Overview Key strengths Key risks No. 1 convenience food and No. 2 nonalcoholic beverage company globally Potentially shifting consumer behavior away from snacks containing high sodium/fats and sugary drinks. Diverse portfolio of attractive brands Weak market growth prospects for carbonated soft drinks (CSD). Above industry sales growth Substantial scale with solid and consistent free operating cash flow (FOCF) We believe PepsiCo will likely be able to sustain mid-single digit percentage organic sales growth for the next few years because of its favorable portfolio and participation in on-the-go consumption categories. Although recent organic growth (which excludes currency translation) has been skewed higher by significantly increased pricing to offset a strong U.S. dollar and inflation headwinds, we nevertheless believe the portfolio is
