Intrinsic value of General Mills, Inc. - GIS

Previous Close

$51.58

  Intrinsic Value

$50.05

stock screener

  Rating & Target

hold

-3%

Previous close

$51.58

 
Intrinsic value

$50.05

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of GIS 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 0001), $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 30.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  16,543
  17,385
  18,268
  19,195
  20,167
  21,187
  22,258
  23,382
  24,561
  25,798
  27,097
  28,461
  29,892
  31,394
  32,971
  34,626
  36,364
  38,188
  40,103
  42,114
  44,224
  46,441
  48,767
  51,210
  53,774
  56,467
  59,294
  62,262
  65,378
  68,650
Variable operating expenses, $m
  13,703
  14,292
  14,908
  15,556
  16,235
  16,947
  17,695
  18,479
  19,303
  20,167
  18,923
  19,875
  20,875
  21,924
  23,025
  24,181
  25,394
  26,668
  28,006
  29,410
  30,884
  32,431
  34,056
  35,762
  37,553
  39,433
  41,407
  43,480
  45,657
  47,941
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
  13,703
  14,292
  14,908
  15,556
  16,235
  16,947
  17,695
  18,479
  19,303
  20,167
  18,923
  19,875
  20,875
  21,924
  23,025
  24,181
  25,394
  26,668
  28,006
  29,410
  30,884
  32,431
  34,056
  35,762
  37,553
  39,433
  41,407
  43,480
  45,657
  47,941
Operating income, $m
  2,839
  3,093
  3,360
  3,639
  3,933
  4,240
  4,563
  4,902
  5,258
  5,631
  8,174
  8,585
  9,017
  9,470
  9,946
  10,445
  10,969
  11,520
  12,097
  12,704
  13,341
  14,009
  14,711
  15,448
  16,221
  17,034
  17,887
  18,782
  19,722
  20,709
EBITDA, $m
  5,430
  5,707
  5,997
  6,301
  6,620
  6,955
  7,306
  7,675
  8,062
  8,468
  8,895
  9,342
  9,812
  10,305
  10,823
  11,366
  11,937
  12,536
  13,164
  13,824
  14,517
  15,244
  16,008
  16,810
  17,652
  18,536
  19,464
  20,438
  21,461
  22,535
Interest expense (income), $m
  286
  854
  921
  991
  1,066
  1,143
  1,225
  1,311
  1,401
  1,495
  1,594
  1,698
  1,807
  1,921
  2,041
  2,167
  2,300
  2,439
  2,585
  2,738
  2,898
  3,067
  3,244
  3,430
  3,626
  3,831
  4,046
  4,272
  4,509
  4,759
  5,020
Earnings before tax, $m
  1,985
  2,173
  2,368
  2,574
  2,789
  3,015
  3,253
  3,502
  3,763
  4,037
  6,476
  6,779
  7,096
  7,429
  7,778
  8,145
  8,531
  8,935
  9,360
  9,805
  10,273
  10,765
  11,281
  11,822
  12,391
  12,988
  13,614
  14,273
  14,963
  15,689
Tax expense, $m
  536
  587
  639
  695
  753
  814
  878
  945
  1,016
  1,090
  1,749
  1,830
  1,916
  2,006
  2,100
  2,199
  2,303
  2,412
  2,527
  2,647
  2,774
  2,906
  3,046
  3,192
  3,345
  3,507
  3,676
  3,854
  4,040
  4,236
Net income, $m
  1,449
  1,586
  1,729
  1,879
  2,036
  2,201
  2,374
  2,556
  2,747
  2,947
  4,728
  4,948
  5,180
  5,423
  5,678
  5,946
  6,227
  6,523
  6,833
  7,158
  7,500
  7,858
  8,235
  8,630
  9,045
  9,481
  9,939
  10,419
  10,923
  11,453

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  32,184
  33,823
  35,541
  37,344
  39,236
  41,221
  43,304
  45,489
  47,784
  50,191
  52,718
  55,371
  58,155
  61,077
  64,145
  67,366
  70,747
  74,296
  78,022
  81,933
  86,040
  90,351
  94,878
  99,630
  104,619
  109,858
  115,358
  121,132
  127,195
  133,561
Adjusted assets (=assets-cash), $m
  32,184
  33,823
  35,541
  37,344
  39,236
  41,221
  43,304
  45,489
  47,784
  50,191
  52,718
  55,371
  58,155
  61,077
  64,145
  67,366
  70,747
  74,296
  78,022
  81,933
  86,040
  90,351
  94,878
  99,630
  104,619
  109,858
  115,358
  121,132
  127,195
  133,561
Revenue / Adjusted assets
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
Average production assets, $m
  13,201
  13,873
  14,578
  15,317
  16,093
  16,908
  17,762
  18,659
  19,599
  20,587
  21,624
  22,712
  23,854
  25,052
  26,311
  27,632
  29,018
  30,474
  32,002
  33,607
  35,291
  37,060
  38,916
  40,865
  42,912
  45,061
  47,317
  49,685
  52,172
  54,783
Working capital, $m
  -496
  -522
  -548
  -576
  -605
  -636
  -668
  -701
  -737
  -774
  -813
  -854
  -897
  -942
  -989
  -1,039
  -1,091
  -1,146
  -1,203
  -1,263
  -1,327
  -1,393
  -1,463
  -1,536
  -1,613
  -1,694
  -1,779
  -1,868
  -1,961
  -2,060
Total debt, $m
  17,051
  18,360
  19,733
  21,174
  22,685
  24,271
  25,935
  27,682
  29,515
  31,438
  33,458
  35,577
  37,801
  40,137
  42,588
  45,161
  47,862
  50,698
  53,675
  56,800
  60,082
  63,526
  67,143
  70,940
  74,927
  79,112
  83,507
  88,121
  92,965
  98,051
Total liabilities, $m
  25,715
  27,024
  28,397
  29,838
  31,349
  32,935
  34,600
  36,346
  38,179
  40,103
  42,122
  44,241
  46,466
  48,801
  51,252
  53,825
  56,526
  59,362
  62,339
  65,465
  68,746
  72,191
  75,807
  79,604
  83,591
  87,776
  92,171
  96,785
  101,629
  106,715
Total equity, $m
  6,469
  6,798
  7,144
  7,506
  7,886
  8,285
  8,704
  9,143
  9,604
  10,088
  10,596
  11,130
  11,689
  12,277
  12,893
  13,541
  14,220
  14,933
  15,682
  16,469
  17,294
  18,161
  19,070
  20,026
  21,029
  22,081
  23,187
  24,348
  25,566
  26,846
Total liabilities and equity, $m
  32,184
  33,822
  35,541
  37,344
  39,235
  41,220
  43,304
  45,489
  47,783
  50,191
  52,718
  55,371
  58,155
  61,078
  64,145
  67,366
  70,746
  74,295
  78,021
  81,934
  86,040
  90,352
  94,877
  99,630
  104,620
  109,857
  115,358
  121,133
  127,195
  133,561
Debt-to-equity ratio
  2.640
  2.700
  2.760
  2.820
  2.880
  2.930
  2.980
  3.030
  3.070
  3.120
  3.160
  3.200
  3.230
  3.270
  3.300
  3.340
  3.370
  3.390
  3.420
  3.450
  3.470
  3.500
  3.520
  3.540
  3.560
  3.580
  3.600
  3.620
  3.640
  3.650
Adjusted equity ratio
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,449
  1,586
  1,729
  1,879
  2,036
  2,201
  2,374
  2,556
  2,747
  2,947
  4,728
  4,948
  5,180
  5,423
  5,678
  5,946
  6,227
  6,523
  6,833
  7,158
  7,500
  7,858
  8,235
  8,630
  9,045
  9,481
  9,939
  10,419
  10,923
  11,453
Depreciation, amort., depletion, $m
  2,591
  2,613
  2,637
  2,662
  2,687
  2,715
  2,743
  2,773
  2,804
  2,837
  721
  757
  795
  835
  877
  921
  967
  1,016
  1,067
  1,120
  1,176
  1,235
  1,297
  1,362
  1,430
  1,502
  1,577
  1,656
  1,739
  1,826
Funds from operations, $m
  4,040
  4,199
  4,366
  4,540
  4,724
  4,916
  5,118
  5,329
  5,551
  5,785
  5,449
  5,705
  5,975
  6,258
  6,555
  6,867
  7,195
  7,538
  7,899
  8,278
  8,676
  9,094
  9,532
  9,992
  10,476
  10,983
  11,516
  12,075
  12,662
  13,279
Change in working capital, $m
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
Cash from operations, $m
  4,064
  4,225
  4,392
  4,568
  4,753
  4,946
  5,150
  5,363
  5,587
  5,822
  5,488
  5,746
  6,018
  6,303
  6,603
  6,917
  7,247
  7,593
  7,957
  8,339
  8,739
  9,160
  9,602
  10,066
  10,553
  11,064
  11,601
  12,164
  12,756
  13,377
Maintenance CAPEX, $m
  -419
  -440
  -462
  -486
  -511
  -536
  -564
  -592
  -622
  -653
  -686
  -721
  -757
  -795
  -835
  -877
  -921
  -967
  -1,016
  -1,067
  -1,120
  -1,176
  -1,235
  -1,297
  -1,362
  -1,430
  -1,502
  -1,577
  -1,656
  -1,739
New CAPEX, $m
  -637
  -672
  -705
  -740
  -776
  -814
  -854
  -897
  -941
  -988
  -1,037
  -1,088
  -1,142
  -1,199
  -1,258
  -1,321
  -1,387
  -1,456
  -1,528
  -1,604
  -1,684
  -1,768
  -1,857
  -1,949
  -2,047
  -2,149
  -2,256
  -2,369
  -2,487
  -2,611
Cash from investing activities, $m
  -1,056
  -1,112
  -1,167
  -1,226
  -1,287
  -1,350
  -1,418
  -1,489
  -1,563
  -1,641
  -1,723
  -1,809
  -1,899
  -1,994
  -2,093
  -2,198
  -2,308
  -2,423
  -2,544
  -2,671
  -2,804
  -2,944
  -3,092
  -3,246
  -3,409
  -3,579
  -3,758
  -3,946
  -4,143
  -4,350
Free cash flow, $m
  3,009
  3,113
  3,225
  3,343
  3,466
  3,596
  3,732
  3,874
  4,024
  4,181
  3,765
  3,938
  4,119
  4,309
  4,509
  4,719
  4,939
  5,170
  5,413
  5,667
  5,935
  6,215
  6,510
  6,819
  7,144
  7,485
  7,843
  8,218
  8,613
  9,027
Issuance/(repayment) of debt, $m
  1,232
  1,309
  1,373
  1,441
  1,511
  1,586
  1,664
  1,747
  1,833
  1,924
  2,019
  2,119
  2,225
  2,335
  2,451
  2,573
  2,701
  2,836
  2,977
  3,125
  3,281
  3,445
  3,617
  3,797
  3,987
  4,186
  4,394
  4,614
  4,844
  5,086
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,232
  1,309
  1,373
  1,441
  1,511
  1,586
  1,664
  1,747
  1,833
  1,924
  2,019
  2,119
  2,225
  2,335
  2,451
  2,573
  2,701
  2,836
  2,977
  3,125
  3,281
  3,445
  3,617
  3,797
  3,987
  4,186
  4,394
  4,614
  4,844
  5,086
Total cash flow (excl. dividends), $m
  4,241
  4,422
  4,598
  4,783
  4,978
  5,182
  5,396
  5,621
  5,857
  6,105
  5,784
  6,057
  6,344
  6,644
  6,960
  7,292
  7,640
  8,006
  8,390
  8,793
  9,216
  9,660
  10,127
  10,616
  11,130
  11,670
  12,237
  12,832
  13,457
  14,113
Retained Cash Flow (-), $m
  -328
  -329
  -345
  -362
  -380
  -399
  -419
  -439
  -461
  -484
  -508
  -533
  -560
  -587
  -617
  -647
  -680
  -713
  -749
  -786
  -825
  -867
  -910
  -955
  -1,003
  -1,053
  -1,105
  -1,161
  -1,219
  -1,280
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
  3,913
  4,092
  4,253
  4,421
  4,597
  4,783
  4,977
  5,181
  5,396
  5,621
  5,276
  5,524
  5,784
  6,057
  6,344
  6,645
  6,961
  7,293
  7,641
  8,007
  8,390
  8,794
  9,217
  9,661
  10,128
  10,617
  11,132
  11,672
  12,238
  12,834
Discount rate, %
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
  3,567
  3,371
  3,135
  2,888
  2,633
  2,374
  2,116
  1,862
  1,616
  1,384
  1,051
  876
  717
  577
  455
  352
  266
  197
  142
  100
  68
  46
  29
  18
  11
  7
  4
  2
  1
  1
Current shareholders' claim on cash, %
  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

General Mills, Inc. is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice. Its products are marketed under various brands, which include Annie's and Betty Crocker. The Company's U.S. Retail segment reflects business with a range of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers operating throughout the United States. The International segment consists of retail and foodservice businesses outside of the United States. The Convenience Stores and Foodservice segment's product categories include ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes.

FINANCIAL RATIOS  of  General Mills, Inc. (GIS)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 1.9
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 18.3
Growth Rates
Sales Growth Rate -5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.2%
Cap. Spend. - 3 Yr. Gr. Rate 0.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 176.6%
Total Debt to Equity 219.1%
Interest Coverage 9
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 35.8%
Return On Equity - 3 Yr. Avg. 30.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35.8%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 20.2%
EBITDA Margin - 3 Yr. Avg. 18.4%
Operating Margin 16.4%
Oper. Margin - 3 Yr. Avg. 14.9%
Pre-Tax Margin 14.5%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 31.2%
Payout Ratio 68.5%

GIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIS stock intrinsic value calculation we used $15740 million for the last fiscal year's total revenue generated by General Mills, Inc.. The default revenue input number comes from 0001 income statement of General Mills, Inc.. 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 GIS stock valuation model: a) initial revenue growth rate of 5.1% 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 9.7%, whose default value for GIS is calculated based on our internal credit rating of General Mills, Inc., 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 General Mills, Inc..
    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 GIS stock the variable cost ratio is equal to 83.5%.

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 GIS 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 General Mills, Inc..

Corporate tax rate of 27% is the nominal tax rate for General Mills, Inc.. 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 GIS 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 GIS are equal to 79.8%.

Life of production assets of 34.4 years is the average useful life of capital assets used in General Mills, Inc. 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 GIS is equal to -3%. 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 - $6141.1 million for General Mills, Inc. - 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 596.716 million for General Mills, Inc. 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 General Mills, Inc. at the current share price and the inputted number of shares is $30.8 billion.

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