PEP) trade at less than fair market value. That's not to say that Coca-Cola is not a great buy today. But with second-quarter earnings on tap for Tuesday, July 16, value-oriented investors have to understand what they are paying for. In the April quarter, for example, although Coca-Cola overcame some challenges, there were also plenty of noticeable room for improvement. Although the company did an excellent job growing volumes worldwide by 4%, which beat expectations, revenue still fell 1% year over year to $11.04 billion. There were noticeable pressures in the company's prices and product mix.