Next we're going to do the equity to enterprise value bridge. I want to pull in the short-term debt and the debt, which is the current maturities of long-term debt, and then the long-term debt.

And I want to go to the balance sheet for this. And the balance sheet I want to go to is the most recent balance sheet that I have available, which is the quarterly accounts. So I'm gonna go to the sections and pick up the balance sheets. And what I want is the most recent column, which is the March 29th 2024. And I've got loans and that notes payable, that's my short term debt. I'm gonna paste that in. Then I've got my current maturities of long-term debt. I'm gonna paste that in. And then I've got the long-term debt down below. At this point, I'm not going to make the lease adjustments, I'm just going to do the debt. And in addition to that, I need to include the non-controlling interests. So I'm just gonna abbreviate that to NCI. And I'm gonna pull in the non-controlling interest down here because that is equity owned by a third party. The value of the non-controlling interest is not included in the diluted market capitalization. So I've done all the other capital items in addition to the diluted market capitalization. And then I'm gonna hop over to the asset side and I've got the cash line and I'm gonna pick that up from here. But it's actually combined with short-term investments. So why don't I just add and short-term investments.

So I'm going to just pull in that total here and I'm going to paste that in. Then my next item I'm going to include here our marketable securities.

I'm including anything which is a financial asset here. So I'm gonna pull in the multiple securities. So you've gotta be slightly careful you need to look fairly rigorously through the balance sheet. Now in Coca-Cola's case, they also have equity method investments. And I'm gonna pull these numbers in from the balance sheet.

And then lastly, we have other investments. So I'm gonna pull in the other investments here too.

And then finally, we can calculate the implied enterprise value. So I'm gonna do a big sum here of all the capital items, the diluted equity, the debt, and the non-controlling interest. And then I'm going to subtract the financial assets so I get the implied enterprise value for Coca-Cola.