0 2.8% 33.2 2.2% 20.4 1.9%
4-Feb-19 107.415 0.7% 46.8 1.6% 32.5 -2.1% 21.3 4.7%
11-Feb-19 110.162 2.6% 42.7 -8.6% 33.0 1.5% 23.5 10.4%
18-Feb-19 110.97 0.7% 42.8 0.1% 31.1 -5.6% 22.5 -4.6%
25-Feb-19 110.418 -0.5% 42.9 0.2% 34.4 10.7% 22.3 -0.5%
4-Mar-19 110.404 0.0% 42.4 -1.2% 34.1 -0.9% 21.6 -3.4%
11-Mar-19 110.816 0.4% 42.8 1.0% 34.1 0.0% 22.2 2.8%
18-Mar-19 115.664 4.4% 43.8 2.3% 36.2 6.2% 25.4 14.6%
25-Mar-19 117.417 1.5% 44.6 2.0% 36.1 -0.3% 26.6 4.9%
1-Apr-19 116.526 -0.8% 44.3 -0.8% 36.3 0.3% 27.2 2.0%
8-Apr-19 117.11 0.5% 44.5 0.6% 37.7 4.1% 28.6 5.2%
15-Apr-19 121.767 4.0% 45.2 1.6% 37.7 -0.2% 29.3 2.6%
22-Apr-19 121.106 -0.5% 46.0 1.6% 36.9 -1.9% 29.8 1.5%
29-Apr-19 122.322 1.0% 46.4 1.0% 36.6 -1.0% 28.8 -3.2%
6-May-19 122.648 0.3% 45.9 -1.1% 37.0 1.2% 27.8 -3.6%
13-May-19 125.043 2.0% 46.9 2.1% 37.4 1.0% 28.1 1.3%
20-May-19 124.076 -0.8% 47.3 0.8% 35.9 -4.1% 27.9 -0.9%
27-May-19 122.639 -1.2% 46.8 -1.0% 34.7 -3.3% 25.9 -7.1%
3-Jun-19 127.879 4.3% 49.1 4.8% 41.2 18.6% 28.7 10.7%
10-Jun-19 128.102 0.2% 48.9 -0.3% 40.4 -1.9% 28.9 0.8%
17-Jun-19 129.289 0.9% 49.5 1.3% 38.9 -3.7% 27.8 -3.9%
24-Jun-19 126.557 -2.1% 48.9 -1.2% 38.3 -1.5% 25.7 -7.7%
1-Jul-19 128.382 1.4% 50.0 2.3% 39.7 3.7% 27.1 5.8%
8-Jul-19 128.632 0.2% 50.0 0.0% 39.1 -1.6% 26.7 -1.6%
 15-Jul-19 125.554 -2.4% 49.3 -1.4% 39.8 1.7% 28.0 4.7%
22-Jul-19 126.644 0.9% 52.0 5.4% 39.5 -0.8% 28.2 0.9%
29-Jul-19 123.459 -2.5% 50.2 -3.4% 40.8 3.4% 27.3 -3.1%
5-Aug-19 124.116 0.5% 51.3 2.1% 40.3 -1.3% 27.9 2.1%
12-Aug-19 127.165 2.5% 52.2 1.9% 41.1 2.0% 28.7 2.9%
19-Aug-19 125.727 -1.1% 51.6 -1.2% 41.1 0.1% 27.2 -5.2%
26-Aug-19 131.962 5.0% 52.9 2.4% 43.4 5.4% 27.6 1.5%
2-Sep-19 132.58 0.5% 53.0 0.3% 43.4 0.0% 27.9 1.1%
9-Sep-19 132.592 0.0% 52.1 -1.8% 44.6 2.9% 29.1 4.2%
16-Sep-19 130.911 -1.3% 52.1 0.1% 45.1 1.0% 29.0 -0.2%
23-Sep-19 131.776 0.7% 52.5 0.7% 45.2 0.2% 29.5 1.6%
30-Sep-19 136.324 3.5% 52.8 0.4% 45.6 1.0% 28.1 -4.7%
7-Oct-19 133.758 -1.9% 51.6 -2.3% 45.2 -1.0% 27.7 -1.6%
14-Oct-19 132.408 -1.0% 53.0 2.8% 46.2 2.2% 26.5 -4.4%
21-Oct-19 132.787 0.3% 52.0 -1.9% 45.1 -2.3% 26.2 -0.8%
28-Oct-19 133.068 0.2% 52.1 0.3% 45.2 0.2% 26.8 2.0%
4-Nov-19 129.376 -2.8% 50.5 -3.1% 44.9 -0.6% 26.9 0.7%
11-Nov-19 130.036 0.5% 50.9 0.9% 45.9 2.2% 28.3 5.0%
18-Nov-19 130.289 0.2% 51.3 0.7% 45.5 -1.0% 28.2 -0.3%
25-Nov-19 132 1.3% 51.7 0.7% 45.2 -0.6% 28.3 0.5%
2-Dec-19 133.486 1.1% 53.0 2.7% 46.4 2.5% 28.4 0.1%
9-Dec-19 134.989 1.1% 53.0 0.0% 46.5 0.2% 27.9 -1.8%
16-Dec-19 134.969 0.0% 53.6 1.0% 47.8 2.7% 34.4 23.6%
23-Dec-19 134.597 -0.3% 53.9 0.7% 48.0 0.6% 33.6 -2.5%
30-Dec-19 132.728 -1.4% 53.3 -1.2% 47.0 -2.1% 32.7 -2.5%
6-Jan-20 131.652 -0.8% 54.1 1.5% 46.4 -1.4% 31.3 -4.5%
13-Jan-20 138.238 5.0% 55.5 2.5% 47.0 1.3% 32.7 4.7%
20-Jan-20 139.862 1.2% 56.2 1.3% 47.7 1.6% 31.7 -3.2%
27-Jan-20 138.982 -0.6% 56.9 1.2% 47.3 -0.8% 32.3 2.0%
3-Feb-20 142.26 2.4% 57.7 1.4% 47.8 1.0% 31.6 -2.3%
10-Feb-20 143.845 1.1% 58.4 1.3% 47.6 -0.5% 32.3 2.3%
17-Feb-20 142.73 -0.8% 58.6 0.3% 46.9 -1.4% 29.2 -9.5%
24-Feb-20 129.205 -9.5% 52.1 -11.0% 44.1 -5.9% 26.4 -9.8%
2-Mar-20 134.323 4.0% 53.9 3.3% 50.6 14.7% 27.9 5.8%
9-Mar-20 125.565 -6.5% 47.2 -12.3% 48.2 -4.8% 24.5 -12.2%
16-Mar-20 102.393 -18.5% 37.7 -20.3% 44.3 -8.1% 25.7 5.1%
23-Mar-20 118.679 15.9% 42.1 11.8% 43.2 -2.5% 27.6 7.2%
30-Mar-20 122.748 3.4% 43.1 2.4% 48.5 12.1% 30.8 11.8%
6-Apr-20 131.654 7.3% 48.2 11.8% 46.7 -3.6% 32.1 4.0%
13-Apr-20 135.516 2.9% 47.2 -1.9% 49.6 6.2% 33.2 3.5%
20-Apr-20 132.373 -2.3% 44.7 -5.5% 50.0 0.8% 33.8 1.8%
27-Apr-20 128.216 -3.1% 44.8 0.4% 49.7 -0.7% 32.9 -2.6%
4-May-20 132.245 3.1% 45.3 1.1% 50.5 1.7% 33.3 1.3%
11-May-20 133.94 1.3% 42.5 -6.2% 52.8 4.4% 34.0 1.9%
18-May-20 128.551 -4.0% 44.3 4.1% 47.7 -9.7% 32.5 -4.4%
25-May-20 129.605 0.8% 45.9 3.7% 50.3 5.4% 34.6 6.5%
1-Jun-20 130.482 0.7% 48.3 5.2% 47.5 -5.5% 33.2 -3.9%
8-Jun-20 128.079 -1.8% 44.8 -7.1% 46.4 -2.3% 32.2 -3.0%
15-Jun-20 130.343 1.8% 45.7 1.8% 48.4 4.4% 33.4 3.5%
22-Jun-20 128.01 -1.8% 43.2 -5.3% 47.7 -1.5% 32.5 -2.7%
29-Jun-20 131.902 3.0% 44.5 3.0% 48.6 1.9% 35.2 8.5%
6-Jul-20 133.5 1.2% 44.8 0.6% 49.6 1.9% 36.1 2.5%
13-Jul-20 133.699 0.1% 46.4 3.7% 48.9 -1.4% 36.4 0.7%
20-Jul-20 135.089 1.0% 48.1 3.6% 49.0 0.3% 36.4 0.1%
27-Jul-20 136.677 1.2% 46.9 -2.6% 49.2 0.3% 37.2 2.3%
3-Aug-20 135.764 -0.7% 47.4 1.2% 49.6 0.8% 37.6 1.0%
10-Aug-20 136.578 0.6% 48.1 1.4% 51.3 3.3% 37.8 0.4%
 17-Aug-20 135.486 -0.8% 46.9 -2.4% 52.2 1.8% 37.8 0.1%
24-Aug-20 138.941 2.6% 49.4 5.4% 51.8 -0.8% 38.2 0.9%
31-Aug-20 137.769 -0.8% 50.6 2.4% 47.2 -8.7% 37.1 -2.7%
7-Sep-20 135.81 -1.4% 50.7 0.0% 45.2 -4.4% 34.5 -7.2%
14-Sep-20 131.47 -3.2% 50.0 -1.2% 45.1 -0.1% 34.5 0.2%
21-Sep-20 133.55 1.6% 48.7 -2.6% 47.2 4.7% 35.1 1.6%
28-Sep-20 137.16 2.7% 48.9 0.4% 47.7 1.0% 35.5 1.0%

Source: Investing.com
 R sq
1 Regression Beta
2Bottomup Beta

Kellogg Keurig Dr Pepper Kraft Heinz Mondelez Monster Beverage

Price % Price % Price % Price % Price
56.1 13.3 67.0 37.9 55.3
56.1 0.0% 13.3 -0.2% 67.6 0.8% 38.5 1.7% 55.4
55.7 -0.7% 13.4 1.1% 67.2 -0.6% 39.0 1.3% 55.8
55.3 -0.8% 13.4 -0.2% 66.3 -1.3% 38.4 -1.6% 56.5
54.2 -1.9% 12.9 -3.7% 66.8 0.8% 38.1 -0.8% 56.8
55.7 2.8% 12.9 -0.2% 67.4 0.9% 38.4 0.7% 57.7
58.2 4.4% 13.0 0.8% 68.9 2.2% 39.3 2.4% 61.2
58.8 1.0% 13.1 1.1% 68.8 -0.1% 39.6 0.8% 62.2
58.4 -0.7% 13.0 -0.8% 69.5 1.0% 39.5 -0.4% 61.8
59.4 1.6% 13.6 4.3% 70.7 1.8% 40.2 1.8% 62.9
60.3 1.6% 14.2 4.3% 68.4 -3.4% 39.9 -0.6% 63.2
58.9 -2.3% 14.1 -0.2% 69.3 1.4% 40.6 1.7% 64.0
61.7 4.8% 14.6 3.0% 68.2 -1.6% 40.6 0.0% 63.8
61.6 -0.2% 14.7 1.0% 67.7 -0.6% 40.1 -1.3% 63.3
62.5 1.4% 14.5 -1.6% 67.8 0.1% 40.7 1.5% 63.5
58.7 -6.2% 14.4 -0.3% 67.4 -0.6% 40.0 -1.8% 63.8
60.4 3.0% 14.6 1.2% 69.4 3.0% 41.5 3.9% 66.9
62.0 2.6% 14.5 -0.7% 69.2 -0.3% 41.8 0.6% 68.9
59.3 -4.2% 18.0 24.1% 67.2 -2.8% 42.8 2.4% 66.6
61.0 2.9% 17.7 -1.7% 62.2 -7.5% 39.7 -7.4% 62.9
63.2 3.5% 17.4 -1.4% 61.7 -0.8% 41.5 4.7% 65.5
62.1 -1.6% 17.5 0.2% 60.1 -2.5% 41.2 -0.9% 65.9
61.4 -1.3% 17.6 0.8% 58.5 -2.7% 41.8 1.5% 54.2
64.2 4.6% 17.9 1.5% 58.6 0.1% 41.7 -0.3% 58.1
60.7 -5.4% 17.8 -0.3% 57.5 -1.9% 40.6 -2.4% 58.6
57.5 -5.3% 17.9 0.3% 52.8 -8.2% 38.1 -6.2% 55.9
59.4 3.3% 18.0 0.9% 54.8 3.8% 39.3 3.0% 57.2
58.7 -1.2% 18.1 0.2% 53.2 -2.8% 39.2 -0.1% 55.9
57.6 -1.8% 18.4 1.9% 53.6 0.6% 39.8 1.5% 56.7
55.1 -4.4% 18.3 -0.4% 51.2 -4.4% 37.9 -4.7% 56.5
55.1 0.0% 18.3 -0.3% 50.7 -1.0% 37.8 -0.4% 56.2
54.7 -0.7% 18.1 -1.0% 51.0 0.6% 36.8 -2.6% 52.8
56.1 2.7% 18.2 0.5% 52.1 2.1% 37.1 0.8% 49.3
55.0 -2.0% 18.2 0.1% 49.9 -4.1% 37.5 1.1% 49.5
59.6 8.4% 18.3 0.7% 51.3 2.8% 37.4 -0.2% 49.7
58.3 -2.1% 18.3 -0.4% 51.2 -0.2% 37.4 -0.1% 51.5
58.7 0.6% 18.3 0.5% 52.0 1.4% 37.6 0.6% 55.5
61.8 5.3% 18.5 0.8% 54.7 5.4% 38.6 2.6% 56.4
62.1 0.5% 18.6 0.7% 56.2 2.6% 39.1 1.2% 56.9
64.4 3.7% 18.6 -0.3% 55.8 -0.6% 38.8 -0.7% 57.3
66.2 2.8% 18.7 0.8% 57.3 2.6% 40.3 3.9% 58.4
65.6 -0.9% 3.7 -80.3% 56.7 -0.9% 40.7 1.1% 61.2
64.7 -1.4% 23.2 529.3% 53.9 -4.9% 40.4 -0.9% 61.6
65.8 1.7% 22.8 -1.7% 53.5 -0.7% 40.8 1.1% 60.6
66.5 1.1% 22.7 -0.5% 57.3 7.0% 41.6 2.0% 59.3
65.8 -1.1% 22.4 -1.4% 53.0 -7.5% 39.9 -4.2% 60.7
67.9 3.2% 22.3 -0.3% 54.2 2.3% 40.6 1.8% 62.2
66.8 -1.6% 22.1 -1.0% 53.0 -2.2% 40.3 -0.7% 60.7
66.2 -0.9% 21.6 -2.5% 52.3 -1.3% 40.6 0.8% 60.9
68.8 4.0% 21.6 0.4% 50.8 -2.9% 40.4 -0.5% 60.3
69.5 1.0% 23.1 6.9% 53.0 4.2% 41.7 3.0% 59.5
68.0 -2.2% 22.5 -2.7% 51.3 -3.1% 41.8 0.3% 59.8
65.0 -4.3% 21.9 -2.6% 49.5 -3.5% 40.9 -2.2% 58.3
64.4 -0.9% 21.0 -3.9% 50.2 1.4% 40.6 -0.7% 56.2
63.1 -2.1% 21.9 4.2% 48.7 -3.0% 39.3 -3.1% 53.3
66.1 4.7% 22.9 4.5% 51.7 6.1% 40.0 1.7% 52.1
64.2 -2.8% 22.9 0.1% 49.1 -5.1% 38.4 -4.0% 51.0
58.5 -8.9% 25.4 10.6% 45.6 -7.2% 40.2 4.7% 54.1
60.4 3.2% 27.1 7.0% 48.5 6.4% 42.4 5.5% 56.8
57.3 -5.0% 26.4 -2.8% 46.8 -3.5% 42.4 -0.1% 55.8
57.4 0.0% 25.3 -4.2% 46.4 -0.8% 41.9 -1.1% 57.3
59.1 3.1% 25.7 1.7% 46.5 0.2% 43.0 2.7% 59.7
57.0 -3.6% 25.0 -2.6% 44.3 -4.7% 41.9 -2.6% 57.4
56.6 -0.8% 24.7 -1.4% 43.1 -2.6% 41.7 -0.6% 52.7
54.0 -4.5% 23.9 -3.1% 40.0 -7.2% 38.9 -6.6% 48.2
53.7 -0.7% 24.2 1.2% 39.6 -1.1% 38.2 -1.9% 49.0
53.7 0.1% 24.3 0.6% 40.4 2.1% 39.3 3.0% 49.8
54.9 2.2% 25.9 6.3% 41.5 2.5% 40.7 3.4% 54.4
55.7 1.5% 25.5 -1.2% 43.2 4.2% 41.8 2.7% 55.6
54.2 -2.8% 25.2 -1.4% 42.5 -1.6% 41.1 -1.5% 55.8
55.0 1.6% 26.1 3.5% 43.4 2.2% 43.9 6.7% 58.0
51.9 -5.7% 26.6 2.1% 43.1 -0.6% 45.2 2.9% 57.9
53.2 2.6% 27.0 1.7% 43.3 0.3% 46.4 2.7% 58.7
53.2 -0.1% 26.3 -2.7% 31.8 -26.6% 46.0 -0.9% 58.4
53.3 0.2% 24.9 -5.4% 29.4 -7.3% 45.5 -1.0% 64.7
51.1 -4.0% 25.3 1.5% 29.2 -0.9% 44.9 -1.4% 60.6
51.4 0.5% 26.5 4.8% 29.5 1.2% 46.0 2.6% 60.3
53.7 4.6% 26.5 0.1% 29.7 0.6% 47.3 2.8% 53.5
54.3 1.1% 26.8 0.9% 30.0 1.1% 48.1 1.6% 54.6
53.8 -1.0% 26.1 -2.4% 30.5 1.6% 48.1 0.0% 52.9
54.5 1.4% 25.5 -2.4% 30.4 -0.3% 48.2 0.2% 53.0
55.3 1.5% 25.6 0.4% 30.3 -0.3% 48.5 0.6% 55.2
56.2 1.6% 27.5 7.2% 30.4 0.3% 48.7 0.4% 59.7
53.4 -4.9% 28.0 1.8% 30.0 -1.5% 50.1 2.9% 63.1
55.5 3.8% 28.3 1.2% 30.0 0.2% 50.2 0.2% 63.0
54.0 -2.8% 28.2 -0.5% 29.9 -0.4% 50.6 0.7% 63.6
53.5 -0.8% 28.1 -0.2% 28.6 -4.4% 50.5 -0.2% 63.4
49.7 -7.1% 27.1 -3.5% 25.4 -11.1% 49.2 -2.5% 61.9
53.6 7.7% 27.3 0.5% 26.8 5.4% 52.3 6.2% 65.9
54.2 1.1% 27.6 1.0% 28.3 5.5% 53.3 1.9% 61.3
53.2 -1.8% 29.5 7.1% 29.4 3.9% 53.5 0.4% 63.8
51.3 -3.6% 27.8 -5.7% 29.0 -1.4% 52.2 -2.4% 63.8
53.4 4.1% 29.0 4.1% 28.9 -0.2% 54.0 3.5% 65.9
52.2 -2.2% 27.9 -3.5% 28.7 -0.6% 53.1 -1.7% 65.0
54.1 3.7% 26.9 -3.8% 29.4 2.4% 53.4 0.6% 63.3
56.2 3.8% 27.3 1.7% 29.7 1.0% 53.3 -0.1% 65.2
60.7 8.0% 27.3 0.0% 30.1 1.1% 52.3 -1.9% 62.4
59.5 -1.9% 28.3 3.5% 24.7 -17.7% 53.2 1.7% 59.2
61.0 2.6% 27.2 -3.7% 23.7 -4.1% 53.1 -0.3% 57.2
60.5 -0.8% 26.0 -4.6% 23.6 -0.3% 52.2 -1.7% 56.1
60.1 -0.7% 26.5 2.1% 24.2 2.3% 53.7 3.0% 58.7
62.0 3.2% 26.1 -1.5% 25.9 6.9% 55.1 2.6% 57.2
61.2 -1.4% 26.8 2.6% 27.7 7.2% 52.6 -4.5% 58.9
61.5 0.6% 26.6 -0.8% 26.7 -3.8% 53.2 1.1% 58.3
61.9 0.6% 26.3 -1.2% 26.4 -1.1% 53.9 1.4% 57.8
60.7 -2.0% 26.9 2.3% 25.6 -3.1% 54.7 1.6% 56.6
60.0 -1.1% 27.2 1.3% 25.7 0.4% 53.6 -2.1% 56.3
59.8 -0.3% 27.0 -0.8% 26.2 2.0% 53.3 -0.6% 56.1
58.8 -1.7% 26.9 -0.3% 26.9 2.8% 51.6 -3.1% 56.3
61.5 4.6% 27.6 2.5% 30.9 14.9% 50.9 -1.4% 56.3
61.8 0.5% 28.6 3.5% 31.1 0.7% 50.6 -0.6% 58.2
62.4 1.0% 29.4 2.8% 29.7 -4.7% 51.7 2.1% 58.6
62.3 -0.2% 29.6 0.9% 29.3 -1.2% 50.7 -1.9% 58.6
62.9 0.9% 30.3 2.1% 29.3 -0.1% 51.4 1.4% 59.8
64.5 2.6% 28.6 -5.3% 29.8 1.9% 52.6 2.5% 60.0
64.5 0.0% 28.1 -1.8% 30.3 1.6% 52.1 -1.1% 62.2
66.9 3.6% 28.2 0.4% 30.9 2.0% 54.2 4.1% 63.9
67.4 0.8% 28.2 -0.1% 30.3 -1.9% 54.1 -0.2% 63.6
66.2 -1.7% 28.2 -0.1% 30.0 -1.2% 53.0 -1.9% 63.3
67.5 1.9% 27.4 -2.7% 29.5 -1.7% 53.3 0.5% 65.3
69.0 2.3% 27.2 -0.8% 29.8 1.1% 54.2 1.7% 67.3
67.5 -2.2% 27.6 1.3% 29.2 -2.0% 54.1 -0.1% 67.1
66.4 -1.6% 28.0 1.7% 28.0 -4.0% 56.4 4.2% 66.6
62.5 -5.9% 28.1 0.1% 28.3 1.2% 57.7 2.2% 68.9
66.0 5.5% 28.4 1.1% 25.8 -9.0% 58.7 1.7% 69.9
63.8 -3.2% 29.0 2.2% 26.2 1.4% 57.7 -1.6% 69.7
58.9 -7.7% 27.4 -5.5% 23.8 -9.1% 51.9 -10.1% 62.4
61.5 4.5% 26.2 -4.5% 25.0 5.1% 54.7 5.4% 66.2
62.6 1.7% 23.1 -11.9% 23.0 -7.9% 50.1 -8.5% 62.4
54.9 -12.3% 23.1 0.3% 21.7 -5.5% 42.6 -14.9% 52.1
58.5 6.6% 24.0 3.6% 23.7 8.8% 47.1 10.5% 56.4
62.5 6.9% 23.4 -2.4% 24.7 4.5% 49.9 6.1% 54.2
61.7 -1.3% 26.6 13.6% 27.4 11.0% 51.8 3.7% 60.5
63.9 3.6% 25.9 -2.6% 28.6 4.3% 52.9 2.2% 62.2
63.0 -1.4% 26.0 0.5% 28.5 -0.3% 50.8 -3.9% 59.8
63.8 1.2% 25.6 -1.5% 28.7 0.5% 50.1 -1.4% 59.5
62.6 -1.8% 26.1 1.7% 28.8 0.6% 50.3 0.4% 65.8
63.0 0.6% 26.0 -0.2% 28.5 -1.2% 49.4 -1.8% 66.0
61.1 -3.1% 26.9 3.3% 29.2 2.6% 49.1 -0.5% 68.7
64.2 5.2% 27.6 2.8% 29.7 1.7% 51.5 4.9% 71.9
65.1 1.4% 28.4 2.8% 32.3 8.5% 51.9 0.8% 72.2
63.1 -3.1% 27.8 -2.0% 31.4 -2.5% 50.2 -3.4% 68.3
67.2 6.6% 28.4 2.1% 33.1 5.3% 52.0 3.6% 70.1
63.3 -5.8% 27.9 -1.7% 30.5 -7.7% 49.5 -4.7% 67.9
65.8 3.8% 28.2 1.1% 31.4 2.9% 50.9 2.8% 69.3
66.6 1.3% 29.0 2.9% 31.9 1.5% 51.2 0.5% 71.7
68.1 2.1% 29.6 2.0% 34.6 8.5% 53.8 5.1% 74.2
68.1 0.1% 30.2 1.9% 34.3 -0.9% 54.6 1.5% 74.9
68.4 0.5% 30.4 0.8% 34.0 -0.9% 55.2 1.1% 78.5
69.0 0.8% 29.5 -3.1% 35.0 3.0% 55.3 0.2% 83.2
68.5 -0.6% 29.7 0.9% 35.2 0.5% 55.8 0.9% 83.3
68.3 -0.3% 28.8 -3.2% 34.2 -2.9% 57.2 2.4% 82.7
70.0 2.4% 29.9 3.9% 34.5 0.9% 58.0 1.5% 84.5
68.7 -1.9% 29.4 -1.8% 33.5 -2.9% 57.6 -0.7% 82.3
65.4 -4.7% 28.7 -2.4% 31.7 -5.3% 57.2 -0.6% 81.3
62.9 -3.9% 27.9 -2.7% 29.7 -6.2% 56.2 -1.8% 79.0
63.1 0.3% 27.7 -0.6% 29.1 -2.1% 55.8 -0.6% 78.8
63.4 0.6% 27.0 -2.8% 29.6 1.6% 56.2 0.6% 79.8
Monster Beverage S&P 500
% Price %
2519
0.2% 2549 1.2%
0.8% 2553 0.2%
1.1% 2575 0.9%
0.5% 2581 0.2%
1.6% 2588 0.3%
6.1% 2582 -0.2%
1.7% 2579 -0.1%
-0.7% 2602 0.9%
1.9% 2642 1.5%
0.5% 2652 0.4%
1.2% 2676 0.9%
-0.4% 2683 0.3%
-0.8% 2674 -0.4%
0.3% 2743 2.6%
0.4% 2786 1.6%
4.8% 2810 0.9%
3.1% 2873 2.2%
-3.3% 2762 -3.9%
-5.6% 2620 -5.2%
4.1% 2732 4.3%
0.6% 2747 0.6%
-17.8% 2691 -2.0%
7.2% 2787 3.5%
1.0% 2752 -1.2%
-4.7% 2588 -6.0%
2.4% 2641 2.0%
-2.2% 2604 -1.4%
1.3% 2656 2.0%
-0.3% 2670 0.5%
-0.5% 2670 0.0%
-6.1% 2663 -0.2%
-6.6% 2728 2.4%
0.4% 2713 -0.5%
0.4% 2721 0.3%
3.7% 2735 0.5%
7.7% 2779 1.6%
 1.7% 2780 0.0%
0.8% 2755 -0.9%
0.8% 2718 -1.3%
2.0% 2760 1.5%
4.7% 2801 1.5%
0.6% 2802 0.0%
-1.5% 2819 0.6%
-2.3% 2840 0.8%
2.4% 2833 -0.2%
2.4% 2850 0.6%
-2.4% 2875 0.9%
0.4% 2902 0.9%
-0.9% 2872 -1.0%
-1.3% 2905 1.2%
0.5% 2930 0.8%
-2.6% 2914 -0.5%
-3.6% 2886 -1.0%
-5.2% 2767 -4.1%
-2.2% 2768 0.0%
-2.0% 2659 -3.9%
6.0% 2723 2.4%
5.1% 2781 2.1%
-1.9% 2736 -1.6%
2.8% 2633 -3.8%
4.1% 2760 4.8%
-3.8% 2633 -4.6%
-8.2% 2600 -1.3%
-8.5% 2417 -7.1%
1.7% 2486 2.9%
1.5% 2532 1.9%
9.2% 2596 2.5%
2.2% 2671 2.9%
0.5% 2665 -0.2%
3.8% 2707 1.6%
-0.1% 2708 0.0%
1.4% 2776 2.5%
-0.5% 2793 0.6%
10.8% 2804 0.4%
-6.4% 2743 -2.2%
-0.6% 2822 2.9%
-11.2% 2801 -0.8%
2.0% 2834 1.2%
-3.1% 2893 2.1%
0.3% 2907 0.5%
4.1% 2905 -0.1%
8.1% 2940 1.2%
5.8% 2946 0.2%
-0.2% 2881 -2.2%
1.0% 2860 -0.8%
-0.3% 2826 -1.2%
-2.5% 2752 -2.6%
6.6% 2873 4.4%
-7.0% 2887 0.5%
4.0% 2950 2.2%
0.1% 2942 -0.3%
3.3% 2990 1.7%
-1.4% 3014 0.8%
 -2.7% 2977 -1.2%
3.1% 3026 1.7%
-4.3% 2932 -3.1%
-5.1% 2919 -0.5%
-3.5% 2889 -1.0%
-1.9% 2847 -1.4%
4.6% 2926 2.8%
-2.6% 2979 1.8%
3.0% 3007 1.0%
-0.9% 2992 -0.5%
-0.9% 2962 -1.0%
-2.1% 2952 -0.3%
-0.5% 2970 0.6%
-0.4% 2986 0.5%
0.5% 3023 1.2%
-0.2% 3067 1.5%
3.4% 3093 0.9%
0.8% 3120 0.9%
0.0% 3110 -0.3%
2.0% 3141 1.0%
0.4% 3146 0.2%
3.6% 3169 0.7%
2.7% 3221 1.7%
-0.5% 3240 0.6%
-0.5% 3235 -0.2%
3.3% 3265 0.9%
3.0% 3330 2.0%
-0.3% 3295 -1.0%
-0.7% 3226 -2.1%
3.5% 3328 3.2%
1.4% 3380 1.6%
-0.2% 3338 -1.3%
-10.5% 2954 -11.5%
6.1% 2972 0.6%
-5.7% 2711 -8.8%
-16.5% 2305 -15.0%
8.2% 2541 10.3%
-3.8% 2489 -2.1%
11.6% 2790 12.1%
2.8% 2875 3.0%
-3.8% 2837 -1.3%
-0.5% 2831 -0.2%
10.5% 2930 3.5%
0.3% 2864 -2.3%
4.1% 2955 3.2%
4.7% 3044 3.0%
0.4% 3194 4.9%
-5.4% 3041 -4.8%
2.6% 3098 1.9%
-3.1% 3009 -2.9%
2.0% 3130 4.0%
3.5% 3185 1.8%
3.6% 3225 1.2%
0.9% 3216 -0.3%
4.8% 3271 1.7%
6.0% 3351 2.5%
0.2% 3373 0.6%
-0.7% 3397 0.7%
2.2% 3508 3.3%
-2.7% 3427 -2.3%
-1.1% 3341 -2.5%
-2.9% 3319 -0.6%
-0.3% 3298 -0.6%
1.3% 3335 1.1%
PepsiCo Inc.
(in USD million except per Share Data)
Debt Schedule 6 Months 12 Months 12 Months 12 Months
Dec-31-2020 Dec-31-2021 Dec-31-2022 Dec-31-2023

Cash Before Debt 4,184 2,793 2,875

Add: Opening Cash Balance 8927 7,825 8,733 7,694
Less: Minimum Cash Required (1,378) (1,434) (1,492) (1,554)
Cash Available for Debt 7,549 10,575 10,033 9,015
Less: Mandatory Debt Repayments (2,118) (3,276) (3,831) (2,272)
Cash Available for Discretionery Sweep 5,431 7,299 6,202 6,743
Source: Calculations

Mandatory Debt
Repayment Date Interest Rate Average Rate
2020 Notes ### 2.70% 3.90% 3.30%
2021 Notes ### 2.40% 3.10% 2.75%
2022 Notes ### 2.70% 2.80% 2.75%
2023 Notes ### 2.80% 2.90% 2.85%
2024 Notes ### 3.40% 3.20% 3.30%
2025-2049 Notes ### 3.40% 3.70% 3.55%
2019-2026 Notes ### 1.30% 1.30% 1.30%
New Notes March 2025 ### 2.25% 2.25% 2.25%
New Notes March 2027 ### 2.63% 2.63% 2.63%
New Notes March 2030 ### 2.75% 2.75% 2.75%
New Notes March 2040 ### 3.50% 3.50% 3.50%
New Notes March 2050 ### 3.63% 3.63% 3.63%
New Notes March 2060 ### 3.88% 3.88% 3.88%
New Notes May 2023 ### 0.75% 0.75% 0.75%
New Notes May 2030 ### 1.63% 1.63% 1.63%
New Notes May 2024 ### 0.25% 0.25% 0.25%
New Notes May 2028 ### 0.50% 0.50% 0.50%

Total Mandatory Debt 2.44%

Total Debt (Discretionery + Mandatory)

Discretionary Debt (Balance)

Discretionary Debt Schedule

6 Months 12 Months 12 Months 12 Months
Dec-31-2020 Dec-31-2021 Dec-31-2022 Dec-31-2023
Opening Balance 3,232 - - -
Add: Debt Raised - - - -
Less: Debt Repaid (3,232) - - -
Closing Balance - - - -

Interest Rate 2.44%

Interest Expenses 39.50 - - -

Minimum Cash Balance 1,378 1,434 1,492 1,554

Interest Income Rate 0.72%

Interest Income 4.96 10.32 10.74 11.19

Total Debt (Short Term and Long Term) 39,628 36,352 32,521 30,249

Short Term Debt 3,276 3,831 2,272 2,839

Long Term Debt 36,352 32,521 30,249 27,410
 12 Months 12 Months
Dec-31-2024 Dec-31-2025

2,938
8,297
(1,619) 2% of Sales
9,616
(2,839) (20,410)
6,777

Balance As on 31 During 24 Weeks June 2020 Net Balance As on

Dec 2019 Raised Repaid 13 June 2020 Source
2,840 750 2,090 10K Dec 2019, Pg 112
3,276 3,276 10K Dec 2019, Pg 112
3,831 3,831 10K Dec 2019, Pg 112
1,272 1,272 10K Dec 2019, Pg 112
1,839 1,839 10K Dec 2019, Pg 112
18,910 18,910 10K Dec 2019, Pg 112
28 28 10K Dec 2019, Pg 112
1,500 1,500 10Q June 2020, Pg 19
500 500 10Q June 2020, Pg 19
1,500 1,500 10Q June 2020, Pg 19
750 750 10Q June 2020, Pg 19
1,500 1,500 10Q June 2020, Pg 19
750 750 10Q June 2020, Pg 19
1,000 1,000 10Q June 2020, Pg 19
1,000 1,000 10Q June 2020, Pg 19
1,000 1,000 10Q June 2020, Pg 19
1,000 1,000 10Q June 2020, Pg 19

31,996 10,500 750 41,746

32,068 44,978

72 3,232

12 Months
Dec-31-2024
-
-
-
-

1,619
 11.66

27,410

20,410
7,000
 Interest Expenses
6 Months 12 Months 12 Months 12 Months 12 Months
13-Jun-20 Dec-31-2020 Dec-31-2021 Dec-31-2022 Dec-31-2023 Dec-31-2024
38 - - - -
45 90 - - -
53 105 105 - -
18 36 36 36 -
30 61 61 61 61
336 671 671 671 671
0 - - - -
17 34 34 34 34
7 13 13 13 13
21 41 41 41 41
13 26 26 26 26
27 54 54 54 54
15 29 29 29 29
4 8 8 3 -
8 16 16 16 16
1 3 3 3 1
3 5 5 5 5

635 1,193 1,103 993 952

PepsiCo Inc.
(in USD million except per Share Data)
Property, Plant & Equipment 12 Months 12 Months 12 Months 6 Months
Dec-31-2017 Dec-31-2018 Dec-31-2019 June-30-2020
Opening Balance-WDV 16,591 17,240 17,589 19,305
Add: Net Addition during the Period 2,950 2,679 4,067 967
Total Depreciable Assets During the Year 19,541 19,919 21,656 20,272
Less: Depreciation during the year 2,301 2,330 2,351 1,085
Closing Balance-WDV 17,240 17,589 19,305 19,187
Source 10K Dec'17, 10K Dec'19, Pg 79 10Q June'20,
Pg 84 Pg 8

6 Monthly
PPE Turnover Ratio 3.25 3.25 3.10 1.47

Depreciation Rate 11.8% 11.7% 10.9% 5.4%

Depreciation Exp 2107 2144 2196 1013 93%

Corporate Depreciation and Amort 194 186 155 72 7%
2301 2330 2351 1085
Direct Dep Exp %age of Total Dep Exp 92% 92% 93% 93%
Amortizable Intangible Assets, net 12 Months 12 Months 12 Months 6 Months
Dec-31-2017 Dec-31-2018 Dec-31-2019 June-30-2020
Opening Balance-WDV 1,237 1,268 1,644 1,433
Add: Net Addition during the Period 99 445 (130) 69
Total Amortizable Assets During the Year 1,336 1,713 1,514 1,502
Less: Amortisation during the year 68 69 81 37
Closing Balance-WDV 1,268 1,644 1,433 1,465
Source 10K Dec'17, 10K Dec'19, Pg 79 10Q June'20,
Pg 84 Pg 8

6 Monthly
Amortisation Rate 5.1% 4.0% 5.4% 2.5%
 6 Months 12 Months 12 Months 12 Months 12 Months
31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
19,187 20,303 19,840 20,651 21,506
2,349 2,100 3,479 3,635 3,799
21,536 22,403 23,319 24,285 25,306
1,232 2,564 2,668 2,779 2,896
20,303 19,840 20,651 21,506 22,410
Calculation

Yearly
3.20

11.4%

1,141 2,374 2,471 2,573 2,681

91 190 197 206 214
1,232 2,564 2,668 2,779 2,896

6 Months 12 Months 12 Months 12 Months 12 Months

31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
1,465 1,430 1,361 1,295 1,233
- - - - -
1,465 1,430 1,361 1,295 1,233
35 69 66 62 59
1,430 1,361 1,295 1,233 1,173
Calculation

4.8%
PepsiCo Inc.
(in USD million except per Share Data)
Balance Sheet as of: Dec-31-2017 Dec-31-2018 Dec-31-2019 Jun-13-2020 Dec-31-2020 Dec-31-2021
ASSETS
Cash And Equivalents 10,610 8,721 5,509 8,927 7,825 8,733
Short Term Investments 8,900 272 229 196 196 196
Restricted Cash - 1,997 - -
Accounts and Notes Receivable 7,024 7,142 7,822 8,780 7,751 8,064
Inventories 2,947 3,128 3,338 4,314 3,234 3,430
Prepaid expenses and other current assets 1,546 633 747 972 1,039 1,081
Total Current Assets 31,027 21,893 17,645 23,189 20,045 21,504

Net Property, Plant & Equipment 17,240 17,589 19,305 19,187 20,303 19,840
Amortizable Intangible Assets, net 1,268 1,644 1,433 1,465 1,430 1,361
Goodwill 14,744 14,808 15,501 17,845 17,845 17,845
Other indefinite-lived intangible assets 12,570 14,181 14,610 17,530 17,530 17,530
Investments in Noncontrolled Affiliates 2,042 2,409 2,683 2,715 2,715 2,715
Deferred Income Taxes - 4,364 4,359 4,351 4,351 4,351
Other Assets 913 760 3,011 3,243 3,243 3,243
Total Assets 79,804 77,648 78,547 89,525 87,462 88,388

LIABILITIES
Short-term debt obligations 5,485 4,026 2,920 6,607 3276 3831
Accounts payable and other current liabilities 15,017 18,112 17,541 17,220 18,096 19,022
Total Current Liabilities 20,502 22,138 20,461 23,827 21,372 22,853

Long-Term Debt Obligations 33,796 28,295 29,148 38,371 36,352 32,521

Deferred Income Taxes 3,242 3,499 4,091 4,203 4,203 4,203
Other Liabilities 11,283 9,114 9,979 10,537 10,537 10,537
Total Liabilities 68,823 63,046 63,679 76,938 72,464 70,114

Preferred Stock, no par value 41

Repurchased Preferred Stock (197)

Common Stock 24 23 23 23 23 23
Capital in excess of par value 3,996 3,953 3,886 3,772 3,904 4,182
Retained Earnings 52,839 59,947 61,946 62,145 64,389 67,335
Accumulated other comprehensive loss (13,057) (15,119) (14,300) (15,778) (15,778) (15,778)
Repurchased common stock, in excess of par value (32,757) (34,286) (36,769) (37,671) (37,671) (37,671)
Total PepsiCo Common Shareholders’ Equity 11,045 14,518 14,786 12,491 14,868 18,092
Noncontrolling interests 92 84 82 96 130 182
Total Equity 11,137.00 14,602.00 14,868.00 12,587.00 14,998 18,274
Total Liabilities And Equity 79,804 77,648 78,547 89,525 87,462 88,388
Check - - - - - -
Source 10K Dec'18, Pg 83 10K Dec'19, Pg 89 10K Dec'19, Pg 89 10Q June'20, Pg 8

Accounts payable and other current liabilities 15,017 18,112 17,541 17,220 18,096 19,022
Less: Non Operating Items
Dividends payable 1161 1,329 1,351 No Break Up
SodaStream consideration payable 0 1997 58 Available
Current lease liabilities 0 - 442
Accounts payable and other current liabilities-Operating 13,856 14,786 15,690 14,354 15,230 16,156
Accounts payable and other current liabilities-Non Operating 1,161 3,326 1,851 2,866 2,866 2,866
Source 10K Dec'18, Pg 127 10K Dec'19, Pg 125 10K Dec'19, Pg 125 10Q June'20, Pg 6

Working Capital
Operating Current Assets
Accounts and Notes Receivable 7,024 7,142 7,822 8,780 7,751 8,064
Receivable Turnover Ratio 40 days 40 days 43 days 41 days 41 days
Inventories 2,947 3,128 3,338 4,314 3,234 3,430
Inventory Turnover Ratio 40 days 42 days 44 days 42 days 42 days
Prepaid expenses and other current assets 1,546 633 747 972 1,039 1,081
%age of Sales 2.4% 1.0% 1.1% 1.5% 1.5%

Operating Current Liabilities

Accounts payable and other current liabilities-Operating 13,856 14,786 15,690 14,354 15,230 16,156
Payable Turnover Ratio 189 days 199 days 206 days 198 days 198 days
Dec-31-2022 Dec-31-2023 Dec-31-2024

7,694 8,297 8,396

196 196 196

8,393 8,741 9,108

3,571 3,718 3,875
1,125 1,172 1,221
20,979 22,124 22,796

20,651 21,506 22,410

1,295 1,233 1,173
17,845 17,845 17,845
17,530 17,530 17,530
2,715 2,715 2,715
4,351 4,351 4,351
3,243 3,243 3,243
88,609 90,548 92,063

2272 2839 20410

19,682 20,379 21,115
21,954 23,218 41,525

30,249 27,410 7,000

4,203 4,203 4,203
10,537 10,537 10,537
66,943 65,368 63,265

23 23 23
4,472 4,773 5,087
70,383 73,539 76,786
(15,778) (15,778) (15,778)
(37,671) (37,671) (37,671)
21,429 24,887 28,448
237 293 351
21,666 25,180 28,798
 88,609 90,548 92,063
- - -

19,682 20,379 21,115

16,816 17,513 18,249

2,866 2,866 2,866

8,393 8,741 9,108

41 days 41 days 41 days
3,571 3,718 3,875
42 days 42 days 42 days
1,125 1,172 1,221
1.5% 1.5% 1.5%

16,816 17,513 18,249

198 days 198 days 198 days
PepsiCo Inc.
(in USD million except per Share Data)
Cash Flow Statement 6 Months 12 Months 12 Months
31-Dec-20 31-Dec-21 31-Dec-22

Cash From Operating Activities

Net Income 4,578 8,279 8,565
Depreciation and amortization 1,267 2,633 2,734
Share-based compensation expense 132 278 289
Change in Operating assets and liabilities:
Accounts and notes receivable 1,029 (312) (330)
Inventories 1,080 (196) (140)
Prepaid expenses and other current assets (67) (42) (44)
Accounts payable and other current liabilities 876 925 660

Net Cash Provided by Operating Activities 8,896 11,564 11,734

Cash From Investing Activities

Capital Expenditure (2,349) (2,100) (3,479)

Net Cash Used for Investing Activities (2,349) (2,100) (3,479)

Cash From Financing Activities

Cash dividends paid (2,300) (5,280) (5,462)
Cash before Raising (Repayment) of Debt 4,184 2,793

Debt Raised - - -
Debt Repaid -5350 -3276 -3831

Net Cash Provided by/(Used for) Financing Activities (7,650) (8,556) (9,293)

Net Increase/(Decrease) in Cash and Cash Equivalents (1,102) 908 (1,038)

Cash and Cash Equivalents, Beginning of Year 8927 7824.6859707 8732.63690937
Cash and Cash Equivalents, End of Period 7,825 8,733 7,694

Source: Calculations
 12 Months 12 Months
31-Dec-23 31-Dec-24

8,868 9,124
2,841 2,955
301 314

(348) (367)
(148) (156)
(47) (49)
697 736

12,165 12,556

(3,635) (3,799)

(3,635) (3,799)

(5,656) (5,819)
2,875 2,938

- -
-2272 -2839

(7,928) (8,658)

603 99
7694.39875798 8297.08728921
8,297 8,396
PepsiCo Inc.
(in USD million except per Share Data)
Income Statement 12 Months 12 Months 12 Months 6 Months 6 Months
31-Dec-17 31-Dec-18 31-Dec-19 13-Jun-20 31-Dec-20

Net Revenue 63,525 64,661 67,161 29,826 39,076

Cost of Sales-Reported 28,796 29,381 30,132 13,215
Impact of Special Items 8 (86) (92) (46)
Cost of Sales-Normalised 28,804 29,295 30,040 13,169 17,067
Cost of Sales (Other than Depreciation Exp) 26,697 27,151 27,844 12,156 15,926
Depreciation Exp 2,107 2,144 2,196 1,013 1,141

Gross Profit-Normalised 34,721 35,366 37,121 16,657 22,009

Selling, General & Admin Exp.-Reported 24,453 25,170 26,738 12,368

Impact of Special Items (222) (424) (219) (350)
Selling, General & Admin Exp.-Normalised 24,231 24,746 26,519 12,018 15,729
Selling, General & Admin Exp. (Excluding Amortisation Exp) 23,969 24,491 26,283 11,909 15,602
Corporate Depreciation and Amort 194 186 155 72 91
Amortisation of Intangible Assets 68 69 81 37 35

Operating Income / EBIT-Normalised 10,490 10,620 10,602 4,639 6,280

Other pension and retiree medical benefits (expense)/income-Reported 233 298 (44) 161
Impact of Special Items 66 36 275 7
Other pension and retiree medical benefits (expense)/income-Normalised 299 334 231 168 220

Interest Expense-Reported (1,151) (1,525) (1,135)

Impact of Special Items - 253 -
Interest Expense-Normalised (1,151) (1,272) (1,135) (525) (674)

Interest Income and Other 244 306 200 4.96

Income before Income Taxes-Normalised 9,882 9,988 9,898 4,282 5,831

Income Tax Expense-Reported 4,694 (3,370) 1,959 870

Impact of Special Items (2,387) 5,248 120 50
Income Tax Expense-Normalised 2,307 1,878 2,079 920 1,253

Net Income-Normalised 7,575 8,110 7,819 3,362 4,578

Share of noncontrolling interests-Reported 51 44 39 25

 Impact of Special Items - 1 5 -
Share of noncontrolling interests-Normalised 51 45 44 25 34

Net Income attributable to PepsiCo-Normalised 7,524 8,065 7,775 3,337 4,544

Weighted Average Common Shares Outstanding-Diluted 1,438 1,425 1,407 1,395 1,395

Earning Per Share-Diluted 5.2 5.7 5.5 2.4 3.3

Source 10K Dec'19, Pg 75, 61 and 62 10Q June'20, Pg 4

and 46

Profitability ratios
Sales growth (%) 1.2% 1.8% 3.9%
Gross profit margins (%)-Normalised 54.7% 54.7% 55.3% 55.8%
EBITDA margins (%)-Normalised 20.2% 20.1% 19.4% 19.3%
EBIT margins (%)-Normalised 16.5% 16.4% 15.8% 15.6%
Net Income margins (%)-Normalised 11.9% 12.5% 11.6% 11.3%

Cost as % of sales
Cost of Sales (Other than Depreciation Exp) 42.0% 42.0% 41.5% 40.8% 40.8%
Selling, General & Admin Exp. (Excluding Amortisation Exp) 37.7% 37.9% 39.1% 39.9% 39.9%

Other pension and retiree medical benefits (expense)/income 0.5% 0.5% 0.3% 0.6% 0.6%

Tax Rate-Normalised (%age of PBT) 23.3% 18.8% 21.0% 21.5% 21.5%

Share of noncontrolling interests (%age of Net Income) 0.7% 0.6% 0.6% 0.7% 0.7%

Share-based Compensation Expenses 292 256 237 101 132

%age of SG&A 1.2% 1.0% 0.9% 0.8% 0.8%
Source 10K Dec'19, Pg 77 10Q June'20, Pg 6

Dividend Per Share 3.1675 3.5875 3.7925 1.9775 1.65

Dividend Payout Ratio 61% 63% 69%
Source 10K Dec'19, Pg 39 10Q June'20, Pg 9
12 Months 12 Months 12 Months 12 Months 12 Months
31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24

68,902 71,678 74,608 77,700 80,964 From Revenue Segment

30,236 32,162 33,476 34,863 36,328

28,082 29,788 31,005 32,290 33,647
2,154 2,374 2,471 2,573 2,681 from FA Schedule

38,666 39,517 41,132 42,836 44,636

27,747 27,975 29,112 30,313 31,581

27,511 27,716 28,849 30,045 31,307
163 190 197 206 214 from FA Schedule
73 69 66 62 59 from FA Schedule

10,919 11,542 12,020 12,524 13,055

388 339 353 368 383

(1,199) (1,193) (1,103) (993) (952) From Debt Schedule

5 10.3 10.7 11.2 11.7 From Debt Schedule

10,113 10,699 11,281 11,910 12,498

2,173 2,420 2,716 3,042 3,375

7,940 8,279 8,565 8,868 9,124

 59 52.46 54.27 56.19 57.81

7,881 8,226 8,510 8,812 9,066

1,395 1,395 1,395 1,395 1,395

5.6 5.9 6.1 6.3 6.5

Calculation

40.8% 41.6% 41.6% 41.6% 41.6%

39.9% 38.7% 38.7% 38.7% 38.7%

0.6% 0.5% 0.5% 0.5% 0.5%

21.5% 22.6% 24.1% 25.5% 27.0% 27% 21.2% 1.5%

0.7% 0.6% 0.6% 0.6% 0.6%

233 278 289 301 314

0.8% 1.0% 1.0% 1.0% 1.0%

3.63 3.78 3.92 4.05 4.17

64.2% 64.2% 64.2% 64.2% 64.2%
PepsiCo Inc.
(in USD million except per Share Data)
Segment Information 12 Months 12 Months 12 Months 12 Months 6 Months
31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 30-Jun-19
FLNA 15,549 15,798 16,346 17,078 7,825
Growth% 1.60% 3.47% 4.5%
Organic Growth % 3.0% 3.5% 4.5% 3.6%

QFNA 2,564 2,503 2,465 2,482 1,134

Growth% -2.00% -1.52% 0.69%
Organic Growth % -1.0% -1.5% 0.7% -0.6%

PBNA 21,312 20,936 21,072 21,730 9,832

Growth% -1.76% 0.65% 3.12%
Organic Growth % 0.6% 2.6% 1.6%

LatAm 6,820 7,208 7,354 7,573 3,127

Growth% 5.69% 2.03% 2.98%
Organic Growth % 8.0% 7.0% 7.5%

Europe 10,522 10,973 11,728 4,620

Growth% 4.29% 6.88%
Organic Growth % 7.0% 5.5% 6.3%

AMESA 3,674 3,657 3,651 1,576

Growth% -0.46% -0.16%
Organic Growth % 5.0% 6.0% 5.5%

APAC 2,884 2,794 2,919 1,219

Growth% -3.12% 4.47%
Organic Growth % 8.0% 9.0% 8.5%

Total Division 62,799 63,525 64,661 67,161 29,333

1.2% 1.8% 3.9%

Source 10K Dec'16, 10K Dec'19, Pg 84 and 51, 10Q June'20, Pg 11 and 35
Pg 4 10K Dec'18, Pg 60
 6 Months 6 Months 6 Months 12 Months 12 Months
13-Jun-20 31-Dec-19 31-Dec-20 31-Dec-20 31-Dec-21
8,347 9,253 9,870 18,217 18,882
6.7%
6.7% 6.7% 6.7% 3.6%

1,298 1,348 1,543 2,841 2,824

14.5%
14.5% 14.5% 14.5% -0.6%

9,808 11,898 11,779 21,587 21,938

-0.2%
-1.0% -1.0% -0.7% 1.6%

2,877 4,446 4,579 7,456 8,016

-8.0%
3.0% 3.0% -1.5% 7.5%

4,564 7,108 7,321 11,885 12,628

-1.2%
3.0% 3.0% 1.3% 6.3%

1,614 2,075 2,096 3,710 3,914

2.4%
1.0% 1.0% 1.6% 5.5%

1,318 1,700 1,887 3,205 3,477

8.1%
11.0% 11.0% 9.8% 8.5%

29,826 37,828 39,076 68,902 71,678

1.7%

10Q June'20, Pg 11 and 35 Calculation Calculation

12 Months 12 Months 12 Months
31-Dec-22 31-Dec-23 31-Dec-24
19,571 20,285 21,025

3.6% 3.6% 3.6%

2,806 2,789 2,772

-0.6% -0.6% -0.6%

22,294 22,656 23,025

1.6% 1.6% 1.6%

8,617 9,263 9,958

7.5% 7.5% 7.5%

13,417 14,256 15,147

6.3% 6.3% 6.3%

4,129 4,356 4,596

5.5% 5.5% 5.5%

3,773 4,094 4,442

8.5% 8.5% 8.5%

74,608 77,700 80,964

Calculation