It is important to note that if an intrinsic value analysis was done on a company 5 years ago by person1, and another one is done today by person2, they can't both be right. If the growth assumptions of person1 doesn't yield a 5 year result similar to person2's then somebody's calculations will be in error.
In addition, if person1 assumes 10 years of growth, then person2, by assuming another 10 years will make one person's calculations incorrect since with respect to person2, person1's assumptions will be 5 years too long.
To correct this, you should take Hagstrom's calculations and compare with present values. If they are still valid, then a reanalysis is possible. If they are different, then the cause should be found.
Also, Mr. Hagstrom assumes a 9% or greater discount rate during periods of low inflation. The use of a 6% discount rate today is absurd.
It is also important to realize that if KO grows at it's current level it will take over 40 years to make back your investment. If it grows at twice it's current level, it'll take 20 years to make back your money - theoretically.
PS:My new site has been updated with a brief review on GPS. It is located at target=new >http://www.ndsn.com/tic
All visitors are very welcome. The follow up article to GPS will consist of an intrinsic value analysis.