In 1998 we were the “value” part of a mutual fund presentation to financial advisors. We started off the discussion of investment philosophy with our familiar three requirements: we want businesses that grow, managements on our side, but most important, we will only buy at large discounts to estimated business value. Then, the growth manager began: “Coca-Cola. Investing doesn’t need to be so complicated. When you buy great businesses you don’t need to worry about price.” Coke stock peaked at $89 in 1998, and despite growing earnings more than 50% since then, the stock now trades at less than half that price. The world’s largest beverage company, which was previously priced at over 60 times earnings, today sells at 17 times expected earnings and has a dividend yield of 3%. We believe that growth in global sales, combined with share repurchase and an above-average dividend yield will now produce good returns for Coca-Cola shareholders.
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