PepsiCo's tight retail relationships on the back of strong beverage and snack brands, coupled with massive distribution and procurement scale, underpin our wide moat rating, and we foresee this position as unwavering. For one, we see Pepsi’s snack lineup as well placed to bolster its share by leveraging unrivalled brand awareness, operational scale, and retail relations. Within its beverage mix, the firm is exploring a variety of options from nascent, in-house brands to brand licensing from third-party category leaders to expand its sales exposure in nonsparkling categories. This can add to the firm's distribution clout and augment its carbonated drinks that have struggled thus far to narrow the gap with wide-moat Coca-Cola.