Ann: CCA 2013 Full Year Results , page-24

My recommendation is to read such broker recommendations with a skeptical view. I recently read one regarding an international coke operation that made a rather strong attempt to link cokes "valuation" to long term weather forecasts citing a less than normal chance of cold weather in coming years and the negative impact this would have on consumers.

Based on the above we can assume two facts.
1. The USA and Australia have suffered far more from global warming over the past decades than any other country as they are among the highest consumers of coke.
2. Global warming forecasts are wrong.

A broker who is interested in the business itself and recommends what he believes will be doomed to lose funds because he will be labelled the broker who was wrong about this or that. the broker that finds a method of adjusting his valuation to match the current price will forever succeed as the broker that is always right (about what the current price is).

Even still, this poor performance seems to be a global phenomenon? perhaps it is associated to a factor that is different between coke and pepsi? i.e. pepsi use a sugar that is over farmed and hence cheaper? or lower exchange rates? i haven't seen any major changes in pepsi marketing or sales...