Intrinsic value of Kellogg - K

Previous Close

$70.59

  Intrinsic Value

$33.49

stock screener

  Rating & Target

str. sell

-53%

Previous close

$70.59

 
Intrinsic value

$33.49

 
Up/down potential

-53%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  13,181
  13,485
  13,831
  14,220
  14,651
  15,124
  15,639
  16,197
  16,798
  17,442
  18,132
  18,868
  19,651
  20,484
  21,368
  22,304
  23,295
  24,344
  25,451
  26,621
  27,855
  29,156
  30,528
  31,973
  33,495
  35,098
  36,784
  38,559
  40,427
  42,391
Variable operating expenses, $m
 
  11,753
  12,002
  12,287
  12,607
  12,961
  13,350
  13,773
  14,232
  14,725
  15,255
  14,905
  15,510
  16,154
  16,839
  17,565
  18,335
  19,150
  20,012
  20,922
  21,884
  22,898
  23,968
  25,095
  26,283
  27,534
  28,852
  30,239
  31,698
  33,233
  34,848
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
  11,753
  12,002
  12,287
  12,607
  12,961
  13,350
  13,773
  14,232
  14,725
  15,255
  14,905
  15,510
  16,154
  16,839
  17,565
  18,335
  19,150
  20,012
  20,922
  21,884
  22,898
  23,968
  25,095
  26,283
  27,534
  28,852
  30,239
  31,698
  33,233
  34,848
Operating income, $m
  1,395
  1,429
  1,483
  1,544
  1,614
  1,690
  1,775
  1,866
  1,965
  2,072
  2,187
  3,227
  3,358
  3,497
  3,645
  3,802
  3,969
  4,145
  4,332
  4,529
  4,737
  4,957
  5,188
  5,432
  5,690
  5,960
  6,246
  6,546
  6,862
  7,194
  7,544
EBITDA, $m
  1,912
  3,601
  3,683
  3,778
  3,884
  4,002
  4,131
  4,272
  4,424
  4,588
  4,764
  4,953
  5,154
  5,368
  5,595
  5,837
  6,092
  6,363
  6,650
  6,952
  7,271
  7,609
  7,964
  8,339
  8,733
  9,149
  9,587
  10,048
  10,533
  11,043
  11,579
Interest expense (income), $m
  405
  465
  481
  499
  520
  543
  568
  596
  626
  659
  695
  733
  774
  817
  864
  913
  965
  1,021
  1,079
  1,141
  1,207
  1,276
  1,349
  1,426
  1,507
  1,592
  1,682
  1,777
  1,877
  1,982
  2,092
Earnings before tax, $m
  927
  964
  1,002
  1,045
  1,094
  1,148
  1,206
  1,270
  1,339
  1,413
  1,492
  2,494
  2,584
  2,680
  2,782
  2,890
  3,004
  3,125
  3,253
  3,388
  3,531
  3,681
  3,840
  4,007
  4,183
  4,368
  4,563
  4,769
  4,985
  5,212
  5,451
Tax expense, $m
  233
  260
  270
  282
  295
  310
  326
  343
  362
  381
  403
  673
  698
  724
  751
  780
  811
  844
  878
  915
  953
  994
  1,037
  1,082
  1,129
  1,179
  1,232
  1,288
  1,346
  1,407
  1,472
Net income, $m
  694
  703
  731
  763
  799
  838
  881
  927
  977
  1,031
  1,089
  1,820
  1,886
  1,956
  2,030
  2,109
  2,193
  2,281
  2,375
  2,473
  2,577
  2,687
  2,803
  2,925
  3,053
  3,189
  3,331
  3,481
  3,639
  3,805
  3,980

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
  16,685
  17,069
  17,508
  18,000
  18,546
  19,145
  19,797
  20,503
  21,263
  22,079
  22,952
  23,883
  24,875
  25,929
  27,048
  28,233
  29,488
  30,815
  32,217
  33,697
  35,259
  36,906
  38,642
  40,472
  42,399
  44,427
  46,562
  48,809
  51,173
  53,660
Adjusted assets (=assets-cash), $m
  14,831
  16,685
  17,069
  17,508
  18,000
  18,546
  19,145
  19,797
  20,503
  21,263
  22,079
  22,952
  23,883
  24,875
  25,929
  27,048
  28,233
  29,488
  30,815
  32,217
  33,697
  35,259
  36,906
  38,642
  40,472
  42,399
  44,427
  46,562
  48,809
  51,173
  53,660
Revenue / Adjusted assets
  0.877
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Average production assets, $m
  5,914
  12,549
  12,837
  13,167
  13,538
  13,948
  14,398
  14,889
  15,420
  15,991
  16,605
  17,262
  17,962
  18,708
  19,501
  20,342
  21,234
  22,177
  23,175
  24,230
  25,343
  26,518
  27,756
  29,062
  30,438
  31,887
  33,413
  35,019
  36,709
  38,486
  40,356
Working capital, $m
  -1,534
  -1,068
  -1,092
  -1,120
  -1,152
  -1,187
  -1,225
  -1,267
  -1,312
  -1,361
  -1,413
  -1,469
  -1,528
  -1,592
  -1,659
  -1,731
  -1,807
  -1,887
  -1,972
  -2,062
  -2,156
  -2,256
  -2,362
  -2,473
  -2,590
  -2,713
  -2,843
  -2,980
  -3,123
  -3,275
  -3,434
Total debt, $m
  7,767
  8,910
  9,242
  9,621
  10,047
  10,519
  11,037
  11,601
  12,212
  12,869
  13,575
  14,330
  15,136
  15,994
  16,906
  17,873
  18,899
  19,984
  21,132
  22,345
  23,625
  24,976
  26,401
  27,903
  29,485
  31,152
  32,907
  34,754
  36,697
  38,742
  40,893
Total liabilities, $m
  13,201
  14,433
  14,765
  15,144
  15,570
  16,042
  16,560
  17,124
  17,735
  18,392
  19,098
  19,853
  20,659
  21,517
  22,429
  23,396
  24,422
  25,507
  26,655
  27,868
  29,148
  30,499
  31,924
  33,426
  35,008
  36,675
  38,430
  40,277
  42,220
  44,265
  46,416
Total equity, $m
  1,910
  2,253
  2,304
  2,364
  2,430
  2,504
  2,585
  2,673
  2,768
  2,870
  2,981
  3,099
  3,224
  3,358
  3,500
  3,651
  3,811
  3,981
  4,160
  4,349
  4,549
  4,760
  4,982
  5,217
  5,464
  5,724
  5,998
  6,286
  6,589
  6,908
  7,244
Total liabilities and equity, $m
  15,111
  16,686
  17,069
  17,508
  18,000
  18,546
  19,145
  19,797
  20,503
  21,262
  22,079
  22,952
  23,883
  24,875
  25,929
  27,047
  28,233
  29,488
  30,815
  32,217
  33,697
  35,259
  36,906
  38,643
  40,472
  42,399
  44,428
  46,563
  48,809
  51,173
  53,660
Debt-to-equity ratio
  4.066
  3.960
  4.010
  4.070
  4.130
  4.200
  4.270
  4.340
  4.410
  4.480
  4.550
  4.620
  4.690
  4.760
  4.830
  4.890
  4.960
  5.020
  5.080
  5.140
  5.190
  5.250
  5.300
  5.350
  5.400
  5.440
  5.490
  5.530
  5.570
  5.610
  5.640
Adjusted equity ratio
  0.129
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135
  0.135

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  694
  703
  731
  763
  799
  838
  881
  927
  977
  1,031
  1,089
  1,820
  1,886
  1,956
  2,030
  2,109
  2,193
  2,281
  2,375
  2,473
  2,577
  2,687
  2,803
  2,925
  3,053
  3,189
  3,331
  3,481
  3,639
  3,805
  3,980
Depreciation, amort., depletion, $m
  517
  2,172
  2,201
  2,234
  2,271
  2,312
  2,357
  2,406
  2,459
  2,516
  2,577
  1,726
  1,796
  1,871
  1,950
  2,034
  2,123
  2,218
  2,318
  2,423
  2,534
  2,652
  2,776
  2,906
  3,044
  3,189
  3,341
  3,502
  3,671
  3,849
  4,036
Funds from operations, $m
  1,833
  2,875
  2,932
  2,997
  3,069
  3,150
  3,237
  3,333
  3,436
  3,547
  3,667
  3,546
  3,682
  3,827
  3,981
  4,144
  4,316
  4,499
  4,692
  4,896
  5,112
  5,339
  5,579
  5,831
  6,097
  6,378
  6,673
  6,983
  7,310
  7,654
  8,015
Change in working capital, $m
  205
  -21
  -25
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
Cash from operations, $m
  1,628
  2,896
  2,956
  3,025
  3,101
  3,185
  3,276
  3,375
  3,481
  3,596
  3,719
  3,602
  3,742
  3,890
  4,048
  4,215
  4,392
  4,579
  4,777
  4,986
  5,206
  5,439
  5,684
  5,942
  6,214
  6,501
  6,802
  7,120
  7,454
  7,805
  8,174
Maintenance CAPEX, $m
  0
  -1,231
  -1,255
  -1,284
  -1,317
  -1,354
  -1,395
  -1,440
  -1,489
  -1,542
  -1,599
  -1,661
  -1,726
  -1,796
  -1,871
  -1,950
  -2,034
  -2,123
  -2,218
  -2,318
  -2,423
  -2,534
  -2,652
  -2,776
  -2,906
  -3,044
  -3,189
  -3,341
  -3,502
  -3,671
  -3,849
New CAPEX, $m
  -507
  -240
  -289
  -330
  -370
  -410
  -450
  -490
  -531
  -572
  -614
  -657
  -701
  -746
  -793
  -841
  -891
  -944
  -998
  -1,054
  -1,113
  -1,175
  -1,239
  -1,306
  -1,376
  -1,449
  -1,526
  -1,606
  -1,690
  -1,778
  -1,870
Cash from investing activities, $m
  -893
  -1,471
  -1,544
  -1,614
  -1,687
  -1,764
  -1,845
  -1,930
  -2,020
  -2,114
  -2,213
  -2,318
  -2,427
  -2,542
  -2,664
  -2,791
  -2,925
  -3,067
  -3,216
  -3,372
  -3,536
  -3,709
  -3,891
  -4,082
  -4,282
  -4,493
  -4,715
  -4,947
  -5,192
  -5,449
  -5,719
Free cash flow, $m
  735
  1,425
  1,413
  1,411
  1,414
  1,420
  1,431
  1,445
  1,462
  1,482
  1,506
  1,285
  1,315
  1,348
  1,384
  1,424
  1,466
  1,512
  1,561
  1,614
  1,670
  1,730
  1,793
  1,861
  1,932
  2,008
  2,088
  2,173
  2,262
  2,356
  2,456
Issuance/(repayment) of debt, $m
  132
  295
  332
  379
  426
  472
  518
  564
  610
  658
  706
  755
  806
  858
  912
  968
  1,025
  1,085
  1,148
  1,213
  1,280
  1,351
  1,425
  1,502
  1,582
  1,667
  1,755
  1,847
  1,944
  2,045
  2,151
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
  295
  332
  379
  426
  472
  518
  564
  610
  658
  706
  755
  806
  858
  912
  968
  1,025
  1,085
  1,148
  1,213
  1,280
  1,351
  1,425
  1,502
  1,582
  1,667
  1,755
  1,847
  1,944
  2,045
  2,151
Total cash flow (excl. dividends), $m
  745
  1,720
  1,745
  1,791
  1,840
  1,892
  1,949
  2,008
  2,072
  2,140
  2,212
  2,040
  2,121
  2,206
  2,296
  2,391
  2,492
  2,598
  2,709
  2,827
  2,951
  3,081
  3,218
  3,363
  3,515
  3,675
  3,843
  4,020
  4,206
  4,401
  4,606
Retained Cash Flow (-), $m
  218
  -41
  -52
  -59
  -66
  -74
  -81
  -88
  -95
  -103
  -110
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -179
  -189
  -200
  -211
  -222
  -234
  -247
  -260
  -274
  -288
  -303
  -319
  -336
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
 
  65
  66
  67
  69
  71
  73
  76
  78
  81
  84
  87
  91
  94
  98
  102
  107
  112
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  193
  202
Cash available for distribution, $m
 
  1,680
  1,693
  1,731
  1,773
  1,819
  1,868
  1,920
  1,977
  2,037
  2,102
  1,923
  1,995
  2,072
  2,154
  2,240
  2,332
  2,428
  2,530
  2,637
  2,751
  2,870
  2,996
  3,128
  3,268
  3,414
  3,569
  3,731
  3,902
  4,082
  4,271
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  1,528
  1,389
  1,269
  1,149
  1,030
  915
  803
  696
  596
  504
  371
  305
  247
  196
  153
  117
  87
  64
  45
  32
  21
  14
  9
  6
  3
  2
  1
  1
  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 is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company's principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods, which includes cereal, toaster pastries, health and wellness bars, and beverages; U.S. Snacks, which includes cookies, crackers, cereal bars, savory snacks and fruit-flavored snacks; U.S. Specialty, which represents food away from home channels, including food service, convenience, vending, Girl Scouts and food manufacturing; North America Other, which includes the U.S. Frozen, Kashi and Canada operating segments; Europe, which consists of European countries; Latin America, which consists of Central and South America and includes Mexico, and Asia Pacific, which consists of Sub-Saharan Africa, Australia and other Asian and Pacific markets.

FINANCIAL RATIOS  of  Kellogg (K)

Valuation Ratios
P/E Ratio 35.7
Price to Sales 1.9
Price to Book 13
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 22.1
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 $12923 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 9.9%, 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 89.3%.

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 5.4% 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 0.5%.

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 95.2%.

Life of production assets of 10 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 -8.1%. 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 - $2212 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 345 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 $24.4 billion.

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COMPANY NEWS

▶ Stocks up slightly after mixed bank earnings   [11:28AM  Yahoo Finance]
▶ Yahoo Finance Live: Midday Movers - Jul 13th, 2018   [09:40AM  Yahoo Finance Video]
▶ How Nestlé boosted Sweet Earth Foods   [08:57AM  American City Business Journals]
▶ Yahoo Finance Live: Market Movers - Jul 13th, 2018   [07:20AM  Yahoo Finance Video]
▶ 'Do not eat this cereal': CDC links Honey Smacks, salmonella   [Jul-12-18 09:55PM  Associated Press]
▶ Yahoo Finance Live: Midday Movers - Jul 11th, 2018   [Jul-11-18 09:40AM  Yahoo Finance Video]
▶ Exclusive: New Nestlé ownership has strapped a booster to this Bay Area food brand   [Jun-25-18 04:31PM  American City Business Journals]
▶ How Financially Strong Is Kellogg Company (NYSE:K)?   [Jun-21-18 12:59PM  Simply Wall St.]
▶ Top 8 Companies Owned by Kellogg's (K)   [Jun-18-18 01:44PM  Investopedia]
▶ [$$] Kellogg Recalls Honey Smacks Cereal on Salmonella Concerns   [Jun-15-18 08:05PM  The Wall Street Journal]
▶ Yahoo Finance Live: Midday Movers - Jun 15th, 2018   [09:40AM  Yahoo Finance Video]
▶ Kellogg Recalls Honey Smacks Cereal   [08:14AM  Bloomberg]
▶ Gold Steady in Face of Rate Hikes   [07:00AM  Morningstar]
▶ 4 Food Stocks Ready for Growth as Tastes Change   [Jun-11-18 02:25PM  InvestorPlace]
▶ Why Hershey is uprooting this Bay Area food business for a headquarters move to Austin   [May-31-18 04:49PM  American City Business Journals]
▶ Wheat Completes Technical Sell Signal   [03:31AM  Investopedia]
▶ Insider Buys Of The Week: Kellogg, Itron And More   [May-28-18 09:38AM  Benzinga]
▶ Charles Schwab: Consumer Staples Sell-Off Overdone   [May-25-18 11:44AM  Investopedia]
▶ Kellogg CFO Buys $500,000 in Stock   [May-23-18 12:34PM  Barrons.com]
▶ Heres why diesel prices are aiming for record highs   [May-18-18 12:22PM  MarketWatch]
▶ Venezuela seizes Kellogg plant   [11:22AM  Reuters Videos]
▶ May Dividend Stocks To Look Out For   [09:02AM  Simply Wall St.]
▶ Kellogg Pulling Out of Venezuela   [May-15-18 09:26PM  Bloomberg]
Financial statements 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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