Intrinsic value of Kellogg Company - K

Previous Close

$64.22

  Intrinsic Value

$54.31

stock screener

  Rating & Target

hold

-15%

Previous close

$64.22

 
Intrinsic value

$54.31

 
Up/down potential

-15%

 
Rating

hold

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 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 22.1

 

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, %
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
Revenue, $m
  14,102
  14,693
  15,321
  15,986
  16,691
  17,437
  18,226
  19,058
  19,938
  20,865
  21,843
  22,873
  23,959
  25,102
  26,305
  27,572
  28,904
  30,306
  31,780
  33,331
  34,961
  36,675
  38,476
  40,369
  42,358
  44,449
  46,645
  48,953
  51,378
  53,925
Variable operating expenses, $m
  7,572
  7,846
  8,136
  8,444
  8,770
  9,115
  9,480
  9,865
  10,272
  10,701
  10,105
  10,582
  11,084
  11,613
  12,170
  12,756
  13,372
  14,021
  14,703
  15,420
  16,175
  16,967
  17,801
  18,677
  19,597
  20,564
  21,580
  22,648
  23,770
  24,948
Fixed operating expenses, $m
  4,732
  4,836
  4,942
  5,051
  5,162
  5,276
  5,392
  5,510
  5,632
  5,756
  5,882
  6,012
  6,144
  6,279
  6,417
  6,558
  6,703
  6,850
  7,001
  7,155
  7,312
  7,473
  7,638
  7,806
  7,977
  8,153
  8,332
  8,515
  8,703
  8,894
Total operating expenses, $m
  12,304
  12,682
  13,078
  13,495
  13,932
  14,391
  14,872
  15,375
  15,904
  16,457
  15,987
  16,594
  17,228
  17,892
  18,587
  19,314
  20,075
  20,871
  21,704
  22,575
  23,487
  24,440
  25,439
  26,483
  27,574
  28,717
  29,912
  31,163
  32,473
  33,842
Operating income, $m
  1,798
  2,012
  2,242
  2,491
  2,759
  3,046
  3,354
  3,683
  4,034
  4,408
  5,855
  6,279
  6,730
  7,209
  7,718
  8,257
  8,829
  9,435
  10,077
  10,756
  11,474
  12,234
  13,038
  13,887
  14,784
  15,732
  16,733
  17,790
  18,905
  20,083
EBITDA, $m
  3,188
  3,415
  3,661
  3,926
  4,211
  4,516
  4,843
  5,192
  5,565
  5,962
  6,384
  6,833
  7,311
  7,817
  8,355
  8,925
  9,529
  10,169
  10,846
  11,563
  12,321
  13,122
  13,969
  14,865
  15,810
  16,809
  17,863
  18,975
  20,150
  21,389
Interest expense (income), $m
  405
  480
  514
  550
  588
  628
  671
  716
  764
  814
  867
  923
  982
  1,045
  1,111
  1,180
  1,253
  1,329
  1,410
  1,495
  1,584
  1,678
  1,776
  1,880
  1,989
  2,104
  2,224
  2,351
  2,484
  2,623
  2,770
Earnings before tax, $m
  1,318
  1,498
  1,693
  1,904
  2,131
  2,376
  2,638
  2,919
  3,220
  3,541
  4,932
  5,297
  5,686
  6,099
  6,538
  7,005
  7,500
  8,025
  8,582
  9,172
  9,796
  10,458
  11,157
  11,898
  12,680
  13,508
  14,382
  15,306
  16,282
  17,313
Tax expense, $m
  356
  404
  457
  514
  575
  641
  712
  788
  869
  956
  1,332
  1,430
  1,535
  1,647
  1,765
  1,891
  2,025
  2,167
  2,317
  2,476
  2,645
  2,824
  3,013
  3,212
  3,424
  3,647
  3,883
  4,133
  4,396
  4,674
Net income, $m
  962
  1,093
  1,236
  1,390
  1,556
  1,734
  1,926
  2,131
  2,351
  2,585
  3,600
  3,867
  4,150
  4,452
  4,773
  5,114
  5,475
  5,858
  6,265
  6,695
  7,151
  7,634
  8,145
  8,685
  9,257
  9,861
  10,499
  11,174
  11,886
  12,638

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
  18,507
  19,283
  20,106
  20,980
  21,905
  22,883
  23,918
  25,011
  26,165
  27,382
  28,665
  30,017
  31,442
  32,942
  34,521
  36,183
  37,932
  39,772
  41,707
  43,741
  45,880
  48,129
  50,493
  52,978
  55,588
  58,332
  61,215
  64,243
  67,425
  70,768
Adjusted assets (=assets-cash), $m
  18,507
  19,283
  20,106
  20,980
  21,905
  22,883
  23,918
  25,011
  26,165
  27,382
  28,665
  30,017
  31,442
  32,942
  34,521
  36,183
  37,932
  39,772
  41,707
  43,741
  45,880
  48,129
  50,493
  52,978
  55,588
  58,332
  61,215
  64,243
  67,425
  70,768
Revenue / Adjusted assets
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
Average production assets, $m
  8,983
  9,360
  9,759
  10,183
  10,632
  11,107
  11,610
  12,140
  12,700
  13,291
  13,914
  14,570
  15,262
  15,990
  16,756
  17,563
  18,412
  19,305
  20,244
  21,232
  22,270
  23,362
  24,509
  25,715
  26,982
  28,314
  29,713
  31,183
  32,728
  34,350
Working capital, $m
  -1,044
  -1,087
  -1,134
  -1,183
  -1,235
  -1,290
  -1,349
  -1,410
  -1,475
  -1,544
  -1,616
  -1,693
  -1,773
  -1,858
  -1,947
  -2,040
  -2,139
  -2,243
  -2,352
  -2,466
  -2,587
  -2,714
  -2,847
  -2,987
  -3,135
  -3,289
  -3,452
  -3,623
  -3,802
  -3,990
Total debt, $m
  9,519
  10,181
  10,885
  11,631
  12,421
  13,256
  14,140
  15,073
  16,059
  17,098
  18,194
  19,349
  20,565
  21,846
  23,195
  24,615
  26,108
  27,679
  29,331
  31,069
  32,896
  34,816
  36,835
  38,957
  41,186
  43,529
  45,991
  48,578
  51,295
  54,150
Total liabilities, $m
  15,805
  16,467
  17,171
  17,917
  18,707
  19,542
  20,426
  21,359
  22,345
  23,384
  24,480
  25,635
  26,851
  28,132
  29,481
  30,901
  32,394
  33,965
  35,617
  37,355
  39,182
  41,102
  43,121
  45,243
  47,472
  49,815
  52,277
  54,864
  57,581
  60,436
Total equity, $m
  2,702
  2,815
  2,935
  3,063
  3,198
  3,341
  3,492
  3,652
  3,820
  3,998
  4,185
  4,383
  4,590
  4,810
  5,040
  5,283
  5,538
  5,807
  6,089
  6,386
  6,699
  7,027
  7,372
  7,735
  8,116
  8,516
  8,937
  9,380
  9,844
  10,332
Total liabilities and equity, $m
  18,507
  19,282
  20,106
  20,980
  21,905
  22,883
  23,918
  25,011
  26,165
  27,382
  28,665
  30,018
  31,441
  32,942
  34,521
  36,184
  37,932
  39,772
  41,706
  43,741
  45,881
  48,129
  50,493
  52,978
  55,588
  58,331
  61,214
  64,244
  67,425
  70,768
Debt-to-equity ratio
  3.520
  3.620
  3.710
  3.800
  3.880
  3.970
  4.050
  4.130
  4.200
  4.280
  4.350
  4.410
  4.480
  4.540
  4.600
  4.660
  4.710
  4.770
  4.820
  4.870
  4.910
  4.950
  5.000
  5.040
  5.070
  5.110
  5.150
  5.180
  5.210
  5.240
Adjusted equity ratio
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  962
  1,093
  1,236
  1,390
  1,556
  1,734
  1,926
  2,131
  2,351
  2,585
  3,600
  3,867
  4,150
  4,452
  4,773
  5,114
  5,475
  5,858
  6,265
  6,695
  7,151
  7,634
  8,145
  8,685
  9,257
  9,861
  10,499
  11,174
  11,886
  12,638
Depreciation, amort., depletion, $m
  1,389
  1,404
  1,419
  1,435
  1,452
  1,470
  1,489
  1,510
  1,531
  1,553
  529
  554
  580
  608
  637
  668
  700
  734
  770
  807
  847
  888
  932
  978
  1,026
  1,077
  1,130
  1,186
  1,244
  1,306
Funds from operations, $m
  2,352
  2,497
  2,655
  2,825
  3,008
  3,204
  3,415
  3,641
  3,881
  4,138
  4,129
  4,421
  4,731
  5,060
  5,410
  5,781
  6,175
  6,592
  7,034
  7,503
  7,998
  8,522
  9,077
  9,663
  10,283
  10,937
  11,629
  12,359
  13,130
  13,944
Change in working capital, $m
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -179
  -188
Cash from operations, $m
  2,393
  2,541
  2,701
  2,874
  3,060
  3,260
  3,473
  3,702
  3,946
  4,207
  4,202
  4,497
  4,811
  5,145
  5,499
  5,875
  6,274
  6,696
  7,144
  7,617
  8,119
  8,649
  9,210
  9,803
  10,430
  11,092
  11,791
  12,530
  13,310
  14,133
Maintenance CAPEX, $m
  -328
  -342
  -356
  -371
  -387
  -404
  -422
  -441
  -462
  -483
  -505
  -529
  -554
  -580
  -608
  -637
  -668
  -700
  -734
  -770
  -807
  -847
  -888
  -932
  -978
  -1,026
  -1,077
  -1,130
  -1,186
  -1,244
New CAPEX, $m
  -347
  -376
  -400
  -424
  -449
  -475
  -502
  -531
  -560
  -591
  -623
  -656
  -691
  -728
  -767
  -807
  -849
  -893
  -939
  -988
  -1,038
  -1,092
  -1,147
  -1,206
  -1,267
  -1,332
  -1,399
  -1,470
  -1,544
  -1,623
Cash from investing activities, $m
  -675
  -718
  -756
  -795
  -836
  -879
  -924
  -972
  -1,022
  -1,074
  -1,128
  -1,185
  -1,245
  -1,308
  -1,375
  -1,444
  -1,517
  -1,593
  -1,673
  -1,758
  -1,845
  -1,939
  -2,035
  -2,138
  -2,245
  -2,358
  -2,476
  -2,600
  -2,730
  -2,867
Free cash flow, $m
  1,717
  1,823
  1,945
  2,079
  2,224
  2,380
  2,549
  2,730
  2,925
  3,133
  3,073
  3,312
  3,566
  3,836
  4,125
  4,431
  4,757
  5,103
  5,470
  5,860
  6,273
  6,711
  7,174
  7,665
  8,185
  8,734
  9,316
  9,930
  10,580
  11,266
Issuance/(repayment) of debt, $m
  626
  662
  703
  746
  790
  836
  884
  933
  985
  1,039
  1,096
  1,155
  1,217
  1,281
  1,349
  1,419
  1,493
  1,571
  1,652
  1,738
  1,827
  1,921
  2,019
  2,122
  2,230
  2,343
  2,462
  2,587
  2,717
  2,855
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  
  626
  662
  703
  746
  790
  836
  884
  933
  985
  1,039
  1,096
  1,155
  1,217
  1,281
  1,349
  1,419
  1,493
  1,571
  1,652
  1,738
  1,827
  1,921
  2,019
  2,122
  2,230
  2,343
  2,462
  2,587
  2,717
  2,855
Total cash flow (excl. dividends), $m
  2,343
  2,485
  2,649
  2,825
  3,014
  3,216
  3,432
  3,664
  3,910
  4,173
  4,169
  4,466
  4,782
  5,117
  5,473
  5,851
  6,250
  6,674
  7,123
  7,598
  8,100
  8,631
  9,193
  9,787
  10,415
  11,077
  11,777
  12,517
  13,297
  14,121
Retained Cash Flow (-), $m
  -101
  -113
  -120
  -128
  -135
  -143
  -151
  -160
  -168
  -178
  -187
  -197
  -208
  -219
  -231
  -243
  -255
  -269
  -282
  -297
  -312
  -328
  -345
  -363
  -381
  -401
  -421
  -442
  -465
  -488
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
  2,242
  2,372
  2,529
  2,697
  2,879
  3,073
  3,281
  3,504
  3,742
  3,995
  3,982
  4,269
  4,574
  4,898
  5,243
  5,608
  5,995
  6,406
  6,840
  7,301
  7,788
  8,303
  8,848
  9,424
  10,033
  10,677
  11,357
  12,074
  12,832
  13,633
Discount rate, %
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
  2,034
  1,935
  1,837
  1,726
  1,605
  1,475
  1,338
  1,198
  1,058
  919
  734
  620
  514
  417
  332
  259
  197
  146
  106
  74
  51
  34
  22
  14
  8
  5
  3
  1
  1
  0
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

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 Company (K)

Valuation Ratios
P/E Ratio 32.5
Price to Sales 1.7
Price to Book 11.8
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 20.1
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 $13547 million for the last fiscal year's total revenue generated by Kellogg Company. The default revenue input number comes from 0001 income statement of Kellogg Company. 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 4.1% 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 10.2%, whose default value for K is calculated based on our internal credit rating of Kellogg Company, 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 Company.
    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 54%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4630 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 Company.

Corporate tax rate of 27% is the nominal tax rate for Kellogg Company. 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 63.7%.

Life of production assets of 26.3 years is the average useful life of capital assets used in Kellogg Company 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 -7.4%. 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 - $2601 million for Kellogg Company - 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 343.652 million for Kellogg Company 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 Company at the current share price and the inputted number of shares is $22.1 billion.

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