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KO is the world's largest beverage company, owning, licensing, and marketing over 500 nonalcoholic brands. It has 4 of the world's top 5 nonalcoholic sparkling beverage brands: Coca-Cola, Diet Coke, Fanta and Sprite. KO distributes its product through independent and company-controlled bottling distribution operations. KO is in the process of refranchising the wholly-owned bottlers, which involves selling the operations to independent bottlers. KO usually retains an equity interest. KO has two primary businesses: Beverage Concentrates (40% of revenue) and Finished Sparkling & Still Beverages (60% of revenue). KO uses unit case volume growth and concentrate sales volume to evaluate performance. In 2017, the Coca-Cola system sold 29.2 billion unit cases of products worldwide, comprised of 69% from sparkling beverages and 45% from trademark Coca-Cola. The system has broad international exposure, with 81% of unit case volume generated outside the U.S. (06 Nov 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

Coca-Cola Co: Now Single-A Across the Board

Worth Watching: 20 Nov 2018, 10:43 PM ET - Coca-Cola Co (A1/A+) was downgraded from Aa3 to A1 by Moody's on Tuesday. Moody's had been the lone holdout, with S&P and Fitch already rating the company single-A. Moody's cited executional risk around the Costa acquisition given that the reta ..

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

Coca-Cola Co 3Q18: No Boos in NARTD Results

Earnings Note: 30 Oct 2018, 10:16 PM ET - KO reported another quarter of solid organic sales growth and maintained its guidance for at least 4% growth on the year. Notably, the company's sparkling beverages unit volumes improved 2%.

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

Coca-Cola: A Can-nabinoid of Coke?

Worth Watching: 17 Sep 2018, 9:38 PM ET - Coca-Cola (Aa3/A+) is reportedly evaluating the cannabis drinks market as a next growth frontier, according to a Bloomberg report that said KO would be interested in CBD infused drinks. CBD, short for cannabinoid, is the non-psychoactive ingred ..

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

Coca-Cola 2Q18: Finding Success in Reformulation

Earnings Note: 25 Jul 2018, 8:29 PM ET - KO’s strategy of reformulating recipes and packaging to better meet consumer demand is paying off in the form of consistent mid-single digit organic revenue growth. We are upgrading our rec on KO to O/P from M/P.

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