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PEPSI IS ON ITS WAY TO SURPASSING COCA-COLA’S VALUE THANKS TO SNACK BRANDS
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Mon, November 13, 2023 at 4:31 PM EST·3 min read
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(Bloomberg) -- PepsiCo Inc. is on course to take over as the biggest US beverage
company by market value, supplanting rival Coca-Cola Co., which has held the
spot largely uninterrupted for the better part of two decades.
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That’s according to Wall Street analysts including Kaumil Gajrawala at
Jefferies, who has initiated coverage of PepsiCo with a buy rating, calling it
the sector’s “most durable business.” He projects the shares will rise more than
20% over the next year to $203, for a market value of about $279 billion. That
would top the roughly $277 billion market capitalization implied by his $64
target for Coca-Cola, which he rates a hold.
The call, echoed by analysts from Cowen and Goldman Sachs Group Inc., would mark
a telling reversal for the soda giants: Aside from a single day in 2020,
PepsiCo’s value hasn’t eclipsed Coca-Cola’s since 2006. At roughly $246 billion
on Monday, Coca-Cola’s market cap is more than $15 billion above PepsiCo’s.
Coca-Cola has long held the top spot in part due to its strong brand portfolio
and record of sales growth. But PepsiCo’s food business, including Lay’s potato
chips, Doritos and Quaker oatmeal, has become a key differentiator. Gajrawala
expects PepsiCo’s Frito-Lay North America business will continue to outperform
its other products. Meanwhile, Coca-Cola is exclusively a beverage company.
For PepsiCo, “hefty investments over the last half decade are yielding results,
and we expect returns to accelerate,” Gajrawala wrote in a note to clients. He
highlighted that the company has invested about $60 billion over the past five
years to make operations more efficient, increase capacity and build its brand.
Story continues
The analyst touted PepsiCo’s ability to grow during challenging economic
periods, like in the aftermath of the pandemic. He sees it as the most likely
company in his beverage and household products coverage to grow earnings in a
range of high-single digits or better over the next three years.
Meanwhile, he sees limited room for Coca-Cola to advance at its current
valuation. A tax dispute with the Internal Revenue Service also clouds its
outlook.
Read more: Coca-Cola Appeal of $882 Million Tax Ruling Poses Challenges
Coca-Cola is hardly falling out of favor on Wall Street, and by one measure is
the preferred stock. Its consensus rating — a proxy for the ratio of buy, hold
and sell recommendations — is 4.6 out of five, data compiled by Bloomberg show.
PepsiCo’s is 4.1 out of five.
Both stocks have trailed the performance of the S&P 500 Consumer Staples Index,
which is down about 6% this year. PepsiCo has slumped around 7%, while Coca-Cola
has dropped about 11%. Both touched one-year lows in October amid bets that
people taking so-called GLP-1 drugs — a class of medicines used to treat
diabetes and obesity — will cut back on indulgences.
(Updates shares and chart.)
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©2023 Bloomberg L.P.
Tip: Try a valid symbol or a specific company name for relevant results
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SymbolLast PriceChange% ChangeKO
The Coca-Cola Company
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