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The Coca-Cola Company: A Stock Investment Decision
內容大綱
In July 2022, a portfolio manager for an investment company was considering adding the Coca-Cola Company (Coca-Cola) stock to its flagship global blend fund, which invested in firms with neither predominant value nor growth characteristics. Her initial task was to develop an investment thesis by first gathering qualitative and quantitative information related to Coca-Cola and its peers. Her thesis would consider what long-term trends might play out in the industry, as well as any short- and medium-term considerations related to the economy, the industry, and Coca-Cola itself. She wondered whether an analysis of recent financial performance coupled with expectations of future performance could provide any clues as to the suitability of current investments. Recognizing that further analysis would follow (such as an in-depth discounted cash flow analysis), the portfolio manager needed to know whether the fund should consider investing in Coca-Cola’s stock based on her preliminary analysis.
學習目標
This case has been designed for use in finance courses at both the undergraduate and graduate level. Specifically, it can be used to analyze financial statements, introduce and analyze financial ratios, and introduce and analyze valuation metrics. The case could be used in either a corporate finance course or an investments course. The case could be used in the very first class, to provide a broad backdrop for investment analysis. By working through the case and assignment questions, students will have the opportunity to do the following:<ul><li>Examine key criteria related to stock investments.</li><li>Understand a company’s business, operating strategy, and financial performance, as well as the industry within which a company operates.</li><li>Evaluate a company’s performance using financial statements, financial ratios, and valuation metrics.</li><li>Compare a company’s performance with its peer group and analyze its growth prospects.</li><li>Identify the key factors that drive stock prices and develop an investment thesis.</li></ul>