PEP 短期承压——盈利指引走弱、利润率下滑、FTC 定价压力、小品牌削弱定价能力——但说话者长期看好：预期市盈率约 15 倍、股息率约 4.7% 且持续上升、大量负面因素已被计入股价，PEP 或将是长期幸存者/赢家；短期走势不明朗。
逐段跳播
欢迎回到节目。Pepsi 上周晚些时候公布了财报，称营收增长大致符合预期。对 Pepsi 这样的公司来说没什么惊天动地的，但利润率将会下滑。他们对底线的指引比预期略弱一些。
Welcome back to the show. Pepsi reported earnings late last week and said that revenue grew about as expected. Nothing earthshattering from a company like Pepsi, but margins are going to be down.
Their guidance was a little bit weaker on the bottom line than expected.
天哪，我真希望他们没法再把更多成本转嫁出去了，因为到目前为止他们已经把成本转嫁得相当成功了。
Boy, I sure hope that they can't pass any more of them on because they've already done a great job of passing them on so far.
去年晚些时候有一桩联邦贸易委员会（FTC）的诉讼，指控 PepsiCo 与 Walmart 之间存在串通，据称这让 Walmart 获得了比 Pepsi 服务的那些规模较小的零售商更优惠的供应商价格。
There was a Federal Trade Commission lawsuit late last year that alleged collusion between PepsiCo and Walmart uh which allegedly gave Walmart preferential supplier pricing over the smaller retailers that Pepsi serves.
我认为，不管这桩诉讼的是非曲直如何、最终会走向哪一边、可能达成什么样的和解，它都凸显出 PepsiCo 和零售行业正面临压力，要把那些消费者价格上涨控制住。
And I think, you know, regardless of the merits of the suit, which way it's going to end up, you know, what kind of settlement it might result in, it just highlights the pressure that PepsiCo and the retail community are seeing to keep those consumer price increases under control.
Lou，看起来 Pepsi 正面临一系列不同的挑战，我们可以逐一拆解，花一整期节目来谈，但你有供应格局的问题——突然间这些小品牌也能买得到了。这就让你的定价权少了一些。
Lou, it seems like Pepsi is running into a number of different challenges, you know, that we could peel apart and spend an entire show on, but you have the supply dynamics where suddenly these smaller brands are available. So that gives you a little less pricing power.
但是，但是事情是这样的，各位。而且，我是说，我得捏着鼻子来做这件事，我还没到那一步，但是，Dan，我同意你说的关于他们面临的所有问题以及这一切的每一点。而且我也多少相信这些品牌。
我们现在已经跌到大约15倍的预期市盈率。股息率徘徊在接近4.7%，而且还在上升。我看短期不知道他们会怎么做，但长期来看，如果我们是投资者，这对我来说开始显得比他们的很多产品更有吸引力了，因为到了某个时点，我认为他们是一个幸存者，是这里的长期赢家，而很多负面情绪在目前这个时点似乎已经被计入价格了，我想我得对它感兴趣，即使我不想咬上一口，我不知道我在干什么。
But, but here's the deal, guys. And you know, I mean, I I'm going to have to hold my nose and do this and I'm not there yet, but um Dan, I agree with everything you say about all of the issues they're facing and all of that.
And I also kind of believe in these brands. We're down to about 15 times expected earnings. We got a dividend yield hovering near 4.7% and going up. I look near-term I don't know what they do but long term if we are an invest if we're investors this is beginning to look more appetizing than maybe a lot of their products to me because at some point I think they are a survivor and long-term winner here and a lot of the negativity seems to be priced in at this point and I guess I need to be interested in the even if I don't want to take a bite I don't know what am I doing
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