Intrinsic value of Kellogg - K

Previous Close

$67.22

  Intrinsic Value

$22.32

stock screener

  Rating & Target

str. sell

-67%

  Value-price divergence*

-56%

Previous close

$67.22

 
Intrinsic value

$22.32

 
Up/down potential

-67%

 
Rating

str. sell

 
Value-price divergence*

-56%

*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 23.7

 

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
  404
  418
  434
  453
  473
  496
  521
  549
  578
  610
  645
  681
  720
  762
  806
  853
  903
  956
  1,011
  1,070
  1,133
  1,198
  1,267
  1,340
  1,417
  1,498
  1,583
  1,673
  1,767
  1,866
Earnings before tax, $m
  927
  682
  704
  730
  759
  791
  825
  863
  903
  947
  993
  1,559
  1,612
  1,668
  1,728
  1,791
  1,858
  1,928
  2,003
  2,082
  2,165
  2,253
  2,346
  2,443
  2,546
  2,654
  2,768
  2,888
  3,014
  3,147
  3,286
Tax expense, $m
  233
  184
  190
  197
  205
  214
  223
  233
  244
  256
  268
  421
  435
  450
  466
  484
  502
  521
  541
  562
  585
  608
  633
  660
  687
  717
  747
  780
  814
  850
  887
Net income, $m
  694
  498
  514
  533
  554
  577
  603
  630
  659
  691
  725
  1,138
  1,177
  1,218
  1,261
  1,307
  1,356
  1,408
  1,462
  1,520
  1,581
  1,645
  1,712
  1,784
  1,859
  1,938
  2,021
  2,108
  2,200
  2,297
  2,399

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
  15,417
  15,772
  16,177
  16,632
  17,137
  17,690
  18,292
  18,944
  19,647
  20,401
  21,208
  22,068
  22,985
  23,959
  24,992
  26,087
  27,247
  28,473
  29,768
  31,136
  32,579
  34,101
  35,706
  37,396
  39,176
  41,051
  43,024
  45,100
  47,284
  49,581
Adjusted assets (=assets-cash), $m
  14,831
  15,417
  15,772
  16,177
  16,632
  17,137
  17,690
  18,292
  18,944
  19,647
  20,401
  21,208
  22,068
  22,985
  23,959
  24,992
  26,087
  27,247
  28,473
  29,768
  31,136
  32,579
  34,101
  35,706
  37,396
  39,176
  41,051
  43,024
  45,100
  47,284
  49,581
Revenue / Adjusted assets
  0.877
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
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
  8,041
  8,351
  8,705
  9,103
  9,543
  10,027
  10,553
  11,123
  11,737
  12,396
  13,101
  13,854
  14,655
  15,506
  16,409
  17,366
  18,380
  19,451
  20,583
  21,779
  23,040
  24,371
  25,773
  27,250
  28,806
  30,444
  32,169
  33,983
  35,892
  37,900
Total liabilities, $m
  13,201
  13,475
  13,785
  14,139
  14,537
  14,977
  15,461
  15,987
  16,557
  17,171
  17,830
  18,535
  19,288
  20,089
  20,940
  21,843
  22,800
  23,814
  24,885
  26,017
  27,213
  28,474
  29,805
  31,207
  32,684
  34,240
  35,878
  37,603
  39,417
  41,326
  43,334
Total equity, $m
  1,910
  1,943
  1,987
  2,038
  2,096
  2,159
  2,229
  2,305
  2,387
  2,476
  2,571
  2,672
  2,781
  2,896
  3,019
  3,149
  3,287
  3,433
  3,588
  3,751
  3,923
  4,105
  4,297
  4,499
  4,712
  4,936
  5,172
  5,421
  5,683
  5,958
  6,247
Total liabilities and equity, $m
  15,111
  15,418
  15,772
  16,177
  16,633
  17,136
  17,690
  18,292
  18,944
  19,647
  20,401
  21,207
  22,069
  22,985
  23,959
  24,992
  26,087
  27,247
  28,473
  29,768
  31,136
  32,579
  34,102
  35,706
  37,396
  39,176
  41,050
  43,024
  45,100
  47,284
  49,581
Debt-to-equity ratio
  4.066
  4.140
  4.200
  4.270
  4.340
  4.420
  4.500
  4.580
  4.660
  4.740
  4.820
  4.900
  4.980
  5.060
  5.140
  5.210
  5.280
  5.350
  5.420
  5.490
  5.550
  5.610
  5.670
  5.730
  5.780
  5.840
  5.890
  5.930
  5.980
  6.020
  6.070
Adjusted equity ratio
  0.129
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  694
  498
  514
  533
  554
  577
  603
  630
  659
  691
  725
  1,138
  1,177
  1,218
  1,261
  1,307
  1,356
  1,408
  1,462
  1,520
  1,581
  1,645
  1,712
  1,784
  1,859
  1,938
  2,021
  2,108
  2,200
  2,297
  2,399
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
  1,298
  1,322
  1,348
  1,377
  1,410
  1,445
  1,484
  1,525
  1,570
  1,618
  1,529
  1,584
  1,642
  1,703
  1,768
  1,837
  1,910
  1,987
  2,069
  2,155
  2,245
  2,341
  2,442
  2,548
  2,660
  2,778
  2,901
  3,032
  3,169
  3,313
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
  1,313
  1,339
  1,368
  1,400
  1,435
  1,473
  1,513
  1,557
  1,604
  1,655
  1,569
  1,626
  1,687
  1,751
  1,819
  1,891
  1,967
  2,047
  2,132
  2,222
  2,316
  2,416
  2,521
  2,631
  2,747
  2,870
  2,998
  3,134
  3,276
  3,426
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
  921
  916
  919
  924
  931
  940
  952
  965
  980
  998
  877
  898
  921
  946
  973
  1,002
  1,033
  1,066
  1,101
  1,138
  1,178
  1,220
  1,265
  1,312
  1,362
  1,415
  1,470
  1,529
  1,591
  1,656
Issuance/(repayment) of debt, $m
  132
  274
  310
  354
  398
  441
  484
  527
  570
  614
  659
  705
  752
  801
  851
  903
  957
  1,013
  1,072
  1,132
  1,195
  1,261
  1,330
  1,402
  1,477
  1,556
  1,638
  1,724
  1,815
  1,909
  2,008
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
  274
  310
  354
  398
  441
  484
  527
  570
  614
  659
  705
  752
  801
  851
  903
  957
  1,013
  1,072
  1,132
  1,195
  1,261
  1,330
  1,402
  1,477
  1,556
  1,638
  1,724
  1,815
  1,909
  2,008
Total cash flow (excl. dividends), $m
  745
  1,195
  1,226
  1,273
  1,321
  1,372
  1,424
  1,478
  1,535
  1,595
  1,657
  1,582
  1,651
  1,722
  1,798
  1,876
  1,959
  2,046
  2,137
  2,233
  2,334
  2,439
  2,550
  2,667
  2,789
  2,918
  3,053
  3,195
  3,343
  3,500
  3,664
Retained Cash Flow (-), $m
  218
  -33
  -45
  -51
  -57
  -64
  -70
  -76
  -82
  -89
  -95
  -102
  -108
  -115
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -224
  -236
  -249
  -262
  -275
  -289
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
 
  1,162
  1,181
  1,222
  1,264
  1,308
  1,354
  1,402
  1,453
  1,506
  1,562
  1,481
  1,542
  1,607
  1,675
  1,746
  1,821
  1,900
  1,983
  2,070
  2,161
  2,258
  2,359
  2,465
  2,576
  2,693
  2,817
  2,946
  3,082
  3,224
  3,374
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
 
  1,050
  955
  874
  792
  710
  628
  549
  473
  402
  336
  253
  205
  164
  128
  98
  73
  54
  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 34
Price to Sales 1.8
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 21.1
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 $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 351.998 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 $23.7 billion.

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▶ '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]
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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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