Coca-Cola’s Profitability Strengthens as It Completes Refranchising of U.S. Bottling Operations
We’re maintaining our long-term outlook for wide-moat Coca-Cola, which calls for mid-single-digit revenue growth and gross margin in the mid-60s (versus 62.6% in 2017) after 2018, once structural headwinds related to the firm’s bottler refranchising subside. During the fourth quarter, organic sales grew 6% (two thirds of which was driven by price/mix) and gross margin expanded 550 basis points to 64.2%. We plan a modest increase to our $46.50 fair value estimate due to the impact of recently ena...
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