In this workout, we've been asked to use the analyst assumptions and balance sheet information to calculate an implied share price for PepsiCo Inc. Now, the important thing to note here is that PepsiCo, although we often think of it as a beverage business, actually has a really major food and snacks business. So we're gonna treat this as a conglomerate and value it using some of the parts valuation. Let's have a look at the information that we've been given. We've got the analysts FY1 EBITDA forecasts for each of the major segments, that's North America Beverages, North America Food and Snacks, European Beverages and Food, and then the rest of the world, Beverages and Food. And you'll note that we've got valuation multiples for each of these segments. And interestingly, the multiple for the North America Food and Snacks business is significantly lower than the multiple for the North American Beverages business. Now the reason for this is that food businesses tend to attract much lower margins and also have much lower growth rates than beverages. So that's quite standard that we would expect to see that lower multiple. Let's now calculate the enterprise value for each of these segments. And that's gonna be relatively straightforward. We just need to take the analyst forecasts for EBITDA and then multiply those by the multiple for each of those segments. So we have now the North America Beverages enterprise value and if we now copy that formula down we can then calculate the enterprise value for each of the other segments. Whilst we've done that, we can sum those together and that gives us a total enterprise value for PepsiCo of 240,520.3. Now, the earnings units were in millions of dollars so this is actually an enterprise value of $240 billion. Now, one thing that we could do at this point is that we could decide to apply a conglomerate discount or premium. However, for PepsiCo, we are gonna assume that there is no adjustment that's needed and that the valuation is simply the sum of the parts. The other thing is that we've been asked by the question to calculate the implied share price, not just the enterprise value. So let's scroll on down and we can use the balance sheet information to calculate equity value 'cause we're gonna need to go over our EV bridge. We'll start off with enterprise value. We're then gonna add to that cash and non-core assets and then we'll deduct debt and non-controlling interests. That gives us an equity value of 206,151.3 or because of the units, it's actually $206 billion. Now let's calculate the implied share price and that's simply the equity value divided by the shares outstanding. And that gives us implied share price of PepsiCo of $148.6.