Equity valuation
: Coca-Cola company

  • Maximilian Laurenz Stürner (Student)

Student thesis: Master's Thesis


This dissertation covers the equity valuation of The Coca-Cola Company, the largest non-alcoholic beverage company in the world. The main objective of this thesis is to provide an investment recommendation based on the estimated equity value of the company. Throughout the paper, all major issues are addressed in order to provide an accurate valuation. First, different valuation approaches are explored, followed by an overview of the company and the external environment. Finally, the forecasting assumptions are shown and concluded with a comparison of the result of this thesis with the Deutsche Bank report. In addition to the DCF valuation approach, the relative valuation was chosen to test the assumptions and compare them to the current market values. Finally, through both increasing and gradual cost efficiency as well as through revenue growth in growing markets and segments, a buy recommendation is given, based on the DCF approach of $61.28 per share.
Date of Award2 Feb 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor) & José Carlos Tudela Martins (Co-Supervisor)


  • The Coca-Cola Company
  • Beverages
  • Equity valuation
  • Discounted cash flow
  • Relative Valuation


  • Mestrado em Gestão e Administração de Empresas

Cite this