Adam Fleck, Director of Consumer Equity Research, explains that Morningstar has assigned both companies with "wide economic moats"; Coca cola has "better beverage market share, higher profit margins and better return on invested capital", but on the other hand Pepsi’s food business, such as Lays crisps, is what’s making the company attractive.

But when it comes to picking one of them, Morningstar would buy Coca Cola over Pepsi, as it offers a "better margin of safety" thanks to its "dominant presence in emerging markets".