Morningstar: aandeel in de kijker is Coca-Cola Co (8/7/2014)

Global distribution network bolsters Coke's wide moat.

Coca-Cola has earned its wide economic moat by building a massive global distribution network and significant brand strength. The combination of the wide moat with a strong balance sheet forms the basis of our AA- issuer credit rating. Although consumer tastes may shift over time, as long as Coke remains focused on the demands of the consumer, we expect its distribution network will preserve Coke's position as the leading global beverage supplier and maintain its solid return on invested capital. In order to mitigate the risk in shifts away from  carbonated products in mature markets to still beverages such as juices, ready-to-drink teas and coffees, and enhanced water, Coke has aggressively pursued growth in emerging beverage categories. Based on the continued volume and value share gains in the company's first-quarter results, with stronger gains in the latter, we think this indicates that pricing power remains solid. Moreover, recent marketing efforts seem to be taking hold in  developing and emerging markets, which enjoyed  3% volume growth from a year ago

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