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  "documentTitle": "PepsiCo (PEP)",
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      "text": "Beverage valuations have been declining in absolute terms and relative to snacks since the early 2000s (when the lines crossed and snacks began trading at a premium)",
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      "text": "Source: Capital IQ. (1) Defined as last twelve months price-to-earnings.",
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      "text": "Avg Rolling LTM PE table for PepsiCo, Coca-Cola, Hershey",
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      "text": "PepsiCo Snacks Value Obfuscated By Beverages",
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