03-31-2017: Pepsico, Inc. (PEP): Very Strong International Presence

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Recommendation

Pepsico, Inc.

Pepsico, Inc. (PEP) which got its start making Pepsi Cola is now a huge corporation with over $60 billion in annual sales. Fifty percent or more of those revenues come from overseas, where operations are more diversified than domestically. That's because the corporation is acquiring the overseas assets of some American corporations like General Mills or Sarah Lee, and providing an even more diversified line-up of products than here. Here, the acquisitions of Frito-Lay and Quaker Oats have made the company a giant in the food industry. It is also diversifying into vitamin waters and has a packaging and distribution arrangement with Ocean Spray.

A concern is that overall revenues have been declining in recent years, from $65 billion in 2012 to $62 billion now. The corporation has an unacceptably low Zenith Index rating related to a large debt load which is increasing. But on a macro scale, this seems hardly noticeable, as many financial ratios remain remarkably stable, even if "unacceptable" by some standards.

Researchers are somewhat neutral to negative but analysts are very positive on the corporation and institutions are net acquirers. Earnings in the corporation have increased even as revenues have declined, a trend which is not sustainable. Nevertheless, projected earnings are higher (for a time, at least).

Pepsico is outperforming most other soft drink corporations due to its diversification and innovative practices. Among these are attempts to supply "healthier" foods and drinks.

There is some evidence that PEP could be considered a "rolling" or trading range stock, at the upper part of its range and due for a correction.

Few probably realize just how "global" a company New York state-based PEP is. It has Latin American, Europe and Sub-Saharan African, and Asia-Middle East-North African divisions. Each contributes a surprising amount of the total revenues. The biggest drag on revenue and earnings is the Quaker Foods of North America division, which came with significant debt and is a drag on revenues.

The stock is a "buy", even if only "marginally so," because of recent stock price momentum, strong brand recognition, a strong snacks business, and aggressive marketing and brand building. It also has a focus on innovation led by its CEO, a lady from India.

Many of the corporation's products contain artificial sweeteners the trend for which has been weakening and affecting all soft drink manufacturers, although PEP less than some of the others. PEP is countering this with a recent acquisition of KeVita, a maker of health drinks. The corporation depends heavily upon revenue from emerging markets where volatility is a concern. This also leads to foreign currency translation headwinds provided by a stronger U.S. Dollar. However, the corporation's overseas a involvement is so diversified that even though 56% of its revenues come from there, the top five markets are places like Russia and Great Britain each with less than 5% of the total.

The stock pays a dividend of around 2.5% We feel executives are way overpaid, and the corporation's pension plans and stock option perquisites are a significant drag on corporation earnings. GMI analyst seems to generally like the corporation's accounting procedures. New Constructs, which often flags corporation stocks as "dangerous," strongly recommends its followers buy Pepsi stock.

Overall, the stock of this very large corporation is low risk because of the corporation's size and presence, but yet it might be considered a "trading stock" in that it does exhibit some trading range characteristics as opposed to buy and hold.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Pepsico, Inc. (PEP)                                       Exchange: NYSE
700 Anderson Hill Road
Purchase, NY 10577               Sector: Consumer Goods
United States                    Industry:Beverages - Soft Drinks

PepsiCo, Inc. operates as a food and beverage company worldwide. Its
Frito-Lay North America segment offers Lay-Æs and Ruffles potato chips;
Doritos, Tostitos, and Santitas tortilla chips; and Cheetos
cheese-flavored snacks, branded dips, and Fritos corn chips. The
company-Æs Quaker Foods North America segment provides Quaker oatmeal,
grits, rice cakes, granola, and oat squares; and Aunt Jemima mixes and
syrups, Quaker Chewy granola bars, Cap-Æn Crunch cereal, Life cereal, and
Rice-A-Roni side dishes. Its North America Beverages segment offers
beverage concentrates, fountain syrups, and finished goods under the
Pepsi, Gatorade, Mountain Dew, Diet Pepsi, Aquafina, Diet Mountain Dew,
Tropicana Pure Premium, Mist Twst, and Mug brands; and ready-to-drink
tea and coffee, and juices. The company-Æs Latin America segment provides
snack foods under the Doritos, Cheetos, Marias Gamesa, Ruffles,
Emperador, Saladitas, Sabritas, Lay-Æs, Rosquinhas Mabel, and Tostitos
brands; cereals and snacks under the Quaker brand; and beverage
concentrates, fountain syrups, and finished goods under the Pepsi, 7UP,
Gatorade, Toddy, Mirinda, Manzanita Sol, H2oh!, and Diet Pepsi brands.
Its Europe Sub-Saharan Africa segment offers snack foods under the
Lay-Æs, Walkers, Doritos, Cheetos, and Ruffles brands; cereals and snacks
under the Quaker brand; beverage concentrates, fountain syrups, and
finished goods under the Pepsi, 7UP, Pepsi Max, Mirinda, Diet Pepsi, and
Tropicana brands; ready-to-drink tea products; and dairy products under
the Chudo, Agusha, and Domik v Derevne brands. The company-Æs Asia,
Middle East and North Africa segment provides snack foods under the
Lay-Æs, Kurkure, Chipsy, Doritos, Cheetos, and Crunchy brands; cereals
and snacks under the Quaker brand; beverage concentrates, fountain
syrups, and finished goods under the Pepsi, Mirinda, 7UP, Mountain Dew,
Aquafina, and Tropicana brands; and tea products. The company was
founded in 1898 and is headquartered in Purchase, New York.

Last Trade: 112.12                           52-Week Range: 112.38 -   0.00
Employees: 264,000                           Avg.Volume:   4,121,088 Shares

Corporate Governance:
Pllar scores are Audit: 1; Board: 4; Shareholder Rights: 1; Compensation: 1.
         (A lower number means less governance risk.)

EPS:  4.36    Dividend Amount: $ 3.01          Yield:  2.68%
             Ex-Dividend Date: Mar 1, 2017     Payout Ratio:  67.89

Key Statistics:

    Trailing P/E:  25.72              Forward P/E (est.):  20.24
                                           Target Price: 116.84

Qrtly Stock Price Growth (yoy):  11.03%               Beta:   0.70
Qrtly S&P Index   Growth (yoy):   5.00%        Short Ratio:   1.83%
    Qrtly Revenue Growth (yoy):  15.16%         Shares Out:  1430000000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:   7.88                    Debt/Equity: 329.90%
    Price/Book Value:  14.24        Operating Profit Margin:  15.85%
         Price/Sales:   2.55                  Profit Margin:  10.08%
         Market Cap: 160,130,000,000       Return on Equity:  54.92%
    Enterprise Value: 180,840,000,000      Return on Assets:   8.65%

    Operating Cash Flow: 10,400,000,000
         Free Cash Flow:  5,800,000,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/26/2015  12/27/2014

  Total Revenue                             62,799,000  63,056,000  66,683,000
  Cost of Revenue                           28,209,000  28,731,000  31,238,000
  Gross Profit                              34,590,000  34,325,000  35,445,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative         24,735,000  24,538,000  25,772,000
  Non-Recurring Expenses                             0   1,359,000   1,359,000
  Other Operating Expenses                      70,000      75,000      92,000
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     9,785,000   8,353,000   9,581,000

Income from Continuing Operations:
  Total Other Income/Expenses Net              110,000      59,000      85,000
  Earnings Before Interest & Taxes           9,895,000   8,412,000   9,666,000
  Interest Expense                           1,342,000     970,000     909,000
  Income Before Taxes                        8,553,000   7,442,000   8,757,000
  Income Tax Expense                         2,174,000   1,941,000   2,199,000
  Minority Interest                            104,000     107,000     110,000
Net Income from Continuing Op.s              6,329,000   5,452,000   6,513,000

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 6,329,000   5,452,000   6,513,000
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            6,329,000   5,452,000   6,513,000




Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/26/2015    12/27/2014

  Net Income                             6,329,000     5,452,000     6,513,000

Operating Activities:
  Depreciation                           2,368,000     2,416,000     2,625,000
  Adjustments to Net Income                811,000     1,956,000       433,000
  Changes in Accounts Recv'bls            -349,000      -461,000      -343,000
  Changes in Liabilities                 1,326,000     1,747,000     1,533,000
  Changes in Investories                   -75,000      -244,000      -111,000
  Changes in other Oper'g Acts             -56,000      -335,000      -189,000

Total Cash Flow f Operations            10,404,000    10,580,000    10,506,000

Investing Activities:
  Capital Exenditures                   -3,040,000    -2,758,000    -2,859,000
  Investments                           -4,301,000      -400,000    -2,386,000
  Other Cash Flows fr Investing            193,000      -411,000       308,000

Total Cash Flows from Investing         -7,148,000    -3,569,000    -4,937,000

Financing Activities:
  Dividends Paid                        -4,227,000    -4,040,000    -3,730,000
  Sale of Purchase of Stock             -2,542,000    -4,501,000    -4,267,000
  Net Borrowings                         3,746,000     4,632,000      -331,000
  Other Cash Flows fr Financing            -58,000       -52,000       308,000

Total Cash Flows from Financing         -2,942,000    -3,828,000    -8,264,000

  Effect of Exchange Rate Chg             -252,000      -221,000      -546,000

Change in Cash & Cash Equiv.                62,000     2,962,000    -3,241,000




Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/26/2015    12/27/2014
Current Assets:
  Cash & Cash Equivalents                 9,158,000     9,096,000     6,134,000
  Short Term Investments                  6,967,000     2,913,000     2,592,000
  Net Receivables                         6,694,000     6,437,000     6,651,000
  Inventory                               2,723,000     2,720,000     3,143,000
  Other Current Assets                    1,547,000     1,865,000     2,143,000
  Total Current Assets                   41,023,000    20,118,000    18,071,000

  Long-Term Investments                   1,950,000     2,311,000     2,689,000
  Property, Plant & Equipt               16,591,000    16,317,000    17,244,000
  Goodwill                               14,430,000    14,177,000    14,965,000
  Intangible Assets                      13,433,000    13,081,000    14,088,000
  Accumulated Amortization                        0             0             0
  Other Assets                              636,000       750,000       860,000
  Deferred LT Asset Charges                       0             0             0

Total Assets                             74,129,000    69,667,000    70,509,000

Current Liabilities:
  Accounts Payable                       14,243,000    13,507,000    13,016,000
  Current Portion LT Debt                 6,892,000     4,071,000     5,076,000
  Other Current Liabilities                       0             0             0
  Total Current Liabilities              21,135,000    17,578,000     18,092,000

  Long Term Debt                         14,243,000    13,507,000    13,016,000
  Other Liabilities                       6,892,000     4,071,000     5,076,000
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                         104,000       107,000       110,000
  Negative Goodwill                         104,000       107,000       110,000

Total Liabilities                        62,920,000    52,785,000    53,071,000

Stockholder Equity:
  Misc. Options, Warrants                  -151,000      -145,000      -140,000
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                               24,000        24,000        25,000
  Retained Earnings                      52,518,000    50,472,000    49,092,000
  Treasury Stock                        -31,468,000   -29,185,000   -24,985,000
  Capital Surplus                         4,091,000     4,076,000     4,115,000
  Other Stockhohlder Equity             -13,919,000   -13,319,000   -10,669,000
  Total Stockholder Equity               11,246,000    12,068,000    17,578,000

Net Tangible Assets                     -16,617,000   -15,190,000   -11,475,000



Pepsico, Inc. (PEP)                         [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.0886          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.3834
Price/Sales Ratio < 2.3?   0.9020          Inventory/Sales < 5%?      1.1531
Sales < $1 Billion?        0.0159          Operating Margin < 7.5%?   0.4732

Balance Sheet Tests:
Debt/Equity < 0.40?        0.1212          Long-Term Debt Service:    0.3730
LTD Being Reduced?        -3.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         0.9705          Working Capital >= 1.5?    0.7831
Leverage Ratio < 20%?      0.2730          Debt/Assets < 1?           2.4666
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.1098
Share Equity Increase:     1.6184          Market Cap.< 1.5 Billion?  0.0094
                                           Intangibles < 3% Assets?   0.0798
Income Tests:
Profit Margin < 7.5%?      1.3440          EPS Annual Growth > 10%?   0.0861
Dividend Yield > 2.0%?     0.7463          EPS 3-yr Growth > 15?      0.1544
Enterprise Value/Revenue   2.5502          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      1.1566
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  1.3437
Stock Performance Tests:
Volatility > 25%?          3.0000          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.5600          % Held by Institut. < 50?  0.7003
50 Da MA > 200 Da MA?      0.0886          % Held by Institut. > 30?  2.3800
52-Wk Change vs. S&P 500:  0.7276          Short Ratio > 5?           0.3660
Price/Book Value < 3?      0.2108          Short % of Float > 20?     0.0275
Return on Assets > 17%?    0.5088          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.7931          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.7918
                                           Cash Flow / Assets > 10%?  2.7646

PEP    Pepsico, Inc.                       Overall Zenith Index:      1.1459


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Financial Statements

PEPSICO INC  (PEP)                          INCOME STATEMENT

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                           65,492,000      66,415,000      66,683,000      63,056,000      62,799,000      62,799,000
Cost of revenue                                   31,291,000      31,243,000      30,884,000      28,384,000      28,209,000      28,209,000
Gross profit                                      34,201,000      35,172,000      35,799,000      34,672,000      34,590,000      34,590,000


Operating expenses
Sales, General and administrative                 24,970,000      25,357,000      26,126,000      24,885,000      24,735,000      24,735,000
Other operating expenses                             119,000         110,000          92,000       1,434,000          70,000          70,000
Total operating expenses                          25,089,000      25,467,000      26,218,000      26,319,000      24,805,000      24,805,000

Operating income                                   9,112,000       9,705,000       9,581,000       8,353,000       9,785,000       9,785,000
Interest Expense                                     899,000         911,000         909,000         970,000       1,342,000       1,342,000
Other income (expense)                                91,000          97,000          85,000          59,000         110,000         110,000
Income before taxes                                8,304,000       8,891,000       8,757,000       7,442,000       8,553,000       8,553,000
Provision for income taxes                         2,090,000       2,104,000       2,199,000       1,941,000       2,174,000       2,174,000
Net income from continuing operations              6,214,000       6,787,000       6,558,000       5,501,000       6,379,000       6,379,000
Other                                                -36,000         -47,000         -45,000         -49,000         -50,000         -50,000
Net income                                         6,178,000       6,740,000       6,513,000       5,452,000       6,329,000       6,329,000
Preferred dividend                                     1,000           1,000           1,000               0           1,000           1,000
Net income available to common shareholders        6,177,000       6,739,000       6,512,000       5,452,000       6,328,000       6,328,000

Earnings per share
Basic                                                   3.96            4.37            4.31            3.71            4.39            4.39 
Diluted                                                 3.92            4.32            4.27            3.67            4.36            4.36 

Weighted average shares outstanding
Basic                                              1,557,000       1,541,000       1,509,000       1,469,000       1,439,000       1,439,000
Diluted                                            1,575,000       1,560,000       1,527,000       1,485,000       1,452,000       1,452,000

____________________________________________________________________________________________________________________________________________


PEPSICO INC  (PEP)                          BALANCE SHEET

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Short-term investments                               322,000         303,000       2,592,000       2,913,000       6,967,000
Total cash                                         6,619,000       9,678,000       8,726,000      12,009,000      16,125,000

Receivables                                        6,058,000       6,178,000       5,817,000       5,497,000       5,709,000
Inventories                                        3,581,000       3,409,000       3,143,000       2,720,000       2,723,000
Prepaid expenses                                   1,479,000       2,162,000       2,143,000       1,865,000       1,547,000
Other current assets                                 983,000         776,000         834,000         940,000         985,000
Total current assets                              18,720,000      22,203,000      20,663,000      23,031,000      27,089,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment               36,162,000      36,961,000      36,300,000      35,747,000      36,818,000
Accumulated Depreciation                         -17,026,000     -18,386,000     -19,056,000     -19,430,000     -20,227,000
Net property, plant and equipment                 19,136,000      18,575,000      17,244,000      16,317,000      16,591,000

Equity and other investments                       2,351,000       2,623,000       2,689,000       2,311,000       1,950,000
Goodwill                                          16,971,000      16,613,000      14,965,000      14,177,000      14,430,000
Intangible assets                                 16,525,000      16,039,000      14,088,000      13,081,000      13,433,000
Prepaid pension benefit                               62,000         687,000         141,000          60,000          53,000
Other long-term assets                               873,000         738,000         719,000         690,000         583,000
Total non-current assets                          55,918,000      55,275,000      49,846,000      46,636,000      47,040,000

Total assets                                      74,638,000      77,478,000      70,509,000      69,667,000      74,129,000 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    4,815,000       5,306,000       5,076,000       4,071,000       6,892,000
Accounts payable                                   4,451,000       4,874,000       5,127,000       5,546,000       6,158,000
Taxes payable                                        371,000               0               0               0               0
Accrued liabilities                                3,892,000       4,034,000       3,968,000       4,078,000       4,214,000
Other current liabilities                          3,560,000       3,625,000       3,921,000       3,883,000       3,871,000
Total current liabilities                         17,089,000      17,839,000      18,092,000      17,578,000      21,135,000

Non-current liabilities
Long-term debt                                    23,544,000      24,333,000      23,821,000      29,213,000      30,053,000
Deferred taxes liabilities                         5,063,000       5,986,000       5,304,000       4,959,000       5,073,000
Minority interest                                    105,000         110,000         110,000         107,000         104,000
Other long-term liabilities                        6,543,000       4,931,000       5,744,000       5,887,000       6,518,000
Total non-current liabilities                     35,255,000      35,360,000      34,979,000      40,166,000      41,748,000

Total liabilities                                 52,344,000      53,199,000      53,071,000      57,744,000      62,883,000 

Stockholders' equity

Preferred stock                                       41,000          41,000          41,000          41,000               0
Common stock                                          26,000          25,000          25,000          24,000          24,000
Additional paid-in capital                         4,178,000       4,095,000       4,115,000       4,076,000       4,091,000
Retained earnings                                 43,158,000      46,420,000      49,092,000      50,472,000      52,518,000
Treasury stock                                   -19,622,000     -21,175,000     -25,166,000     -29,185,000     -31,468,000
Accumulated other comprehensive income            -5,487,000      -5,127,000     -10,669,000     -13,505,000     -13,919,000
Total stockholders' equity                        22,294,000      24,279,000      17,438,000      11,923,000      11,246,000
Total liabilities and stockholders' equity        74,638,000      77,478,000      70,509,000      69,667,000      74,129,000

____________________________________________________________________________________________________________________________________________


PEPSICO INC  (PEP)                          Statement of CASH FLOW

Fiscal year ends in December. USD in thousan         2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                         6,214,000       6,787,000       6,558,000       5,501,000       6,379,000       6,379,000
Depreciation & amortization                        2,689,000       2,663,000       2,625,000       2,416,000       2,368,000       2,368,000
Investment/asset impairment charges                        0               0               0       1,359,000         160,000         160,000
Deferred income taxes                                321,000      -1,058,000         -19,000          78,000         452,000         452,000
Stock based compensation                             278,000         303,000         297,000         295,000         284,000         284,000
Accounts receivable                                 -250,000         -88,000               0               0               0               0
Inventory                                            144,000           4,000        -111,000        -244,000         -75,000         -75,000
Prepaid expenses                                      89,000         -51,000          80,000         -50,000          10,000          10,000
Accounts payable                                           0               0       1,162,000               0               0               0
Income taxes payable                                 -97,000          86,000         371,000          55,000         329,000         329,000
Other working capital                                348,000       1,007,000        -343,000       1,231,000         648,000         648,000
Other non-cash items                              -1,257,000          35,000        -114,000         -61,000        -151,000        -151,000
Net cash provided by operating activities          8,479,000       9,688,000      10,506,000      10,580,000      10,404,000      10,404,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen      -2,714,000      -2,795,000      -2,859,000      -2,758,000      -3,040,000      -3,040,000
Property, plant, and equipment reductions             95,000         109,000         115,000          86,000          99,000          99,000
Acquisitions, net                                   -121,000        -109,000         -88,000        -654,000        -212,000        -212,000
Purchases of investments                                   0               0      -6,305,000      -4,428,000     -12,504,000     -12,504,000
Sales/Maturities of investments                            0               0       3,891,000       4,111,000       8,399,000       8,399,000
Other investing activities                          -265,000         170,000         309,000          74,000         110,000         110,000
Net cash used for investing activities            -3,005,000      -2,625,000      -4,937,000      -3,569,000      -7,148,000      -7,148,000

Cash Flows From Financing Activities
Debt issued                                        6,548,000       4,218,000       3,905,000       8,717,000       7,877,000       7,877,000
Debt repayment                                    -2,697,000      -4,386,000      -2,199,000      -4,138,000      -5,636,000      -5,636,000
Preferred stock repaid                                -7,000          -7,000         -10,000          -5,000          -7,000          -7,000
Common stock repurchased                          -3,219,000      -3,001,000      -5,012,000      -5,000,000      -3,000,000      -3,000,000
Excess tax benefit from stock based compe            124,000         117,000         114,000         133,000         139,000         139,000
Dividend paid                                     -3,305,000      -3,434,000      -3,730,000      -4,040,000      -4,227,000      -4,227,000
Other financing activities                          -750,000       2,704,000      -1,332,000         505,000       1,912,000       1,912,000
Net cash provided by (used for) financing         -3,306,000      -3,789,000      -8,264,000      -3,828,000      -2,942,000      -2,942,000

Effect of exchange rate changes                       62,000        -196,000        -546,000        -221,000        -252,000        -252,000
Net change in cash                                 2,230,000       3,078,000      -3,241,000       2,962,000          62,000          62,000
Cash at beginning of period                        4,067,000       6,297,000       9,375,000       6,134,000       9,096,000       9,096,000
Cash at end of period                              6,297,000       9,375,000       6,134,000       9,096,000       9,158,000       9,158,000

Free Cash Flow
Operating cash flow                                8,479,000       9,688,000      10,506,000      10,580,000      10,404,000      10,404,000
Capital expenditure                               -2,714,000      -2,795,000      -2,859,000      -2,758,000      -3,040,000      -3,040,000
Free cash flow                                     5,765,000       6,893,000       7,647,000       7,822,000       7,364,000       7,364,000
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (PEP)     PepsiCo Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     3.92    4.32    4.27    3.67    4.36
Average Price During Year:    68.05   80.04   87.91   96.25  102.99

                P/E Ratio:    17.36   18.53   20.59   26.23   23.62

 Average 5-Year P/E Ratio  =  21.27
             Current Price =  112.45

Previous 5 Quarter Earnings:   1.17    0.64    1.38    1.37    0.97

           Current Annualized (Last Four Quarters) Earnings =  3.72
                                                           ________
                                 Average PE / Current PE =     0.70
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Argus Research

900
901 902 903 904 905 906 907



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for PEPSICO INC.:
Symbol? PEP
Total Months Available:  78
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 110.94  100.00    109.71  100.45    112.76   98.50

RANGE   = 112.76  TO   98.50            Close = 112.43
CHANNEL = 109.71  TO  100.45           Degree =   6
Volatility =   8.24%                    Index =   4
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

1 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison + 1
Industry - 1
Bond Issue + 1
Zenith Index - 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios - 1
Argus Research + 1
Intrinsic Value DCF - 1
Book Value - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting - 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average + 1
Right Time Study + 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 2
Place 270 shares of Pepsico, Inc. (PEP) on the Active List.