Investopedia: Change Is Coming At PepsiCo, One Way Or Another

It is interesting how Wall Street will seem to reward companies that are, in many respects, underperformers. One such example is the relative valuation between Coca-Cola (NYSE:KO) and PepsiCo (NYSE:PEP). Relative to the possible future cash flow streams, the companies seem roughly equally valued, even though Coca-Cola is in most relevant respects the superior operator. What that tells me is that the Street already assumes that PepsiCo's restructuring efforts will either succeed or that the company will take more dramatic steps, including a potential break-up.

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http://stocks.investopedia.com/stock-analysis/2012/Change-Is-Coming-At-PepsiCo-One-Way-Or-Another-PEP-KO-KFT-K0726.aspx