PEP因美国饮料销量疲软（-4%）较高点下跌36%，但营收增长6.4%，市盈率约14.5倍，Morningstar的公允价值较股价高约35%，股息率约4.7%。在消费放缓背景下预计不会快速上涨，不过这些日常品牌的价格已反映出问题将永久存在的预期，因此等待应会有回报。
逐段跳播
这是PepsiCo（PEP）。其股价较历史最高点下跌约36%，刚刚创下52周新低。故事很简单：在价格连年上涨之后，消费者开始有所退缩。上一季度，美国饮料销量下降4%，而零食销量保持稳定。
随后在9月底，两家大银行下调了该股评级，理由是北美业务复苏停滞。
It is PepsiCo ( PEP). Its stock has fallen by about 36 % from its all-time high and has just hit a 52- week low. The story is simple: After years of continuously rising prices, consumers began to back down a little.
In the last quarter, the volume of beverage sales in the United States decreased by 4%, while the volume of snack sales remained stable. Then, in the final days of September, two major banks downgraded the stock, citing a stalled recovery in North America.
但公司整体仍在增长，这正是我们想看到的。上一季度，营收增长6.4%至242亿美元，公司维持了全年目标。这些品牌大多是观众现在厨房里就有的：Pepsi、Lay's、Doritos、Quaker和Gatorade。
But the company as a whole is still growing, and that's what we want to see. In the last quarter, revenues rose 6.4% to $24.2 billion, and the company maintained its annual targets.
These are brands that most viewers currently have in their kitchens : Pepsi, Lay's, Doritos, Quaker, and Gatorade.
公司估值约为预期利润的14.5倍。Morning Star给予PepsiCo强大的竞争优势和满分五星评级，合理价值为169美元，比当前股价高出约35%。
The company is valued at approximately 14.5 times the expected profits. Morning Star gives PepsiCo a strong competitive advantage and a full five-star rating at a fair value of $169, which is about 35% higher than its current price.
等待是有回报的，股息率约为4.7%，而且PepsiCo已连续54年提高股息。
Waiting pays off, as the dividend yield is around 4.7%, and PepsiCo has raised its dividend for 54 consecutive years.
我不指望股价快速上涨，但我认为我们目前正经历一段放缓。我认为价格涨得太快了，消费者眼下可能会选择其他产品，但这些品牌带有怀旧感，而且大多数人每天都在用这些产品。
I don't expect a rapid rise in the stock price, but I think we are currently experiencing a slowdown. I think prices have risen too quickly, and consumers may choose other products at the moment , but these brands have a nostalgic feel, and they are products that most people use daily.
中间层由McDonald's和Pepsi这样的知名品牌构成。公司拥有强大的竞争优势，也确实面临美国消费者的实际问题，但其价格表明这些问题会永久存在，而且在等待期间还能获得不错的回报。
The middle level consists of well-known brands such as McDonald's and Pepsi. The company has strong competitive advantages and faces real problems with the American consumer , but its price suggests that these problems are permanent, and it gets a rewarding return on both during the waiting period.