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{"sheet":"Template","index":0,"n_rows":97,"n_cols":7,"rows_kept":97,"cut":false,"hidden":false,"merged":[[3,1,3,3],[3,4,4,4],[5,4,8,4],[3,5,3,8]]}
["Show/Hide"]
["Actions"]
[]
["Company Name:",{"$error":"#VALUE!"},null,null,"Status","Helpful Websites"]
["Ticker",{"$f":"_FV(B4,\"Ticker symbol\",TRUE)","v":"KO"},null,null,null,"SEC.gov | Company Search Page"]
["Valuation Date:","2020-12-29",null,null,"Sell","Dividend History | Payout Calendar, Announcements and Stock Information"]
["Valuation Period:","2020-09-25",null,null,null,"https://finance.yahoo.com/?guccounter=1"]
["Current Price:",{"$f":"_FV(B4,\"Price\")","v":54.14},null,null,null,"https://www.msn.com/en-us/money/markets/marketmovers"]
["Market Cap:",{"$f":"_FV(B4,\"Market cap\",TRUE)","v":232749100000}]
[]
["Indicators","Net-Net",{"$f":"IF(B53>B8, \"Yes\", \"No\")","v":"No"},"Graham Value",{"$f":"IF(B54>B8, \"Yes\", \"No\")","v":"No"},"DCF",{"$f":"IF(B97>B8, \"Yes\", \"No\")","v":"No"}]
[]
[null,{"$f":"C13+1","v":2019},2018,2017,2016,2015]
["Stock Info"]
["Diluted Shares OS:",4314000000,4299000000,4324000000,4367000000,4405000000]
["Closing Share Price",53.32,46.94,45.91,41.5,42.34]
["EPDS",2.0699999999999998,1.5,0.28999999999999998,1.49,1.67]
[]
["Balance Sheet","In Millions","In Millions","In Millions","In Millions","In Millions"]
["Cash",6480,9077,6006,8555,7309]
["Marketable Securities",3228,5013,5317,4051,4269]
["Accounts Receivable",3971,3685,3667,3856,3941]
["Inventory",3379,3071,2655,2675,2902]
["Current Assets",20411,24930,36545,34010,33395]
["Total Assets",86381,83216,87896,87270,90093]
["Current Liabilities",26973,28782,27194,26532,26930]
["Total Liabilities",{"$f":"86381-21098","v":65283},{"$f":"83216-19058","v":64158},{"$f":"87896-18977","v":68919},{"$f":"87270-23220","v":64050},{"$f":"90093-25764","v":64329}]
[]
["Income Statement","In Millions","In Millions","In Millions","In Millions","In Millions"]
["Revenue",37266,34300,36212,41863,44294]
["Cost of Goods Sold",14619,13067,13721,16465,17482]
["Interest Expense",946,950,853,733,856]
["SG&A",12103,11002,12834,15262,16427]
["Net Income",8985,6476,1283,6550,7366]
[]
["Cash Flow","In Millions","In Millions","In Millions","In Millions","In Millions"]
["Operating Cash Flow",10471,7627,7041,8796,10528]
["PPE Purchases",2054,1548,1750,2262,2553]
["Debt Payments",24850,30600,28871,25615,37738]
["Dividends / Share",{"$f":"0.4*4","v":1.6},{"$f":"0.39*4","v":1.56},{"$f":"0.37*4","v":1.48},{"$f":"0.35*4","v":1.4},{"$f":"0.33*4","v":1.32}]
[]
["Ratios"]
["P/E",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), B16/((_xlpm.mult*B34)/B15))","v":25.600721202003339},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), C16/((_xlpm.mult*C34)/C15))","v":31.160447807288449},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), D16/((_xlpm.mult*D34)/D15))","v":154.72707716289946},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), E16/((_xlpm.mult*E34)/E15))","v":27.6687786259542},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), F16/((_xlpm.mult*F34)/F15))","v":25.320078740157484}]
["Price / Book",{"$f":"B16/B49","v":10.902572755711441},10.58846993388603,10.46081256257575,7.8049310938845826,7.2390816643378368]
["Debt / Equity",{"$f":"B27/(B25-B27)","v":3.0942743387998863},{"$f":"C27/(C25-C27)","v":3.3664602791478644},3.6317120725088263,2.7583979328165373,2.4968560782487192]
["Current Ratio",{"$f":"B24/B26","v":0.75671968264560863},{"$f":"C24/C26","v":0.86616635397123198},1.3438626167536956,1.2818483340871401,1.24006683995544]
["Return on Equity",{"$f":"_xlfn.LET(_xlpm.ni,_xlfn.SWITCH(B29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), _xlpm.eq,_xlfn.SWITCH(B19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.ni*B34)/((B25-B27)*_xlpm.eq))","v":0.42586975068726896},{"$f":"_xlfn.LET(_xlpm.ni,_xlfn.SWITCH(C29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), _xlpm.eq,_xlfn.SWITCH(C19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.ni*C34)/((C25-C27)*_xlpm.eq))","v":0.33980480638052263},{"$f":"_xlfn.LET(_xlpm.ni,_xlfn.SWITCH(D29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), _xlpm.eq,_xlfn.SWITCH(D19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.ni*D34)/((D25-D27)*_xlpm.eq))","v":6.7608157242978348E-2},{"$f":"_xlfn.LET(_xlpm.ni,_xlfn.SWITCH(E29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), _xlpm.eq,_xlfn.SWITCH(E19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.ni*E34)/((E25-E27)*_xlpm.eq))","v":0.28208440999138673},{"$f":"_xlfn.LET(_xlpm.ni,_xlfn.SWITCH(F29, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), _xlpm.eq,_xlfn.SWITCH(F19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.ni*F34)/((F25-F27)*_xlpm.eq))","v":0.28590281012265178}]
["Liquid Value / Share",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*B20+_xlpm.mult*B21)/B15)","v":2.2503477051460363},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*C20+_xlpm.mult*C21)/C15)","v":3.2775063968364737},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*D20+_xlpm.mult*D21)/D15)","v":2.6186401480111008},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*E20+_xlpm.mult*E21)/E15)","v":2.8866498740554154},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*F20+_xlpm.mult*F21)/F15)","v":2.6283768444948921}]
["Book Value / Share",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1),((B25-B27)*_xlpm.mult)/B15)","v":4.890588780713955},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1),((C25-C27)*_xlpm.mult)/C15)","v":4.4331239823214705},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1),((D25-D27)*_xlpm.mult)/D15)","v":4.3887604070305271},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1),((E25-E27)*_xlpm.mult)/E15)","v":5.3171513624914128},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1),((F25-F27)*_xlpm.mult)/F15)","v":5.8488081725312142}]
["Book Value Growth Y/Y",{"$f":"+(B49-C49)/C49","v":0.10319242146548906},{"$f":"+(C49-D49)/D49","v":1.0108452313750309E-2},{"$f":"+(D49-E49)/E49","v":-0.17460307073633455},{"$f":"+(E49-F49)/F49","v":-9.0900025160119746E-2}]
["Interest / FCF",{"$f":"+B32/(B37-B38)","v":0.1123915884519425},0.15627570324066459,0.1612171612171612,0.11218243036424855,0.10733542319749216]
["FCF Debt Coverage",{"$f":"(B37-B38)/B39","v":0.33871227364185108},0.19866013071895425,0.18326348238717052,0.2550849111848526,0.21132545444909639]
["Net-Net Value / Share",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(B20+B21+B22*0.75+B23*0.5-B27))/B15)","v":-11.800475197032917},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(C20+C21+C22*0.75+C23*0.5-C27))/C15)","v":-10.646371249127704},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(D20+D21+D22*0.75+D23*0.5-D27))/D15)","v":-12.377023589269195},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(E20+E21+E22*0.75+E23*0.5-E27))/E15)","v":-10.811655598809251},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(F20+F21+F22*0.75+F23*0.5-F27))/F15)","v":-10.974858115777526}]
["Graham IV / Share",{"$f":"B17*(8.5+(2*B57*100))","v":30.014999999999997},21.75,4.2050000000000001,21.605,24.215]
[]
["Assumptions"]
["Expected Growth",0.03,0.03,0.03,0.03,0.03]
[]
["Valuations"]
["Net-Net Valuation"]
["Cash + Securities",{"$f":"+B20+B21","v":9708},{"$f":"+C20+C21","v":14090},{"$f":"+D20+D21","v":11323},{"$f":"+E20+E21","v":12606},{"$f":"+F20+F21","v":11578}]
["+ AR (75%)",{"$f":"+B22*0.75","v":2978.25},{"$f":"+C22*0.75","v":2763.75},{"$f":"+D22*0.75","v":2750.25},{"$f":"+E22*0.75","v":2892},{"$f":"+F22*0.75","v":2955.75}]
["+ Inventory (50%)",{"$f":"+B23*0.5","v":1689.5},{"$f":"+C23*0.5","v":1535.5},{"$f":"+D23*0.5","v":1327.5},{"$f":"+E23*0.5","v":1337.5},{"$f":"+F23*0.5","v":1451}]
["- Total Liabilities",{"$f":"-B27","v":-65283},{"$f":"-C27","v":-64158},{"$f":"-D27","v":-68919},{"$f":"-E27","v":-64050},{"$f":"-F27","v":-64329}]
["Net-Net Value",{"$f":"SUM(B61:B64)","v":-50907.25},{"$f":"SUM(C61:C64)","v":-45768.75},{"$f":"SUM(D61:D64)","v":-53518.25},{"$f":"SUM(E61:E64)","v":-47214.5},-48344.25]
["Net-Net / Share",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*B65)/B15)","v":-11.800475197032917},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*C65)/C15)","v":-10.646371249127704},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*D65)/D15)","v":-12.377023589269195},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*E65)/E15)","v":-10.811655598809251},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F19, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*F65)/F15)","v":-10.974858115777526}]
["Market Price Delta",{"$f":"+B66-B16","v":-65.120475197032917},{"$f":"+C66-C16","v":-57.586371249127701},{"$f":"+D66-D16","v":-58.287023589269189},{"$f":"+E66-E16","v":-52.311655598809253},{"$f":"+F66-F16","v":-53.314858115777525}]
[]
["Graham Intrinsic Value"]
["EPS",{"$f":"B17","v":2.0699999999999998}]
["Expected Growth Rate",{"$f":"+B57","v":0.03}]
["IV / Share",{"$f":"B70*(8.5+(2*B71*100))","v":30.014999999999997}]
["Market Price Delta",{"$f":"+B72-B8","v":-24.125000000000004}]
[]
["DCF Analysis"]
["10 Year Growth Rate",{"$f":"+B57","v":0.03}]
["Terminal Growth Rate",0.01]
["Discount Rate",0.1]
["FCF / Share History",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(B36, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(B37-B38))/B15)","v":1.9510894761242465},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C36, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(C37-C38))/C15)","v":1.4140497790183764},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(D36, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(D37-D38))/D15)","v":1.2236355226641997},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(E36, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(E37-E38))/E15)","v":1.4962216624685138},{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(F36, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*(F37-F38))/F15)","v":1.8104426787741204}]
["FCF Growth Rate",{"$f":"(B79-C79)/C79","v":0.37978839576544432},0.15561354081940273,-0.18218299242813588,{"$f":"(E79-F79)/F79","v":-0.17356032311300271}]
["Prior Year FCF",{"$f":"+B37-B38","v":8417},{"$f":"B36","v":"In Millions"}]
[]
["Year","Cash Flow","Discounted"]
[1,{"$f":"(B81*(1+$B$76))","v":8669.51},{"$f":"B84/((1+$B$78)^A84)","v":7881.3727272727265}]
[{"$f":"+A84+1","v":2},{"$f":"(B84*(1+$B$76))","v":8929.5953000000009},{"$f":"B85/((1+$B$78)^A85)","v":7379.8308264462803}]
[{"$f":"+A85+1","v":3},{"$f":"(B85*(1+$B$76))","v":9197.4831590000013},6910.2052283996982]
[{"$f":"+A86+1","v":4},9473.4076537700021,6470.4648956833544]
[5,9757.609883383102,6058.7080386853222]
[6,10050.338179884595,5673.1538907689828]
[7,10351.848325281133,5312.1350068109559]
[8,10662.403775039567,4974.0900518320777]
[9,10982.275888290755,4657.5570485336721]
[10,11311.744164939477,4361.1670545360748]
["Terminal Cash Flow",null,{"$f":"(B93*(1+$B$77))/(B78-B77)","v":126942.90673987633}]
[]
["Terminal Value",null,{"$f":"SUM(C84:C95)","v":186621.59150884548}]
["Value / Share",{"$f":"_xlfn.LET(_xlpm.mult,_xlfn.SWITCH(C81, \"In Millions\", 1000000, \"In Thousands\", 1000, 1), (_xlpm.mult*C96)/B15)","v":43.259525152722645}]

{"sheet":"Dividends","index":1,"n_rows":26,"n_cols":2,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["Close*","Date"]
[0.41,"2020-11-30"]
[0.41,"2020-09-14"]
[0.41,"2020-06-12"]
[0.41,"2020-03-13"]
[0.4,"2019-11-29"]
[0.4,"2019-09-13"]
[0.4,"2019-06-13"]
[0.4,"2019-03-14"]
[0.39,"2018-11-29"]
[0.39,"2018-09-13"]
[0.39,"2018-06-14"]
[0.39,"2018-03-14"]
[0.37,"2017-11-30"]
[0.37,"2017-09-14"]
[0.37,"2017-06-13"]
[0.37,"2017-03-13"]
[0.35,"2016-11-29"]
[0.35,"2016-09-13"]
[0.35,"2016-06-13"]
[0.35,"2016-03-11"]
[0.33,"2015-11-27"]
[0.33,"2015-09-11"]
[0.33,"2015-06-11"]
[0.33,"2015-03-12"]
[0.30499999999999999,"2014-11-26"]

{"sheet":"StockPrices","index":2,"n_rows":76,"n_cols":3,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
["Open","Close*","Date"]
["50.03","51.08","2021-01-08"]
["54.27","51.08","2021-01-01"]
["52.14","54.84","2020-12-01"]
["48.75","51.60","2020-10-31"]
["49.44","48.06","2020-09-30"]
["49.31","49.37","2020-08-31"]
["47.14","49.53","2020-07-31"]
["44.93","47.24","2020-06-30"]
["46.66","44.68","2020-05-31"]
["45.62","46.68","2020-04-30"]
["42.48","45.89","2020-03-31"]
["53.93","44.25","2020-03-01"]
["58.75","53.49","2020-02-01"]
["55.32","58.40","2020-01-01"]
["53.32","55.35","2019-12-01"]
["54.63","53.40","2019-10-31"]
["54.53","54.43","2019-09-30"]
["54.98","54.44","2019-08-31"]
["52.78","55.04","2019-07-31"]
["51.07","52.63","2019-06-30"]
["49.16","50.92","2019-05-31"]
["48.95","49.13","2019-04-30"]
["46.99","49.06","2019-03-31"]
["45.47","46.86","2019-03-01"]
["48.48","45.34","2019-02-01"]
["46.94","48.13","2019-01-01"]
["49.87","47.35","2018-12-01"]
["47.81","50.40","2018-10-31"]
["46.17","47.88","2018-09-30"]
["44.60","46.19","2018-08-31"]
["46.45","44.57","2018-07-31"]
["43.78","46.63","2018-06-30"]
["43.10","43.86","2018-05-31"]
["42.96","43.00","2018-04-30"]
["43.44","43.21","2018-03-31"]
["43.10","43.43","2018-03-01"]
["47.41","43.22","2018-02-01"]
["45.91","47.59","2018-01-01"]
["45.80","45.88","2017-12-01"]
["45.75","45.77","2017-10-31"]
["45.05","45.98","2017-09-30"]
["45.64","45.01","2017-08-31"]
["45.97","45.55","2017-07-31"]
["45.11","45.84","2017-06-30"]
["45.45","44.85","2017-05-31"]
["43.15","45.47","2017-04-30"]
["42.58","43.15","2017-03-31"]
["42.01","42.44","2017-03-01"]
["41.52","41.96","2017-02-01"]
["41.50","41.57","2017-01-01"]
["40.31","41.46","2016-12-01"]
["42.40","40.35","2016-10-31"]
["42.31","42.40","2016-09-30"]
["43.21","42.32","2016-08-31"]
["43.69","43.43","2016-07-31"]
["45.33","43.63","2016-06-30"]
["44.60","45.33","2016-05-31"]
["44.57","44.60","2016-04-30"]
["46.14","44.80","2016-03-31"]
["43.38","46.39","2016-03-01"]
["42.60","43.13","2016-02-01"]
["42.34","42.92","2016-01-01"]
["42.73","42.96","2015-12-01"]
["42.32","42.62","2015-10-31"]
["40.22","42.35","2015-09-30"]
["38.67","40.12","2015-08-31"]
["40.85","39.32","2015-07-31"]
["39.38","41.08","2015-06-30"]
["41.36","39.23","2015-05-31"]
["40.58","40.96","2015-04-30"]
["40.79","40.56","2015-03-31"]
["43.30","40.55","2015-03-01"]
["41.21","43.30","2015-02-01"]
["42.26","41.17","2015-01-01"]
["44.18","42.22","2014-12-01"]

{"sheet":"Lists","index":3,"n_rows":4,"n_cols":1,"rows_kept":4,"cut":false,"hidden":true,"merged":[]}
["Denominations"]
["In Dollars"]
["In Thousands"]
["In Millions"]