Based on the picture above, calculate:
1- Coke's Book Value of Common Equity
2- 2021 MVA
Coca-Cola Company 12/31 2021 Net sales in millions 38,655 Operating Cost exc Depr. 27,324 Depreciation expense 10 Operating Income 11,321 Interest expense -1321 Other income 2425 Earnings before taxes 12,425 Income taxes 2,621 Net income 9,804
Assets: in Millions)
Cash and marketable securities
Accounts receivable
Inventories
Prepaid expenses
Total current assets
Net fixed assets
Other assets
Total assets
2021 2020
$12,625 $10,914
$3,512 $3,144
$3,414 $3,266
$2,994 $1,916
$22,545 $19,240
$11,338 $12,325
$60,471 $55,731
$94,354 $87,296
Liabilities:
Accounts payable
Accruals
Notes payable
Other Current Liabilities
Total current liabilities
Long-term debt
Other liabilities
Owner's equity
Total liabilities and owner's equity
$4,602 $3,517
$8,899 $6,491
$3,307 $2,183
$3,142 $2,410
$19,950 $14,601
$38,116 $40,125
$13,289 $13,271
$22,999 $19,299
$94,354 $87,296
Other Data
2021 Ordinary Shares Outstanding (M) 4,325
Market Price $58.75
Tax Rate 21.10%
WACC 4.5%
