Coca-Cola
Thesis
- Business model: own the brand and the formula, franchise the trucks.
- Moat: Distribution (local market, route density and territory exclusivity). Trademarks and advertising.
- Growth drivers: Incidence pricing (inflation beneficial), mix shifting (toward smaller higher-margin formats), emerging market unit case volume (but least revenue per case).
- Risks: Tax (transfer pricing). Bottler concentration. Packaging regulation. Portfolio concentration in sparkling soft drinks.
