Intrinsic value of Kellogg - K

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$72.62

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$72.62

 
Intrinsic value

$22.21

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of K stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 25.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.78
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  13,014
  13,274
  13,580
  13,929
  14,320
  14,755
  15,231
  15,750
  16,311
  16,916
  17,565
  18,260
  19,001
  19,790
  20,628
  21,518
  22,461
  23,460
  24,515
  25,630
  26,808
  28,051
  29,361
  30,743
  32,198
  33,731
  35,345
  37,043
  38,831
  40,712
  42,690
Variable operating expenses, $m
 
  12,189
  12,457
  12,764
  13,109
  13,490
  13,909
  14,365
  14,859
  15,391
  15,962
  16,056
  16,708
  17,401
  18,139
  18,921
  19,750
  20,628
  21,556
  22,537
  23,573
  24,665
  25,817
  27,032
  28,312
  29,660
  31,079
  32,572
  34,144
  35,798
  37,537
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,619
  12,189
  12,457
  12,764
  13,109
  13,490
  13,909
  14,365
  14,859
  15,391
  15,962
  16,056
  16,708
  17,401
  18,139
  18,921
  19,750
  20,628
  21,556
  22,537
  23,573
  24,665
  25,817
  27,032
  28,312
  29,660
  31,079
  32,572
  34,144
  35,798
  37,537
Operating income, $m
  1,395
  1,086
  1,122
  1,165
  1,212
  1,264
  1,322
  1,384
  1,452
  1,525
  1,603
  2,204
  2,293
  2,389
  2,490
  2,597
  2,711
  2,831
  2,959
  3,093
  3,236
  3,386
  3,544
  3,710
  3,886
  4,071
  4,266
  4,471
  4,687
  4,914
  5,152
EBITDA, $m
  1,912
  1,886
  1,930
  1,979
  2,035
  2,097
  2,164
  2,238
  2,318
  2,404
  2,496
  2,595
  2,700
  2,812
  2,932
  3,058
  3,192
  3,334
  3,484
  3,642
  3,810
  3,986
  4,173
  4,369
  4,576
  4,794
  5,023
  5,264
  5,518
  5,786
  6,067
Interest expense (income), $m
  405
  389
  403
  419
  437
  457
  479
  504
  531
  560
  591
  625
  660
  699
  739
  783
  829
  877
  929
  983
  1,041
  1,102
  1,166
  1,234
  1,305
  1,380
  1,459
  1,543
  1,631
  1,723
  1,820
Earnings before tax, $m
  927
  696
  719
  746
  775
  807
  842
  880
  921
  965
  1,012
  1,579
  1,633
  1,690
  1,750
  1,814
  1,882
  1,954
  2,030
  2,110
  2,195
  2,284
  2,378
  2,477
  2,581
  2,691
  2,807
  2,928
  3,056
  3,191
  3,333
Tax expense, $m
  233
  188
  194
  201
  209
  218
  227
  238
  249
  261
  273
  426
  441
  456
  473
  490
  508
  528
  548
  570
  593
  617
  642
  669
  697
  727
  758
  791
  825
  862
  900
Net income, $m
  694
  508
  525
  544
  566
  589
  615
  643
  673
  705
  739
  1,153
  1,192
  1,234
  1,278
  1,325
  1,374
  1,426
  1,482
  1,540
  1,602
  1,667
  1,736
  1,808
  1,884
  1,964
  2,049
  2,138
  2,231
  2,329
  2,433

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  280
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,111
  15,136
  15,484
  15,882
  16,329
  16,824
  17,367
  17,959
  18,599
  19,289
  20,029
  20,821
  21,666
  22,565
  23,522
  24,536
  25,612
  26,750
  27,953
  29,225
  30,568
  31,985
  33,479
  35,054
  36,714
  38,462
  40,302
  42,239
  44,277
  46,421
  48,677
Adjusted assets (=assets-cash), $m
  14,831
  15,136
  15,484
  15,882
  16,329
  16,824
  17,367
  17,959
  18,599
  19,289
  20,029
  20,821
  21,666
  22,565
  23,522
  24,536
  25,612
  26,750
  27,953
  29,225
  30,568
  31,985
  33,479
  35,054
  36,714
  38,462
  40,302
  42,239
  44,277
  46,421
  48,677
Revenue / Adjusted assets
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
  0.877
Average production assets, $m
  5,914
  6,027
  6,165
  6,324
  6,501
  6,699
  6,915
  7,150
  7,405
  7,680
  7,975
  8,290
  8,626
  8,985
  9,365
  9,769
  10,197
  10,651
  11,130
  11,636
  12,171
  12,735
  13,330
  13,957
  14,618
  15,314
  16,046
  16,818
  17,629
  18,483
  19,381
Working capital, $m
  -1,534
  -757
  -774
  -794
  -816
  -841
  -868
  -898
  -930
  -964
  -1,001
  -1,041
  -1,083
  -1,128
  -1,176
  -1,227
  -1,280
  -1,337
  -1,397
  -1,461
  -1,528
  -1,599
  -1,674
  -1,752
  -1,835
  -1,923
  -2,015
  -2,111
  -2,213
  -2,321
  -2,433
Total debt, $m
  7,767
  7,749
  8,053
  8,399
  8,788
  9,220
  9,693
  10,208
  10,766
  11,366
  12,011
  12,701
  13,437
  14,220
  15,053
  15,937
  16,874
  17,865
  18,913
  20,021
  21,191
  22,425
  23,726
  25,098
  26,544
  28,066
  29,669
  31,356
  33,131
  34,999
  36,964
Total liabilities, $m
  13,201
  13,183
  13,487
  13,833
  14,222
  14,654
  15,127
  15,642
  16,200
  16,800
  17,445
  18,135
  18,871
  19,654
  20,487
  21,371
  22,308
  23,299
  24,347
  25,455
  26,625
  27,859
  29,160
  30,532
  31,978
  33,500
  35,103
  36,790
  38,565
  40,433
  42,398
Total equity, $m
  1,910
  1,953
  1,997
  2,049
  2,106
  2,170
  2,240
  2,317
  2,399
  2,488
  2,584
  2,686
  2,795
  2,911
  3,034
  3,165
  3,304
  3,451
  3,606
  3,770
  3,943
  4,126
  4,319
  4,522
  4,736
  4,962
  5,199
  5,449
  5,712
  5,988
  6,279
Total liabilities and equity, $m
  15,111
  15,136
  15,484
  15,882
  16,328
  16,824
  17,367
  17,959
  18,599
  19,288
  20,029
  20,821
  21,666
  22,565
  23,521
  24,536
  25,612
  26,750
  27,953
  29,225
  30,568
  31,985
  33,479
  35,054
  36,714
  38,462
  40,302
  42,239
  44,277
  46,421
  48,677
Debt-to-equity ratio
  4.066
  3.970
  4.030
  4.100
  4.170
  4.250
  4.330
  4.410
  4.490
  4.570
  4.650
  4.730
  4.810
  4.890
  4.960
  5.040
  5.110
  5.180
  5.240
  5.310
  5.370
  5.430
  5.490
  5.550
  5.600
  5.660
  5.710
  5.750
  5.800
  5.840
  5.890
Adjusted equity ratio
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  694
  508
  525
  544
  566
  589
  615
  643
  673
  705
  739
  1,153
  1,192
  1,234
  1,278
  1,325
  1,374
  1,426
  1,482
  1,540
  1,602
  1,667
  1,736
  1,808
  1,884
  1,964
  2,049
  2,138
  2,231
  2,329
  2,433
Depreciation, amort., depletion, $m
  517
  801
  807
  815
  823
  833
  843
  854
  866
  879
  893
  391
  407
  424
  442
  461
  481
  502
  525
  549
  574
  601
  629
  658
  690
  722
  757
  793
  832
  872
  914
Funds from operations, $m
  1,833
  1,309
  1,333
  1,359
  1,389
  1,422
  1,458
  1,496
  1,538
  1,584
  1,632
  1,544
  1,599
  1,657
  1,719
  1,785
  1,855
  1,929
  2,007
  2,089
  2,176
  2,268
  2,364
  2,466
  2,574
  2,687
  2,806
  2,931
  3,063
  3,201
  3,347
Change in working capital, $m
  205
  -15
  -17
  -20
  -22
  -25
  -27
  -30
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
Cash from operations, $m
  1,628
  1,348
  1,350
  1,379
  1,411
  1,447
  1,485
  1,526
  1,570
  1,618
  1,669
  1,584
  1,641
  1,702
  1,767
  1,836
  1,909
  1,986
  2,067
  2,153
  2,243
  2,339
  2,439
  2,545
  2,657
  2,774
  2,898
  3,028
  3,164
  3,308
  3,460
Maintenance CAPEX, $m
  0
  -279
  -284
  -291
  -298
  -307
  -316
  -326
  -337
  -349
  -362
  -376
  -391
  -407
  -424
  -442
  -461
  -481
  -502
  -525
  -549
  -574
  -601
  -629
  -658
  -690
  -722
  -757
  -793
  -832
  -872
New CAPEX, $m
  -507
  -113
  -139
  -158
  -178
  -197
  -216
  -235
  -255
  -275
  -295
  -315
  -336
  -358
  -381
  -404
  -428
  -453
  -479
  -506
  -535
  -564
  -595
  -627
  -661
  -696
  -733
  -771
  -812
  -854
  -898
Cash from investing activities, $m
  -893
  -392
  -423
  -449
  -476
  -504
  -532
  -561
  -592
  -624
  -657
  -691
  -727
  -765
  -805
  -846
  -889
  -934
  -981
  -1,031
  -1,084
  -1,138
  -1,196
  -1,256
  -1,319
  -1,386
  -1,455
  -1,528
  -1,605
  -1,686
  -1,770
Free cash flow, $m
  735
  956
  927
  930
  935
  943
  953
  964
  978
  994
  1,012
  892
  914
  937
  963
  990
  1,020
  1,052
  1,085
  1,121
  1,160
  1,200
  1,244
  1,289
  1,338
  1,389
  1,443
  1,500
  1,560
  1,623
  1,690
Issuance/(repayment) of debt, $m
  132
  262
  303
  347
  389
  431
  473
  515
  558
  601
  645
  690
  736
  784
  833
  884
  937
  991
  1,048
  1,108
  1,170
  1,234
  1,301
  1,372
  1,445
  1,522
  1,603
  1,687
  1,775
  1,868
  1,965
Issuance/(repurchase) of shares, $m
  -58
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  74
  262
  303
  347
  389
  431
  473
  515
  558
  601
  645
  690
  736
  784
  833
  884
  937
  991
  1,048
  1,108
  1,170
  1,234
  1,301
  1,372
  1,445
  1,522
  1,603
  1,687
  1,775
  1,868
  1,965
Total cash flow (excl. dividends), $m
  745
  1,219
  1,230
  1,277
  1,324
  1,374
  1,426
  1,480
  1,536
  1,595
  1,657
  1,582
  1,650
  1,721
  1,796
  1,874
  1,956
  2,043
  2,134
  2,229
  2,329
  2,435
  2,545
  2,661
  2,783
  2,911
  3,045
  3,187
  3,335
  3,491
  3,654
Retained Cash Flow (-), $m
  218
  -43
  -45
  -51
  -58
  -64
  -70
  -76
  -83
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,176
  1,185
  1,225
  1,267
  1,310
  1,356
  1,403
  1,453
  1,506
  1,561
  1,480
  1,541
  1,605
  1,672
  1,743
  1,818
  1,896
  1,978
  2,065
  2,156
  2,252
  2,352
  2,458
  2,569
  2,686
  2,808
  2,937
  3,072
  3,214
  3,363
Discount rate, %
 
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
 
  1,063
  958
  877
  794
  711
  629
  549
  473
  402
  336
  253
  205
  163
  128
  98
  73
  53
  38
  27
  18
  12
  8
  5
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Kellogg Company manufactures and markets ready-to-eat cereal and convenience foods in the United States and internationally. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and veggie foods. The company also offers health and wellness bars, and beverages. It offers cereal products under the Kellogg’s brand name; and cookies, crackers, crisps, and other convenience foods under the Kellogg’s, Keebler, Cheez-It, Pringles, Murray, Austin, and Famous Amos brands. The company sells its products for grocery trade through direct sales forces, as well as use brokers and distributors. Kellogg Company was founded in 1906 and is headquartered in Battle Creek, Michigan.

FINANCIAL RATIOS  of  Kellogg (K)

Valuation Ratios
P/E Ratio 36.7
Price to Sales 2
Price to Book 13.3
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 22.7
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 350.7%
Total Debt to Equity 406.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 34.4%
Return On Equity - 3 Yr. Avg. 26.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 39.1%
Gross Margin - 3 Yr. Avg. 38%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.1%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 103.2%

K stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the K stock intrinsic value calculation we used $13014 million for the last fiscal year's total revenue generated by Kellogg. The default revenue input number comes from 2016 income statement of Kellogg. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our K stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.7%, whose default value for K is calculated based on our internal credit rating of Kellogg, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Kellogg.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of K stock the variable cost ratio is equal to 91.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for K stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.2% for Kellogg.

Corporate tax rate of 27% is the nominal tax rate for Kellogg. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the K stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for K are equal to 45.4%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Kellogg operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for K is equal to -5.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1910 million for Kellogg - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 354.706 million for Kellogg is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Kellogg at the current share price and the inputted number of shares is $25.8 billion.


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COMPANY NEWS

▶ Campbell Soup Missed Its Fiscal 3Q17 EPS Estimate   [May-23-17 09:53AM  Market Realist]
▶ 'Project K' leads Kellogg's to close 185-employee KC operation   [May-19-17 02:05PM  American City Business Journals]
▶ Post Earnings Coverage as Kellogg's EPS Surged 51%   [May-18-17 08:15AM  Accesswire]
▶ Kellogg to lay off 246 in Broward   [May-17-17 02:10PM  American City Business Journals]
▶ 5 Top Dividend Stocks in Packaged Foods   [10:00AM  Motley Fool]
▶ 5 Blue Chips That Everyone Owns... And Shouldn't   [May-13-17 08:10AM  Forbes]
▶ ETFs with exposure to Kellogg Co. : May 12, 2017   [May-12-17 04:06PM  Capital Cube]
▶ How Kellogg Stacks Up against Peers   [10:36AM  Market Realist]
▶ How Did Kelloggs Margins Look in 1Q17?   [09:07AM  Market Realist]
▶ Whats behind Kelloggs Disappointing 1Q Sales?   [10:36AM  Market Realist]
▶ Why Kraft Heinzs 1Q17 Earnings Fell Short of Expectations   [May-05-17 10:34AM  Market Realist]
▶ Company News for May 05, 2017   [09:47AM  Zacks]
▶ Kraft Heinz, Kellogg: Food Giants Post Earnings   [May-04-17 04:35PM  Investopedia]
▶ Kellogg 1Q profit tops forecasts on lower costs   [10:02AM  Associated Press]
▶ Kellogg plans to cut more than 300 jobs, shut down New York facilities   [May-03-17 04:27PM  American City Business Journals]
▶ Bears Pounce On Kellogg Stock Ahead Of Earnings   [May-02-17 03:18PM  Forbes]
▶ Cereal Makers Grapple With Worlds Obesity Crisis   [Apr-24-17 01:26PM  Investopedia]
▶ Why Analysts Are Neutral on Hershey Stock   [Apr-20-17 07:37AM  Market Realist]
▶ The Lesson Pepsi Should Learn From Its Kendall Jenner Ad Fiasco   [Apr-07-17 03:44PM  Investor's Business Daily]
▶ 52-Week Company Lows   [Apr-06-17 12:08PM  GuruFocus.com]
▶ Final Trade: DIN, BBBY & more   [Apr-05-17 05:59PM  CNBC Videos]
▶ Kellogg Co. gets new office digs in downtown Chicago   [Apr-03-17 08:40PM  at bizjournals.com]
▶ Kellogg Co. gets new office digs in downtown Chicago   [08:40PM  American City Business Journals]
▶ [$$] FT Health: Pressure mounts on food industry to cut sugar   [Mar-31-17 02:18PM  Financial Times]
▶ Happy National Cereal Day: Six Kellogg Cereals We Miss   [Mar-07-17 04:46PM  PR Newswire]
▶ Kellogg's Ditched for Organic Brand in NYC Schools   [Mar-06-17 01:05PM  at Investopedia]
▶ A Kellogg Pop-Up Café for Pop-Tart Pizzas & Tacos   [Feb-22-17 12:34PM  at Investopedia]
▶ [$$] Big Food Looks to Startups for Ideas, Innovation   [Feb-18-17 10:37AM  at The Wall Street Journal]
Stock chart of K Financial statements of K Annual reports of K
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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