可口可乐当前价格相对于DCF公允价值被高估，需等待价格跌至模型数值以下再买入。
逐段跳播
如果你看看他今天的投资组合中的公司，你会看到许多前景非常光明的企业，如美国运通、可口可乐和谷歌。
If you look at the companies in his portfolio today, you will see many businesses with very promising futures such as American Express, Coca-Cola, and Google.
现在让我们看看可口可乐，我们可以看到可口可乐也处于第四阶段，即资本重组阶段。
Now let's look at Coca-Cola, and we can see that Coca-Cola is also in the fourth stage, the capital recapitalization stage.
例如，让我们对像可口可乐这样的公司进行现金流折现分析，它是巴菲特的持股之一。假设我相信可口可乐的自由现金流在未来十年将以每年6%的速度增长。这意味着今天可口可乐股票的公平价值为65.75美元，这是一个准确而具体的数字。
这告诉我们，虽然该股交易价格约为每股89美元，但根据我的模型，可口可乐被高估了。我将不得不等待可口可乐的价格跌至我的模型显示的水平以下，然后它才会成为有吸引力的买入交易。
For example, let's perform a discounted cash flow analysis on a company like Coca-Cola, which is one of Buffett's holdings. Let's assume I believe that Coca-Cola's free cash flow will grow by 6% annually over the next ten years. This means that the fair value of a Coca-Cola stock today is $65.75, which is an accurate and specific figure. What this tells us is that while the stock is trading at around $89 per share, Coca-Cola is overvalued according to my model. I will simply have to wait for the price of Coca-Cola to drop below what my model shows before it becomes an attractive buying deal.
巴菲特只坚持商业增长周期的右侧，专注于回购股票或支付股息的公司。所以，让我向你展示这将如何应用于巴菲特多年来一直拥有的公司，即可口可乐。
Buffett adheres exclusively to the right side of the business growth cycle, focusing on companies that repurchase their shares or pay dividends. So, let me show you how this will work on a company that Buffett has owned for years, namely Coca-Cola.
现在，这个工具向我展示了可口可乐过去五年交易的市盈率。它计算这些数字的平均值，以便我们能看到可口可乐在那段时间的“公平价值”。然后，我们在该数字上方和下方放置非常简单的范围，以指示可口可乐何时显著高于或低于其交易的平均估值。
市盈率适用于像可口可乐这样的公司，因为它显然处于商业增长的第四阶段，使用这个工具时，可口可乐何时便宜或昂贵就变得非常清楚。该公司在2025年10月显然很便宜，在2024年9月显然看起来很昂贵。
通过简单地使用公司自己的交易记录，我们可以非常清楚地了解股票何时便宜或昂贵。到2026年年中，可口可乐股票将在大约每股82美元时变得便宜，并开始在大约每股91美元时变得昂贵。我真的认为就这么简单。
Now, this tool shows me the price-to-earnings ratio that Coca-Cola has traded at over the past five years. What it does is calculate the average of the number so that we can see the "fair value" of Coca-Cola during that time. Then we place very simple ranges above and below the number to indicate when Coca-Cola is significantly above or below the average valuation at which it has traded. The price-to-earnings ratio works with a company like Coca-Cola because it is clearly in stage four of business growth, and when using this, it becomes very clear when Coca-Cola is cheap or expensive. The company was clearly cheap in October 2025, and it clearly looked expensive in September 2024. By simply using the company's own trading record, we can get a very clear understanding of when a stock is cheap or expensive. By mid-2026, Coca-Cola stock will be cheap at around $82 per share, and will start to get expensive at around $91 per share. I really think it's that simple.
这个频道对 $KO 的历次判断
Brian Feroldi 在这只股票上只有这一条判断。