In this activity, your team has asked you to calculate the current EV or enterprise value LTM EBITDA multiples for Coca-Cola and we're given their ticker of K.

Use Felix to take the EV to equity bridge numbers from the 10 K and 10 Q source filings where appropriate. And we're told to use Felix's annotation tool and we're told to ignore pension and operating leases for now.

Once we get to the end, we'll then compare the multiple we get to to that of Coca-Cola as at the 7th of March, 2025. So I'm currently about two months on from then. Now we're going to start by getting down to diluted equity, so I'm gonna put that down in row 21. What items do I need to get myself there? I'm gonna think about generic ones to start with, and then as we go into Coca-Cola, we'll look and see if there are any others. Well, to get down to diluted equity, I need their diluted shares outstanding and I'll need their share price.

But how do I get to diluted shares outstanding. Well, to get there, I'm going to need their basic shares outstanding as well as any dilutive options or securities and the effects of them. So for options, I'll need the number of options and a strike price. I'll then be able to calculate the net new shares from options. Then I need to think about any other dilutive securities such as, such as restricted stock units, maybe convertible debt, et cetera.

To tee you up a little bit, I've looked forward and I've already found that there are two types of RSUs or restricted stock units within Coca-Cola.

Okay, so let's go into Felix. Let's see what we've got. So here I am at the front page of Felix. In the right hand side here. I'm going to type in Coca-Cola, and as I start typing it auto-filled, there's the KO ticker that I knew I wanted.

We click into it. You may have gone to the categorized page first or the valuation doesn't really matter. The first thing I notice is in the categorized page. At the date that I'm currently at 21st of May, 2025, I can see that we had a 10 k, an annual report for Coca-Cola, and that was for the date ended 31st of December, although I can see that it was actually published on the 20th of February 25. However, I also noticed that the company has provided an updated quarterly 10 Q that's ended the 28th of March, and that was published just a couple of weeks ago on the 1st of May, at least a couple of weeks ago for me. So we want as much information from this 10 Q as possible where it's not available in a quarterly Set set of accounts will roll back and go to the annual 10 K. An example, there is options. Now I want to go to the valuation tab. And on the valuation tab I can see that an EV bridge has already been provided to me. This is because companies tag their sets of accounts and Felix then takes those tags out, rearranges them, and is able to calculate the EV bridge for you. We are going to be using this as much as we can, but we're then going to check that the tags are all correct, and then we'll have a quick search around for anything else that should be in this bridge. And maybe it's been missed and why has it been missed? Because the company didn't tag it.