Coca-Cola’s investment case rests on a global portfolio of familiar brands, broad distribution, and resilient demand for beverages. Its asset-light concentrate business, pricing power, and marketing reach can support steady earnings and cash generation across economic cycles. Recent results show continued momentum: Q3 2026 comparable EPS grew 11%, and management raised its full-year comparable EPS growth outlook to at least 11%. That includes currency effects; the company’s currency-neutral outlook, excluding acquisitions and divestitures, is at least 9%. The Base case assumes 9.25% near-term earnings growth, easing to 5% long term. That is plausible, though the near-term rate may be difficult to sustain for five years. The Bear case—5% then 2%—allows for weaker demand, cost pressure, or slower pricing and mix. The Bull case—12% then 7%—requires strong execution and continued operating leverage. Coca-Cola’s long-term plan targets 4–6% organic revenue growth and 6–8% comparable currency-neutral operating income growth, which supports the broad range while making the Bull case more demanding. Key risks include changing consumer preferences, competition, input costs, foreign exchange movements, and the company’s ability to maintain pricing without hurting volumes. The model’s 10% discount rate and exit multiples also have a large effect on the estimated fair values. Valuation conclusion: At the displayed current price of $92.63, the Base fair value of $70.52 suggests shares are expensive under these assumptions; only the Bull value of $115.84 is above today’s price. Coca-Cola’s business appears durable, but the model points to limited appeal at this price unless earnings growth or the future valuation multiple exceeds the Base assumptions.