Coca-Cola Co (The) BUY

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Stock Report | September 29, 2007 | NYS Symbol: KO | KO is in the S&P 500

Coca-Cola Co (The)
S&P Recommendation BUY
                                         55555                                               Price
                                                                                             $57.47 (as of Sep 28, 2007)
                                                                                                                                        12-Mo. Target Price
                                                                                                                                        $58.00
                                                                                                                                                                                   Investment Style
                                                                                                                                                                                   Large-Cap Growth
GICS Sector Consumer Staples                                                                 Summary The world's largest soft drink company, KO also has a sizable fruit juice business.
Sub-Industry Soft Drinks                                                                     Its bottling interests include a 36% stake in NYSE-listed Coca-Cola Enterprises (CCE).

 Key Stock Statistics (Source S&P, Vickers, company reports)

52-Wk Range            $57.7843.72                    S&P Oper. EPS 2007 E                    2.55        P/E on S&P Oper. EPS 2007 E               22.5         Dividend Rate/Share                           $1.36
Trailing 12-Month EPS         $2.25                    S&P Oper. EPS 2008 E                     NA         Common Shares Outstg. (M)              2,311.0         Yield (%)                                      2.37
Trailing 12-Month P/E          25.5                    S&P Core EPS 2007E                      2.55        Market Capitalization(B)              $132.813         Beta                                           0.58
$10K Invested 5 Yrs Ago     $13,516                    S&P Core EPS 2008E                       NA         Institutional Ownership (%)                 65         S&P Credit Rating                               A+

 Price Performance                                                                                                                               Qualitative Risk Assessment
            30-Week Mov. Avg.      10-Week Mov. Avg.          GAAP Earnings vs. Previous Year           Volume Above Avg.          STARS
                                                                                                                                                        LOW                  MEDIUM                      HIGH
            12-Mo. Target Price    Relative Strength             Up      Down         No Change                   Below Avg.
                                                                                                                                                Our risk assessment for the Coca-Cola Company
      55                                                                                                                                        reflects the relatively stable nature of the
                                                                                                                                                company's end markets, its dominant market
      50
                                                                                                                                                share positions around the world, and our view of
      45                                                                                                                                        its strong balance sheet and cash flow.

      40                                                                                                                                         Quantitative Evaluations

    Vol.
                                                                                                                                                S&P Quality Ranking                                               A-
     Mil.
                                                                                                                                                   D         C     B-        B      B+        A-         A      A+
      45
      30
      15                                                                                                                                        Relative Strength Rank                                       STRONG
       0                                                                                                                                                                                           78
       5     4                                                           4
                          3                                                                                                                     LOWEST = 1                                               HIGHEST = 99

       1
                 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
                                                                                                                                                 Revenue/Earnings Data
                     2004                       2005                               2006                                2007
                                                                                                                                                Revenue (Million $)
                                                                                                                  Options: ASE, CBOE, P, Ph
                                                                                                                                                            1Q       2Q                 3Q            4Q       Year
Analysis prepared by Raymond Mathis on July 18, 2007, when the stock traded at $ 53.43.
                                                                                                                                                2007     6,103    7,733                  --            --         --
 Highlights                                                                  Investment Rationale/Risk                                          2006     5,226    6,476              6,454         5,932      24,088
                                                                                                                                                2005     5,206    6,310              6,037         5,551      23,104
   KO recently acquired Energy Brands (known as                             Our buy recommendation reflects what we see                       2004     5,078    5,965              5,662         5,257      21,962
    glaceau), maker of Vitamin Water, for $4.1 bil-                           as improving volume trends for the company's                      2003     4,502    5,695              5,671         5,176      21,044
    lion. We expect the deal to be slightly dilutive to                       businesses and our expectation that the com-                      2002     4,079    5,368              5,322         4,795      19,564
    EPS in 2007, but become accretive in 2008 and                             pany can generate sustainable volume and
    beyond. KO's longer-term financial objectives                             earnings growth longer term. We view KO's                         Earnings Per Share ($)
    include 3% to 4% annual volume growth, 6% to                              long-term growth targets as reasonable, and                       2007      0.54     0.80              E0.67         E0.48        E2.55
    8% operating income growth, and EPS growth                                expect the company to attain those targets in                     2006      0.47     0.78               0.62          0.29         2.16
    in the high single digits.                                                2007. We also view positively KO's strong free                    2005      0.42     0.72               0.54          0.36         2.04
                                                                              cash flow generation and long-term growth po-                     2004      0.46     0.65               0.39          0.50         2.00
   We see net sales up about 6% in 2007, reflect-                            tential.                                                          2003      0.34     0.55               0.50          0.38         1.77
    ing 4% to 5% higher worldwide volumes and in-                                                                                               2002      0.29     0.49               0.44          0.38         1.60
    creased net prices, in addition to acquisitions,                         Risks to our recommendation and target price                      Fiscal year ended Dec. 31. Next earnings report expected: Mid
                                                                                                                                                October. EPS Estimates based on S&P Operating Earnings;
    and the benefit from the introduction of Coke                             include a rise in competitive pressures for KO's                  historical GAAP earnings are as reported.
    Zero in international markets. We expect oper-                            beverage businesses, an inability to meet
    ating profits to advance at a mid-single digit                            growth targets, and unfavorable weather con-
    rate, as a more favorable product mix and im-                             ditions in the company's markets. With regard                      Dividend Data (Dates: mm/dd Payment Date: mm/dd/yy)
    proved leverage are partially offset by higher                            to corporate governance, we would favor the                       Amount               Date        Ex-Div.       Stk. of       Payment
    commodity costs, particularly for orange juice                            separation of the chairman and CEO roles.                         ($)                  Decl.         Date       Record            Date
    and high fructose corn syrup, and increased                                                                                                 0.310               10/19         11/29        12/01         12/15/06
    marketing spending. We believe equity income                             Our DCF model, which assumes 9% weighted                          0.340               02/15         03/13        03/15         04/01/07
    will rise moderately, reflecting operating im-                            average cost of capital and 4% terminal growth,                   0.340               04/19         06/13        06/15         07/01/07
    provements at CCE and other bottlers.                                     calculates intrinsic value at $58. Our relative                   0.340               07/19         09/12        09/15         10/01/07
                                                                                                                                                Dividends have been paid since 1893. Source: Company reports.
                                                                              valuation model is derived from an analysis of
   Based on our expectation for a 1% to 2% reduc-                            comparative peer P/E and EV/EBITDA multiples
    tion in KO's shares outstanding, we expect EPS                            and indicates a value of $58. Blending these
    of $2.55 in 2007, up 7.6% from operating EPS of                           valuations, our 12-month target price is $58.
    $2.37 for 2006. Longer term, we expect annual
    EPS growth of 8%-9%.


Please read the Required Disclosures and Analyst Certification on the last page of this report.
Redistribution or reproduction is prohibited without written permission. Copyright 2007 The McGraw-Hill Companies, Inc.
Stock Report | September 29, 2007 | NYS Symbol: KO

Coca-Cola Co (The)
 Business Summary July 18, 2007                                                                                             Corporate Information

The Coca-Cola Company is the world's largest producer of soft drink concentrates and syrups, as well as                    Investor Contact
the world's biggest producer of juice and juice-related products. Finished soft drink products bearing the                 G.P. Fayard (404-676-2121)
company's trademarks have been sold in the U.S. since 1886, and are now sold in more than 200 countries.
Sales and operating profits in 2006 by geographic region were derived as follows: North America (29% of
                                                                                                                           Office
revenues, 27% of segment operating profits); European Union (15%, 36%); North Asia, Eurasia and Middle
                                                                                                                           1 Coca Cola Plz , Atlanta, GA 30313-2499.
East (17%, 25%); Latin America (10%, 23%); East and South Asia and Pacific Rim (3.3%, 5.7%); and Africa
(4.6%, 6.7%). Intercompany sales and corporate overhead accounted for the remaining 16% of revenue                         Telephone
and -22% of operating profit.                                                                                              404-676-2121.
The company's business, which is extremely focused, in our view, encompasses the production and sale
                                                                                                                           Website
of soft drink and non-carbonated beverage concentrates and syrups. These products are sold to the com-
                                                                                                                           http://www.coca-cola.com
pany's authorized independent and company-owned bottling/canning operations, and fountain whole-
salers. These customers then either combine the syrup with carbonated water, or combine the concen-
trate with sweetener, water and carbonated water to produce finished soft drinks. The finished soft drinks                 Officers
are packaged in containers bearing the company's well-known trademarks, which include Coca-Cola
Classic (the best-selling soft drink in the world), caffeine free Coca-Cola, diet Coke (sold as Coke light in              Chrmn & CEO                  SVP & General
many markets outside the U.S.), Cherry Coke, Vanilla Coke, Coke Zero, Fanta, Full Throttle, Sprite, diet                   E.N. Isdell                  Counsel
Sprite/Sprite Zero, Barq's, Surge, Mr. PiBB, Mello Yello, TAB, Fresca, Hi-C, Fruitopia, and other products                                              G.J. Kelly
developed for specific markets. The company also markets the Schweppes and Canada Dry mixer (such as                       Pres & COO
tonic water, club soda and ginger ale), Crush and Dr. Pepper brands in more than 160 countries outside of                  M. Kent
the U.S. In 2006, concentrates and syrups for beverages bearing the trademark "Coca-Cola" or including
the trademark "Coke" accounted for approximately 55% of the company's total gallon sales.                                  EVP & CFO
                                                                                                                           G.P. Fayard
In 2006, gallon sales in the U.S. represented approximately 26% of KO's worldwide sales. About 54% of gal-
lon sales were beverage concentrates and syrups to 76 authorized bottlers in 393 licensed territories, 24%
were fountain syrups sold to fountain retailers and 507 wholesalers, and the remaining 12% were sales by                   Board of Directors
the company of finished products.                                                                                          H. A. Allen
                                                                                                                           R. W. Allen
KO has equity positions in approximately 52 unconsolidated bottling, canning and distribution operations
for its products worldwide, including bottlers that accounted for approximately 58% of the company's                       C. P. Black
worldwide unit case volume in 2006. Coca-Cola Enterprises (CCE) is the world's largest bottler of KO's                     B. Diller
products, accounting for $5.4 billion of KO's 2006 sales. KO holds a 35% equity interest in CCE.                           E. N. Isdell
                                                                                                                           D. R. Keough
KO's strategy is to utilize its brands, distribution system and financial strength to achieve long-term sus-               D. F. McHenry
tainable growth. In recent years, the industry has seen more rapid growth in still beverages than in car-                  S. Nunn
bonated soft drinks (CSDs). KO is the exclusive distributor of Evian bottled water and Rockstar energy                     J. D. Robinson, III
drinks in the U.S., in addition to selling its own Dasani brand water, Minute Maid juices, and Powerade                    P. V. Ueberroth
sports drinks. In May 2007, KO acquired Glaceau, the manufacturer of Vitamin Water, for $4.1 billion.                      J. B. Williams
The nonalcohol beverage industry is highly competitive. KO estimates its products accounted for approxi-
mately 10% of worldwide market share in 2006. Primary competitors include PepsiCo (PEP: buy, $67), Nes-
                                                                                                                           Domicile
tle (NSRGY, $99), Cadbury Schweppes (CSG: hold, $53), Groupe Danone (GDNNY, $16), and Kraft Foods
                                                                                                                           Delaware
(KFT: hold, $35).

Principal raw materials used by KO include high fructose corn syrup, aspartame, acesulfame potassium,                      Founded
saccharin cyclamate, sucralose, and orange juice concentrate. We believe weather conditions and com-                       1886
peting uses of base materials (such as ethanol) could have a material impact on market prices for these
                                                                                                                           Employees
raw materials.
                                                                                                                           71,000
KO typically enters into forward exchange contracts, and purchases currency options (principally on Euro-
                                                                                                                           Stockholders
pean currencies and Japanese yen) to reduce the risk that its eventual dollar net cash inflows resulting
                                                                                                                           315,505
from sales outside the U.S. will be adversely affected by changes in exchange rates. Foreign currency ex-
posures are managed on a consolidated basis, which allows the company to net certain exposures and to
take advantage of natural offsets.




Redistribution or reproduction is prohibited without written permission. Copyright 2007 The McGraw-Hill Companies, Inc.
Stock Report | September 29, 2007 | NYS Symbol: KO

Coca-Cola Co (The)
 Quantitative Evaluations                                                                                          Expanded Ratio Analysis

S&P Fair Value                 3+          1             2            3             4             5                                                                     2006           2005           2004      2003
Rank                                 LOWEST                                                     HIGHEST          Price/Revenue                                           4.71           4.18          4.61      5.94
                                     Based on S&P's proprietary quantitative model, stocks are ranked            Price/EBITDA                                          15.65          13.75          15.35     20.58
                                     from most overvalued (1) to most undervalued (5).                           Price/Pretax Income                                   17.24          14.42          16.26     22.74
                                                                                                                 Price/Net Income                                      22.32          19.80          20.87     28.74
Fair Value                 $53.30 Analysis of the stock's current worth, based on S&P's proprietary              Avg. Diluted Shares Outstg (M)                      2,350.0        2,393.0        2,429.0   2,462.0
                                     quantitative model suggests that KO is slightly overvalued by $4.17
Calculation                          or 7.3%.                                                                    Figures based on calendar year-end price


Investability                                                                                         99           Key Growth Rates and Averages
Quotient                             LOWEST = 1                                            HIGHEST = 100
Percentile                           KO scored higher than 99% of all companies for which an S&P                 Past Growth Rate (%)                             1 Year        3 Years           5 Years    9 Years
                                     Report is available.
                                                                                                                 Sales                                              4.26            4.67             4.23       2.59
                                                                                                                 Net Income                                         4.27            4.84             5.70       6.02
Volatility                                     LOW               AVERAGE                   HIGH
                                     KO has had Low price volatility over the past year.
                                                                                                                 Ratio Analysis (Annual Avg.)
                                                                                                                 Net Margin (%)                                   21.09            21.42           21.05       18.53
Technical               BULLISH      Since September, 2007, the technical indicators for KO have been            LTD of Capitalization (%)                         6.97             6.68           10.60        9.49
                                     BULLISH.
Evaluation                                                                                                       Return on Equity (%)                             30.53            31.00           32.18       32.73

Insider Activity             NA        UNFAVORABLE               NEUTRAL                FAVORABLE




 Company Financials

Per Share Data ($) Year Ended Dec. 31                           2006             2005             2004           2003             2002            2001            2000             1999             1998        1997
Tangible Book Value                                              5.08             5.29             5.02           4.14             3.34            3.53            2.98             3.06             3.19       2.67
Cash Flow                                                        2.56             2.43             2.36           2.11             1.93            1.92            1.19             1.30             1.67       1.89
Earnings                                                         2.16             2.04             2.00           1.77             1.60            1.60            0.88             0.98             1.42        1.64
S&P Core Earnings                                                2.04             2.03             2.08           1.77             1.62            1.46             NA               NA               NA          NA
Dividends                                                        1.24             1.12             1.00           0.88             0.80            0.72            0.68             0.64             0.60       0.56
Payout Ratio                                                     57%              55%              50%            50%              50%             45%             77%              65%              42%        34%
Prices:High                                                     49.35            45.26            53.50          50.90            57.91           62.19           66.88            70.88            88.94      72.63
Prices:Low                                                      39.36            40.31            38.30          37.01            42.90           42.37           42.88            47.31            53.63      51.13
P/E Ratio:High                                                     23               22               27             29               36              39              76               72               63          44
P/E Ratio:Low                                                      18               20               19             21               27              26              49               48               38          31

Income Statement Analysis (Million $)
Revenue                                                        24,088          23,104           21,962          21,044          19,564           20,092          20,458          19,805           18,813     18,868
Operating Income                                                7,246           7,017            6,591           6,071           6,264            6,155           4,464           4,774            5,612      5,627
Depreciation                                                      938             932              893             850             806              803             773             792              645        626
Interest Expense                                                  220             240              196             178             199              289             447             337              277        258
Pretax Income                                                   6,578           6,690            6,222           5,495           5,499            5,670           3,399           3,819            5,198      6,055
Effective Tax Rate                                             22.8%           27.2%            22.1%           20.9%           27.7%            29.8%           36.0%           36.3%            32.0%      31.8%
Net Income                                                      5,080           4,872            4,847           4,347           3,976            3,979           2,177           2,431            3,533      4,129
S&P Core Earnings                                               4,797           4,854            5,063           4,350           4,021            3,654             NA              NA               NA         NA

Balance Sheet & Other Financial Data (Million $)
Cash                                           2,590                            4,767           6,768            3,482           2,345           1,934            1,892           1,812            1,807      1,737
Current Assets                                 8,441                           10,250          12,094            8,396           7,352           7,171            6,620           6,480            6,380      5,969
Total Assets                                  29,963                           29,427          31,327           27,342          24,501          22,417           20,834          21,623           19,145     16,940
Current Liabilities                            8,890                            9,836          10,971            7,886           7,341           8,429            9,321           9,856            8,640      7,379
Long Term Debt                                 1,314                            1,154           1,157            2,517           2,701           1,219              835             854              687        801
Common Equity                                 16,920                           16,355          15,935           14,090          11,800          11,366            9,316           9,513            8,403      7,311
Total Capital                                 18,842                           17,861          17,542           16,944          14,900          13,027           10,509          10,865            9,514      8,560
Capital Expenditures                           1,407                              899             755              812             851             769              733           1,069              863      1,093
Cash Flow                                      6,018                            5,804           5,740            5,197           4,782           4,782            2,950           3,223            4,178      4,755
Current Ratio                                     0.9                              1.0             1.1              1.1             1.0             0.9              0.7             0.7              0.7        0.8
% Long Term Debt of Capitalization                7.0                              6.5             6.6            14.9            18.1              9.4              7.9             7.9              7.2        9.4
% Net Income of Revenue                          21.1                            21.1            22.1             20.7            20.3            19.8             10.6            12.3             18.8       21.9
% Return on Assets                               17.1                            16.0            16.5             16.8            16.9            18.4             10.3            11.9             19.6       24.9
% Return on Equity                               30.5                            30.2            32.3             33.6            34.3            38.5             23.1            27.1             45.0       61.3




Data as orig reptd.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.


Redistribution or reproduction is prohibited without written permission. Copyright 2007 The McGraw-Hill Companies, Inc.
Stock Report | Sep 29, 2007 | NYS Symbol: KO

Coca-Cola Co (The)
Sub-Industry Outlook                                                                                                                                  Stock Performance
Our fundamental outlook for the soft drinks                                view of improving profit margins stemming from                             GICS Sector: Consumer Staples
sub-industry is positive. For 2008, we think earnings                      productivity enhancements, higher price realizations                       Sub-Industry: Soft Drinks
and cash flow for the major beverage companies                             for products, and favorable packaging and product
will show solid growth, as most companies should                           mix trends.                                                                Based on S&P 1500 Indexes
see benefits from pricing gains and new product                                                                                                       Month-end Price Performance as of 09/28/07
contributions, which should outweigh rising input                          Year to date through September 21, the S&P Soft
costs. We expect energy and raw material costs to                          Drinks Index rose 16.4%, versus an increase of 7.7%
remain a significant concern, especially for the                           for the S&P 1500 Index. The sub-industry index                                  160
bottlers, which are heavy users of aluminum and                            gained 12.1% in 2006, versus a 13.3% advance for
PET resins in packaging. Also, price spikes in high                        the S&P 1500.                                                                   140
fructose corn syrup and citrus juices could
materialize. However, we expect the sub-industry to                        --Raymond Mathis                                                                120
outperform the broader market over the next 12
months, reflecting improvement in volume trends as
                                                                                                                                                           100
companies increase marketing spending behind
core brands, as well as new product introductions.
                                                                                                                                                              80
Results should benefit from higher retail pricing in
the U.S., but volume growth for carbonated soft                                                                                                               60
drinks may be restrained by higher pricing. We think
domestic unit sales volume growth should improve,                                                                                                             40
reflecting increased advertising and promotional
spending. For the longer term, we believe volume
                                                                                                                                                              20
trends will benefit from increased penetration into
non-traditional distribution channels and growing
consumer demand for non-alcoholic products (soft                                                                                                               0
drinks, ready-to-drink teas, juices, bottled water and                                                                                                                2003       2004    2005      2006      2007
sports drinks), which should continue to raise
non-alcoholic beverage per-capita consumption                                                                                                         Sub-Industry           Sector             S&P 1500
levels.

While we think near-term results will be affected by                                                                                                  NOTE: All Sector & Sub-Industry information is based on the
                                                                                                                                                      Global Industry Classification Standard (GICS)
sluggishness in Europe, we believe long-term
prospects remain bright for U.S. beverage
companies in foreign markets, where we see
significant opportunities for consumption growth in
developing and emerging markets.

Our outlook for U.S. bottlers is neutral. However, we
think longer-term prospects are good, given our

Sub-Industry : Soft Drinks Peer Group*: Soft Drinks
                                                                   Stk.Mkt.      Recent            12-Mo.             30-Day          1 Year                                             Ret. on     Pretax            LTD
                                                     Stock            Cap.        Stock       P/E Trailing             Price          Price                          Yield     Quality   Equity      Margin         to Cap
Peer Group                                          Symbol          (Mil. $)      Price      Ratio   EPS              Chg(%)         Chg(%)           Beta             (%)     Ranking      (%)         (%)             (%)
Coca-Cola                                                KO         132,813         57.47       26        2.25             7%            28%           0.58            2.4     A-           30.5           27.3        7.0
Coca-Cola Bottling Co. Consol.                        COKE              401        60.30       18         3.28              2%           -3%           0.43            1.7     B+          27.5             2.4       68.9
Coca-Cola Enterprises                                  CCE           11,702        24.22      NM         -2.56              2%           16%           0.43            1.0     B           NM              NM         51.8
Coca-Cola FEMSA ADS                                    KOF            1,163        42.92       18         2.44              8%           38%           1.47            0.9     NR          13.3            13.3       27.3
Coca-Cola Hellenic ADS                                 CCH           14,161        58.50       34         1.71             24%           72%           0.83            0.7     NR          10.9             9.1       30.7
Cott Corp.                                             COT              572         7.97      NM         -0.18            -29%          -54%           1.15            Nil     B           NM              NM         32.6
Embotelladora Andina ADS                             AKO.A            1,090        17.20       64         0.27              0%           33%           1.58            3.5     NR          19.7            13.5       46.5
Embotelladora Andina'B'ADS                           AKO.B            1,180        18.63       62         0.30              0%           31%           1.24            3.5     NR          26.9            16.1       21.7
Fomento Economico Mexicano                             FMX           59,432        37.40      NM          0.29              8%           16%           1.10            1.1     NR          19.2            12.0       29.7
Hansen Natural                                       HANS             5,158        56.68       52         1.08             27%           64%           0.32            Nil     B           55.9            26.8        Nil
Jones Soda                                            JSDA              315        12.06      NM          0.09              8%           29%           0.83            Nil     B-          18.8            13.8        Nil
National Beverage                                      FIZZ             387         8.48       17         0.49            -18%          -15%           0.76            Nil     B+          17.1             7.1        Nil
Pepsi Bottling Group                                   PBG            8,400        37.17       17         2.23              7%            4%           1.30            1.5     NR          25.3             5.8       54.8
PepsiAmericas                                          PAS            4,177        32.44       23         1.39             11%           51%           0.56            1.6     B           10.0             6.3       44.6
PepsiCo                                                PEP          118,754        73.26       21         3.56              7%           12%           0.58            2.0     A+          38.2            19.9       13.8

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.




Source: S&P.
Redistribution or reproduction is prohibited without written permission. Copyright 2007 The McGraw-Hill Companies,Inc.
Stock Report | Sep 28, 2007 | NYS Symbol: KO

Coca-Cola Co (The)
S&P Analyst Research Notes and other Company News
                                                                                                                 tells salesforce Q1 EPS of $0.56 (after considering items impacting comparability)
                                                                                                                 $0.02 ahead of consensus, driven by 8%-9% organic revenue growth, 11%
July 30, 2007
                                                                                                                 underlying EBIT growth... Notes mgmt optimistic about sustainability of strong
Coca-Cola Co. announced the appointment of Joseph V. Tripodi to the position of
                                                                                                                 gains even with ongoing US challenges... Says stock appropriately trading higher
chief marketing and commercial officer, reporting to President and Chief
                                                                                                                 intra-day to reflect likely upward estimate revisions, increased confidence in the
Operating Officer Muhtar Kent. Most recently, Mr. Tripodi was the senior vice
                                                                                                                 company's long-term growth prospects... Raises $2.57 '07 EPS estimate to $2.60,
president and chief marketing officer for Allstate Insurance Co., where he was
                                                                                                                 $2.80 '08 to $2.84, $3.05 '09 to $3.09... Ups $56 target to $57. /BBrodie
responsible for the structure, strategy and execution of all of their marketing
efforts. In his role, Mr. Tripodi will lead a new function consisting of the
combination of the Company's global marketing and commercial organizations. In                                   April 17, 2007
addition to overseeing all aspects of marketing, he will be responsible for                                      10:16 am EDT... S&P REITERATES BUY OPINION ON SHARES OF COCA-COLA CO.
coordinating and leading the Company's strategic direction in Commercial                                         (KO 51.25****): KO reports Q1 EPS of $0.54 vs. $0.47, a penny better than our
Leadership.                                                                                                      estimate. Excluding special items, EPS would have been $0.56 vs $0.49. Top-line
                                                                                                                 growth was driven by a 9% rise in international volume, more than offsetting
                                                                                                                 declining volume in North America. We see these trends continuing through 2007
July 20, 2007
                                                                                                                 as new product launches in developing markets, coupled with a modest currency
The Board of Directors of The Coca-Cola Co. declared a regular quarterly
                                                                                                                 benefit, offset rising costs and sluggish domestic carbonated beverage sales. We
dividend of 34 cents per common share. The dividend is payable October 1, 2007,
                                                                                                                 are raising our 12-month target price to $55, from $52, based on our revised DCF
to shareowners of record as of September 15, 2007. The Board elected Robert P.
                                                                                                                 and P/E analyses. /R.Mathis
Leechman as vice president of the Company. Mr. Leechman is chief customer
and commercial officer. In this role, he is responsible for leading the Company's
global system in building collaborative customer relationships across all key                                    April 17, 2007
business channels, with a focus on best-in-class innovation, execution, shopper                                  NEW YORK (Standard & Poor's)--Apr 17, 2007, Coca-Cola Company (The),
marketing and revenue growth management. Mr. Leechman has more than 18                                           announced 1Q EPS $0.54 vs. $0.47.
years' experience with the Coca-Cola system. After a nine-year career with Mars
Inc. in sales management, he joined Coca-Cola & Schweppes Beverages in
England in 1988, as general sales manager.

July 17, 2007
05:00 pm EDT... S&P REITERATES BUY OPINION ON SHARES OF COCA-COLA (KO
53.17****): Q2 operating EPS, excluding items, of $0.85 vs. $0.78 tops our estimate
by a penny on better-than-expected carbonated beverage volumes and
international growth. While we look for introduction of Coke Zero to continue
reviving carbonated soft drink volumes, we still see '07 EPS of $2.55, believing
that benefits will be offset by dilution from the recent Glaceau acquisition.
Nonetheless, incorporating our expectations for continued volume growth and
accretion from the Glaceau purchase starting in '08, we are raising our 12-month
target price $3 to $58 based on DCF analysis. /R.Mathis

July 17, 2007
Posts $0.80 vs. $0.78 Q2 EPS on 19% sales rise... Notes Q2 '07 EPS incl. net charge
of $0.05 primarily related to restructuring charges, non-cash impairment charge
at equity investee.

July 5, 2007
KO approached several private-equity firms involved in bidding for CADBURY
SCHWEPPES US drinks biz about buying CADBURY's Snapple and Mott's brands,
according to people familiar with situation: WSJ.

May 25, 2007
To acquire Energy Brands, Inc., known as Glaceau, its full range of enhanced
water brands for $4.1B cash... Expects acquisition to be accretive to EPS in first
full year following completion.

May 25, 2007
02:24 pm EDT... S&P REITERATES BUY OPINION ON SHARES OF COCA-COLA CO.
(KO 51.84****): KO agrees to acquire Glaceau, a New York based beverage
company best know for its VitaminWater products, for $4.1 billion. The proposed
deal, pending necessary approvals, includes an option to buy Tata Tea's 30%
stake in Glaceau in Q4 '07. With little financial information provided, we are left
wondering if KO is overpaying. The company believes the transaction will be
dilutive to EPS by $0.01-$0.02 in '07, but accretive starting in '08. We see the
planned deal as providing KO with a solid growth brand in the non-carbonated
drink category, where it has lagged peers. /R.Mathis

April 17, 2007
UP 0.91 to 51.18... Posts $0.54 vs. $0.47 Q1 EPS on 17% revenue rise... S&P
reiterates buy... Goldman raises estimates, target, reiterates buy... 5.

April 17, 2007
03:08 pm EDT... COCA-COLA CO (KO 51.7) UP 1.43, POSTS $0.54 Q1 EPS.
GOLDMAN RAISES ESTIMATES, TARGET, REITERATES BUY... Analyst Judy Hong

Source: S&P.
Redistribution or reproduction is prohibited without written permission. Copyright 2007 The McGraw-Hill Companies,Inc.
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