KO 值得买入，这是一家以合理估值交易的高质量公司，其背后是创纪录的营业利润率和改善的投资资本回报率等强劲基本面支撑。
逐段跳播
近年来，可口可乐受益于消费者越来越频繁地走出家门。因为该公司在户外消费渠道拥有更大的市场份额。你去餐厅时可能已经注意到，你更常看到可口可乐作为独家饮料合作伙伴。
In recent years, Coca-Cola has benefited from consumers increasingly leaving their homes more frequently. Well, because the company has a larger market share in consumption channels outside the home.
You may have noticed when visiting restaurants that you are more likely to see Coca-Cola as an exclusive beverage partner.
想想像麦当劳这样与可口可乐有独家合作关系的公司，还有迪士尼乐园等等。几十年来，可口可乐建立了许多独家合作关系。
Think of a company like McDonald's that has an exclusive relationship with Coca-Cola, Disneyland, and others. There are many exclusive relationships that Coca-Cola has developed over the decades.
因此，当人们更频繁地外出时，这对生意来说是好消息。
Therefore, when people go out more frequently, it's good news for business.
此外，短期内，该公司仍像任何面向消费者的企业一样面临宏观经济逆风，因为人们可用于支出的钱更少了。为应对这一点，可口可乐正专注于在消费者所在的地区，用他们可能购买的产品类型去触达他们。
Also, in the near term, the company still faces macroeconomic headwinds like any consumer-oriented business, as people have less money to spend. To counter this, Coca-Cola is focusing on reaching consumers in the areas where they are located with the types of products they are likely to buy.
因此，在低收入和欠发达国家，该公司提供更实惠的选择。在更发达、更高层级的市场，该公司正转向高端品类，基于“值不值？”的心态，为消费者提供价格更高的产品。
Therefore, in low-income and less developed countries, the company offers more affordable options. In more developed and higher-level markets, the company is moving towards the luxury categories and offering consumers a higher-priced product, based on the "is it worth it?" mentality.
这一切都进展得很好，但这是否意味着可口可乐股票现在就是一个买入机会？所以，你可以看到我在引言中谈到的所有这些趋势，都反映在可口可乐过去十二个月的营收中。
Well, all of this is going great, but does that mean Coca-Cola stock represents a buying opportunity right now? So, you can see all those trends I talked about in the introduction reflected in Coca-Cola's revenue over the past twelve months.
你可以看到，在2020年、2021年以及2022年初的疫情封锁期间，其营收低于正常水平。然后你还可以看到，自经济重新开放以来，销售出现了爆发式增长，
You can see that during the pandemic lockdowns in 2020, 2021 and early 2022, its revenues were below par. Then you can also see that since the economy reopened, sales have exploded,
可口可乐没有零食业务。它完全专注于饮料，而该公司的业务正蓬勃发展，过去十二个月的营收达到510亿美元。可口可乐还因其出色的运营模式而受到投资者的称赞。它与旗下的包装子公司关系密切，与分销网络的关系也很密切。
Coca-Cola does not have a snack food division. It's all about the beverages, and the company's business is booming with revenues of $51 billion in the past twelve months. Coca-Cola has also received praise from investors for its excellent operating model.
It enjoys close relationships with its packaging subsidiaries, and close relationships with its distribution network.
情况进展得极其顺利，可口可乐在过去十二个月录得创纪录的32%营业利润率。
Things have gone extremely well, with Coca-Cola recording record operating profit margins of 32% over the past twelve months.
这几乎是百事可乐这类公司营业利润率的两倍。这就是可口可乐股价相对百事可乐存在溢价的主要原因。可口可乐的投资资本回报率也在改善，达到17.9%的创纪录高位，高于2021年约10%的水平。
This represents almost double the operating profit margin of a company like PepsiCo. This is the main reason why Coca-Cola shares trade at a price premium compared to PepsiCo. Coca-Cola's return on invested capital is also improving, reaching record highs of 17.9%, up from around 10% in 2021.
这远远超过该公司接近10%的加权平均资本成本。用投资资本回报率与平均资本成本相比，其比率约为2比1，这确实非常好。
This far exceeds the company's weighted average cost of capital, which is close to 10%. It has a ratio of approximately 2 to 1 when measuring the return on invested capital against the average cost of capital, which is very good indeed.
因此，你可以看到可口可乐与百事可乐在评级上的差异。
Therefore, you can see the difference in ratings between Coca-Cola and PepsiCo.
Coca-Cola 的股票目前对应24倍的预期市盈率，与 PepsiCo 的13.9倍相比，估值偏高。单独来看，Coca-Cola 目前的预期市盈率接近其近几年来的最高水平。
Coca-Cola's stock is trading at a forward price-to-earnings ratio of 24, a high valuation compared to PepsiCo's 13.9. Looking at it separately, Coca-Cola is trading near its highest forward price-to-earnings ratio in several years.
我认为，考虑到该公司近几年业绩改善、营收增长加快、利润率创下纪录、投入资本回报率提升，以及有利于 Coca-Cola 分销网络及其与户外消费渠道关系的消费环境，这一评估对 Coca-Cola 来说是合理的。
I believe this assessment of Coca-Cola is fair given the company’s improved performance in recent years, accelerated revenue growth, record profit margins, improved return on invested capital, and consumer conditions that support Coca-Cola’s distribution network and its relationships with consumption channels outside the home.
我也喜欢用现金流折现模型来计算每股公允价值，也就是估算公司从今天到长期将产生的全部现金流，并用加权平均资本成本对这些现金流进行折现；我计算出的 Coca-Cola 加权平均资本成本为7.16%，不到其投入资本回报率的一半。
I also like to calculate the fair value of a share using the discounted cash flow model, where I estimate all the cash flows that the company will generate from today to the long term, and discount those flows using the weighted average cost of capital, which I calculated for Coca-Cola at 7.16%, less than half of its return on invested capital.
因此，其投入资本回报率与平均资本成本之比超过二比一。
Therefore, it has a return on invested capital to average cost of capital ratio of more than two to one.
总而言之，我计算出的该股公允价值为86.60美元，与85.89美元的市场价格非常接近。所以，无论从哪个角度看，Coca-Cola 的股票似乎都处于合理估值。
In summary, I calculated a fair value for the stock at $86.60, which is very close to the market price of $85.89. So, no matter how I look at it, Coca-Cola stock seems fairly valued.
自该股在每股40美元左右交易以来，我一直将其评为买入机会。我眼看着它的规模翻了一倍多，所以我对它今年年初以来以及过去几年的表现感到满意。
I have rated this stock as a buying opportunity since it was trading around $40 per share. I've seen it more than double in size, so I'm pleased to see its performance since the beginning of the year and over the past few years.
鉴于它是全球最好的公司之一，且目前交易价格合理，我认为这对长期投资者来说是一笔有吸引力的交易。如果你能以合理的价格买到全球最好的公司之一，我认为你就得到了一笔划算的交易。
Given that it is one of the best companies in the world and is trading at a fair price, I think it is an attractive deal for long-term investors. If you can get one of the best companies in the world at a fair price, I think you're getting a good deal.
因此，我重申买入 Coca-Cola 股票的建议，并且考虑到潜在的风险与回报，我抱有相对较高的信心和信念，认为按当前市场价格这是一笔不错的投资。
Therefore, I reiterate my recommendation to buy Coca-Cola shares, and I have a relatively high level of confidence and conviction that this is a good investment at current market prices, taking into account the potential risks and returns.
这个频道对 $KO 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。