Coca-Cola's Revenue And Profit Shows Resilient Growth Amid Inflation: Goldman Sachs
Coca-Cola's Revenue And Profit Shows Resilient Growth Amid Inflation: Goldman Sachs
Goldman Sachs analyst Bonnie Herzog reiterated a Neutral rating on the shares of Coca-Cola Company (NYSE:KO) with a price target of $60.00.
高盛分析師Bonnie Herzog重申中立評級可口可樂公司（紐交所: KO）股票，並設定目標價格爲60.00美元。
KO delivered an impressive second-quarter top line beat, which coupled with strong gross margin expansion led to an EPS beat at $0.84, opined the analyst.
分析師認爲，KO發佈的第二季度營收超過預期，加上強勁的毛利率擴張，導致每股收益超過0.84美元。
The analyst was caught surprised with the magnitude of the earnings beat yet again.
分析師對盈利超預期的幅度感到驚訝。
The top-line beat was driven by strong price/mix growth of +9% y/y – ahead of the analyst's estimate, which continues to reflect KO's strong pricing power and impressive revenue growth management capabilities.
營收超預期的原因是因爲價格/混合增長強勁，同比增長9％，超過分析師的估計，這繼續反映了KO的強大定價能力和出色的營收增長管理能力。
Despite some lingering cost pressures and inflation, gross margins expanded ~200bps y/y to 61.4%, with the operating margin also up ~120bps y/y to 32.8%.
儘管存在一些持續的成本壓力和通脹，但毛利率同比增長約200個點子至61.4％，營業利潤率也同比上升約120個點子至32.8％。
Given the strong quarter, KO raised its FY24 guidance for the second time this year, which is very strong compared to its CPG peers, noted the analyst.
基於強勁的季度表現，KO今年已經第二次提高FY24指導，這與其消費品同行相比非常強勁，分析師指出。
The analyst also noted that the top-line organic growth guidance includes the anticipated pricing impact of several markets experiencing intense inflation.
分析師還指出，營收增長的指導原因包括數個市場預計的定價影響。
Overall, the analyst considers KO's guidance is reflective of still-resilient consumer elasticities and the company's impressive execution in a challenging operating environment.
總體而言，分析師認爲KO的指導反映了仍然具有彈性的消費者彈性以及在具有挑戰性的運營環境中出色的執行能力。
The analyst expects ongoing f/x headwinds and tempered reported dollar EPS growth this year could weigh on the stock in the near term.
儘管如此，分析師認爲今年持續的外匯頭風險和受到限制的美元報告的每股收益增長可能會對股票產生影響。
That said, the analyst continues to see a neutral risk/reward given KO's ongoing litigation with the IRS and potential tax liabilities while KO's exposure to floating rate debt and stepped-up f/x headwinds keeps the analyst on the sidelines.
話雖如此，分析師仍認爲，由於KO與美國國稅局的持續訴訟和潛在稅收負擔，以及KO暴露於浮動利率債務和加劇的外匯頭風險，中立的風險/回報仍然存在。
The analyst's 12-month price target of $60 is based on an equal-weighted P/E of 19.5x and EV/EBITDA of 16.1x, both on the FY25 estimates.
分析師的12個月目標價爲60美元，基於等權重的市盈率19.5倍和EV/EBITDA16.1倍，均基於FY25估計。
Price Action: KO shares are trading higher by 0.69% at $65.22 at last check Tuesday.
股價變動：截至上週二最後交易日收盤，KO的股價上漲0.69％，報65.22美元。
Image via Shutterstock
圖片來自shutterstock。