PEP 在 128 美元被低估，公允价值为 180 美元；尽管面临关税、可支配收入下降和健康趋势等不利因素，仍预计存在超过 40% 的上行空间。
逐段跳播
我接下来要重点介绍的、你可以买入的被低估派息股票是 PepsiCo。要记住，PepsiCo 不只卖饮料，它也卖零食。事实上，零食食品板块的繁荣程度丝毫不亚于饮料板块，甚至可能更好。
The next stock I will highlight as an undervalued dividend stock that you can buy is PepsiCo . Remember that PepsiCo doesn't just sell drinks, it sells snacks too. In fact, the snack food sector is thriving just as much as the beverage sector, and perhaps even better.
我计算出 PepsiCo 股票的合理价值为 180 美元。当前市场价格为 128 美元。因此，我计算出了 PepsiCo 股票上涨超过 40% 的可能性。
I calculated a fair value for PepsiCo stock of $180. The current market price is $128. Therefore, I calculated the possibility of PepsiCo stock rising by more than 40%.
如今，PepsiCo 正面临与 McDonald's 所面临的类似逆风。
Now , PepsiCo is facing similar headwinds to those faced by McDonald's.
宏观经济逆风、关税以及个人可支配收入的下降，将在 2026 年对 PepsiCo 产生负面影响。消费者更健康的选择也显著影响 PepsiCo。咸味零食和含糖饮料是 Pepsi 产品组合的核心。消费者正在远离这类选择。
Macroeconomic headwinds, tariffs, and lower disposable income for individuals will negatively impact PepsiCo in 2026. Healthier consumer choices also significantly affect PepsiCo .
Salty snacks and sugary drinks are at the heart of Pepsi's product portfolio. Consumers are turning away from these types of options.
与 McDonald's 一样，PepsiCo 也需要在产品组合中转向更健康的选择，以应对这一不断变化的消费趋势。
Like McDonald's, PepsiCo will need to shift towards healthier options in its product portfolio to counter this changing consumer trend.
高收入消费者表现非常好，因为资产价格在上涨，由于股票、房产和资产价格上涨，他们的整体财富也在增加。人工智能加快了这一上层群体资产估值的速度。另一方面，低收入者——或者更确切地说，我应该说下层群体、低收入者——可支配收入更少，因为他们的生活成本上涨速度快于工资增长速度。
因此，他们正在做出艰难的选择，而这些选择影响到了我提到的那四家公司，因为它们是面向消费者的公司，随着消费者转向更便宜的选择而面临逆风。消费者正在选择减少对这些产品的消费，因此这些逆风正在影响所有四家公司。
High-income consumers are doing very well because asset prices are rising, and they are seeing an increase in their overall wealth due to rising stock, home, and asset prices. Artificial intelligence contributes to accelerating the pace of asset valuations for that upper class.
On the other hand, low-income earners—or rather, I should say the lower class, low-income earners—have less disposable income because their living costs are increasing at a faster rate than their wages are growing.
Therefore, they are making difficult choices that affect these four companies I mentioned, because they are consumer-oriented companies and are facing headwinds as consumers move towards cheaper options .
Consumers are choosing to reduce their consumption of these products, and therefore these headwinds are affecting all four companies.
当然，如果你是一位寻求股息的投资者，你追求的是良好的回报，而这四家公司提供了有吸引力的回报，其中 General Mills 以 7.2% 领先，其次是 PepsiCo 的 4.5%、Procter & Gamble 的 3%，以及 McDonald's 的超过 3%。
Of course, if you are an investor looking for dividends, you are looking for a good return, and these four companies offer attractive returns, with General Mills leading the way at 7.2%, followed by PepsiCo at 4.5% , Procter & Gamble at 3%, and McDonald's at more than 3 %.
此外，我认为可以合理地假设，这些公司在未来许多年将继续提高其股息派发。因此，你不仅今年会收到一定金额的股息收入，明年很可能还会更多，后年还会更多，如此在未来许多年持续下去。
Furthermore, I think it is reasonable to assume that these companies will continue to increase their dividend payouts for many years to come. Thus, not only will you receive a certain amount of dividend income this year, but it is likely to be even greater next year, and even greater the year after that, and so on for many years to come.
因此，我认为这四只是被低估的股息股，投资者现在就可以买入，并且或许可以永远持有，或者持有数十年而无需卖出，只需坐享股息收入。
Therefore, I believe these are four undervalued dividend stocks that investors can buy now and hold perhaps forever or for decades without having to sell them, and simply benefit from the dividend income .
这个频道对 $PEP 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 3 条判断，这里只列相邻的几条。