Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
This is one of the truly wonderful businesses of the world — perhaps the single best demonstration of what a durable consumer franchise looks like. The concentrate model earns extraordinary returns on tangible capital, the brand and distribution moat is as wide as any we know, and the company just posted a quarter (6% organic growth, 5% global volume growth, every segment growing) that proves the franchise is not merely intact but accelerating while its chief rival stumbles. But wonderful is not the same as cheap, and price is what you pay. At $88.52 — an all-time high, roughly 27 times this year's expected earnings and about 31 times expected free cash flow — the market is paying full freight and then some for a business that will compound intrinsic value at perhaps 6-8% a year plus the dividend. Our estimate of intrinsic value sits in the low-to-mid $70s per share.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-28), 8-K (2026-07-16), 8-K (2026-06-25).
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