Intrinsic value of Kellogg - K

Previous Close

$72.80

  Intrinsic Value

$42.10

stock screener

  Rating & Target

sell

-42%

Previous close

$72.80

 
Intrinsic value

$42.10

 
Up/down potential

-42%

 
Rating

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

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 25.2

 

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, %
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  13,673
  14,455
  15,271
  16,124
  17,014
  17,946
  18,919
  19,937
  21,003
  22,118
  23,286
  24,509
  25,789
  27,131
  28,537
  30,011
  31,556
  33,176
  34,875
  36,656
  38,525
  40,485
  42,541
  44,698
  46,962
  49,337
  51,829
  54,445
  57,190
  60,071
Variable operating expenses, $m
  12,156
  12,799
  13,470
  14,171
  14,904
  15,669
  16,469
  17,306
  18,182
  19,099
  19,142
  20,147
  21,200
  22,303
  23,459
  24,671
  25,941
  27,272
  28,669
  30,133
  31,669
  33,280
  34,970
  36,744
  38,604
  40,557
  42,606
  44,756
  47,012
  49,381
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
  12,156
  12,799
  13,470
  14,171
  14,904
  15,669
  16,469
  17,306
  18,182
  19,099
  19,142
  20,147
  21,200
  22,303
  23,459
  24,671
  25,941
  27,272
  28,669
  30,133
  31,669
  33,280
  34,970
  36,744
  38,604
  40,557
  42,606
  44,756
  47,012
  49,381
Operating income, $m
  1,516
  1,655
  1,801
  1,952
  2,111
  2,277
  2,450
  2,631
  2,821
  3,019
  4,144
  4,362
  4,589
  4,828
  5,078
  5,341
  5,616
  5,904
  6,206
  6,523
  6,856
  7,205
  7,571
  7,954
  8,357
  8,780
  9,223
  9,689
  10,177
  10,690
EBITDA, $m
  2,763
  2,921
  3,086
  3,258
  3,438
  3,626
  3,823
  4,029
  4,244
  4,469
  4,705
  4,952
  5,211
  5,482
  5,766
  6,064
  6,376
  6,704
  7,047
  7,407
  7,784
  8,180
  8,596
  9,032
  9,489
  9,969
  10,473
  11,001
  11,556
  12,138
Interest expense (income), $m
  405
  465
  510
  556
  605
  655
  708
  763
  821
  881
  945
  1,011
  1,080
  1,152
  1,228
  1,308
  1,391
  1,478
  1,570
  1,666
  1,767
  1,872
  1,983
  2,099
  2,221
  2,349
  2,483
  2,624
  2,771
  2,926
  3,089
Earnings before tax, $m
  1,051
  1,145
  1,244
  1,347
  1,455
  1,568
  1,686
  1,810
  1,939
  2,075
  3,133
  3,282
  3,437
  3,600
  3,771
  3,950
  4,137
  4,334
  4,540
  4,757
  4,984
  5,222
  5,471
  5,733
  6,008
  6,297
  6,600
  6,917
  7,251
  7,601
Tax expense, $m
  284
  309
  336
  364
  393
  423
  455
  489
  524
  560
  846
  886
  928
  972
  1,018
  1,066
  1,117
  1,170
  1,226
  1,284
  1,346
  1,410
  1,477
  1,548
  1,622
  1,700
  1,782
  1,868
  1,958
  2,052
Net income, $m
  767
  836
  908
  984
  1,062
  1,145
  1,231
  1,321
  1,416
  1,514
  2,287
  2,396
  2,509
  2,628
  2,753
  2,883
  3,020
  3,164
  3,314
  3,472
  3,638
  3,812
  3,994
  4,185
  4,386
  4,597
  4,818
  5,050
  5,293
  5,549

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
  17,307
  18,297
  19,330
  20,410
  21,537
  22,716
  23,948
  25,237
  26,586
  27,998
  29,476
  31,023
  32,645
  34,343
  36,123
  37,989
  39,945
  41,995
  44,146
  46,401
  48,766
  51,247
  53,849
  56,580
  59,445
  62,452
  65,606
  68,917
  72,392
  76,039
Adjusted assets (=assets-cash), $m
  17,307
  18,297
  19,330
  20,410
  21,537
  22,716
  23,948
  25,237
  26,586
  27,998
  29,476
  31,023
  32,645
  34,343
  36,123
  37,989
  39,945
  41,995
  44,146
  46,401
  48,766
  51,247
  53,849
  56,580
  59,445
  62,452
  65,606
  68,917
  72,392
  76,039
Revenue / Adjusted assets
  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
  8,436
  8,918
  9,422
  9,948
  10,498
  11,072
  11,673
  12,301
  12,959
  13,647
  14,367
  15,122
  15,912
  16,740
  17,608
  18,517
  19,470
  20,470
  21,518
  22,617
  23,770
  24,979
  26,248
  27,579
  28,975
  30,441
  31,979
  33,592
  35,286
  37,064
Working capital, $m
  -1,039
  -1,099
  -1,161
  -1,225
  -1,293
  -1,364
  -1,438
  -1,515
  -1,596
  -1,681
  -1,770
  -1,863
  -1,960
  -2,062
  -2,169
  -2,281
  -2,398
  -2,521
  -2,651
  -2,786
  -2,928
  -3,077
  -3,233
  -3,397
  -3,569
  -3,750
  -3,939
  -4,138
  -4,346
  -4,565
Total debt, $m
  9,447
  10,305
  11,201
  12,137
  13,115
  14,137
  15,205
  16,323
  17,492
  18,716
  19,997
  21,339
  22,745
  24,218
  25,761
  27,379
  29,074
  30,852
  32,716
  34,671
  36,722
  38,873
  41,129
  43,497
  45,981
  48,588
  51,323
  54,193
  57,206
  60,368
Total liabilities, $m
  15,005
  15,863
  16,759
  17,695
  18,673
  19,695
  20,763
  21,881
  23,050
  24,274
  25,555
  26,897
  28,303
  29,776
  31,319
  32,937
  34,632
  36,410
  38,274
  40,229
  42,280
  44,431
  46,687
  49,055
  51,539
  54,146
  56,881
  59,751
  62,764
  65,926
Total equity, $m
  2,302
  2,433
  2,571
  2,714
  2,864
  3,021
  3,185
  3,357
  3,536
  3,724
  3,920
  4,126
  4,342
  4,568
  4,804
  5,053
  5,313
  5,585
  5,871
  6,171
  6,486
  6,816
  7,162
  7,525
  7,906
  8,306
  8,726
  9,166
  9,628
  10,113
Total liabilities and equity, $m
  17,307
  18,296
  19,330
  20,409
  21,537
  22,716
  23,948
  25,238
  26,586
  27,998
  29,475
  31,023
  32,645
  34,344
  36,123
  37,990
  39,945
  41,995
  44,145
  46,400
  48,766
  51,247
  53,849
  56,580
  59,445
  62,452
  65,607
  68,917
  72,392
  76,039
Debt-to-equity ratio
  4.100
  4.230
  4.360
  4.470
  4.580
  4.680
  4.770
  4.860
  4.950
  5.030
  5.100
  5.170
  5.240
  5.300
  5.360
  5.420
  5.470
  5.520
  5.570
  5.620
  5.660
  5.700
  5.740
  5.780
  5.820
  5.850
  5.880
  5.910
  5.940
  5.970
Adjusted equity ratio
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  767
  836
  908
  984
  1,062
  1,145
  1,231
  1,321
  1,416
  1,514
  2,287
  2,396
  2,509
  2,628
  2,753
  2,883
  3,020
  3,164
  3,314
  3,472
  3,638
  3,812
  3,994
  4,185
  4,386
  4,597
  4,818
  5,050
  5,293
  5,549
Depreciation, amort., depletion, $m
  1,247
  1,265
  1,285
  1,306
  1,327
  1,350
  1,373
  1,398
  1,423
  1,450
  561
  591
  622
  654
  688
  723
  761
  800
  841
  883
  929
  976
  1,025
  1,077
  1,132
  1,189
  1,249
  1,312
  1,378
  1,448
Funds from operations, $m
  2,014
  2,101
  2,193
  2,289
  2,390
  2,494
  2,604
  2,719
  2,839
  2,965
  2,848
  2,986
  3,131
  3,282
  3,440
  3,607
  3,781
  3,963
  4,155
  4,356
  4,567
  4,788
  5,019
  5,263
  5,518
  5,786
  6,067
  6,362
  6,672
  6,997
Change in working capital, $m
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -189
  -199
  -209
  -219
Cash from operations, $m
  2,071
  2,161
  2,255
  2,354
  2,457
  2,565
  2,678
  2,796
  2,920
  3,049
  2,937
  3,079
  3,228
  3,384
  3,547
  3,719
  3,898
  4,087
  4,284
  4,491
  4,709
  4,937
  5,176
  5,427
  5,690
  5,966
  6,256
  6,561
  6,880
  7,215
Maintenance CAPEX, $m
  -312
  -330
  -348
  -368
  -389
  -410
  -433
  -456
  -481
  -506
  -533
  -561
  -591
  -622
  -654
  -688
  -723
  -761
  -800
  -841
  -883
  -929
  -976
  -1,025
  -1,077
  -1,132
  -1,189
  -1,249
  -1,312
  -1,378
New CAPEX, $m
  -460
  -483
  -504
  -526
  -550
  -574
  -601
  -628
  -657
  -688
  -720
  -754
  -790
  -828
  -868
  -909
  -953
  -999
  -1,048
  -1,099
  -1,153
  -1,209
  -1,269
  -1,331
  -1,397
  -1,465
  -1,538
  -1,614
  -1,694
  -1,778
Cash from investing activities, $m
  -772
  -813
  -852
  -894
  -939
  -984
  -1,034
  -1,084
  -1,138
  -1,194
  -1,253
  -1,315
  -1,381
  -1,450
  -1,522
  -1,597
  -1,676
  -1,760
  -1,848
  -1,940
  -2,036
  -2,138
  -2,245
  -2,356
  -2,474
  -2,597
  -2,727
  -2,863
  -3,006
  -3,156
Free cash flow, $m
  1,299
  1,349
  1,403
  1,460
  1,519
  1,581
  1,645
  1,712
  1,782
  1,855
  1,684
  1,764
  1,847
  1,934
  2,026
  2,121
  2,222
  2,326
  2,436
  2,552
  2,672
  2,799
  2,931
  3,070
  3,216
  3,369
  3,530
  3,698
  3,874
  4,060
Issuance/(repayment) of debt, $m
  832
  858
  896
  936
  978
  1,022
  1,068
  1,118
  1,169
  1,224
  1,281
  1,342
  1,406
  1,473
  1,543
  1,618
  1,696
  1,778
  1,864
  1,955
  2,051
  2,151
  2,257
  2,367
  2,484
  2,607
  2,735
  2,870
  3,013
  3,162
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  
  832
  858
  896
  936
  978
  1,022
  1,068
  1,118
  1,169
  1,224
  1,281
  1,342
  1,406
  1,473
  1,543
  1,618
  1,696
  1,778
  1,864
  1,955
  2,051
  2,151
  2,257
  2,367
  2,484
  2,607
  2,735
  2,870
  3,013
  3,162
Total cash flow (excl. dividends), $m
  2,131
  2,207
  2,299
  2,396
  2,497
  2,602
  2,713
  2,829
  2,951
  3,079
  2,965
  3,105
  3,253
  3,407
  3,569
  3,739
  3,917
  4,104
  4,301
  4,507
  4,723
  4,950
  5,188
  5,438
  5,700
  5,976
  6,265
  6,568
  6,887
  7,221
Retained Cash Flow (-), $m
  -124
  -132
  -137
  -144
  -150
  -157
  -164
  -171
  -179
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -315
  -330
  -346
  -363
  -381
  -400
  -420
  -440
  -462
  -485
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
  2,008
  2,075
  2,162
  2,252
  2,347
  2,446
  2,549
  2,658
  2,772
  2,891
  2,769
  2,900
  3,037
  3,181
  3,332
  3,491
  3,657
  3,832
  4,015
  4,207
  4,408
  4,620
  4,842
  5,075
  5,319
  5,576
  5,845
  6,128
  6,425
  6,736
Discount rate, %
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
  1,820
  1,690
  1,566
  1,435
  1,301
  1,166
  1,031
  900
  775
  657
  503
  414
  334
  265
  206
  157
  116
  84
  60
  41
  28
  18
  11
  7
  4
  2
  1
  1
  0
  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 (K)

Valuation Ratios
P/E Ratio 36.8
Price to Sales 2
Price to Book 13.4
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 22.8
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 0001 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 5.8% 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 10.3%, 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%.

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 61.7%.

Life of production assets of 25.6 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 -7.6%. 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 - $2178 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 346.673 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 $25.2 billion.

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COMPANY NEWS

▶ [$$] Stocks to Watch: Amazon, Twitter, Coupa, GE, Kellogg   [08:58AM  The Wall Street Journal]
▶ More illnesses tied to Honey Smacks salmonella outbreak   [Sep-04-18 09:48PM  CBS MoneyWatch]
▶ Snap, Crackle, Pop: Traders Can Go Long Kellogg Here   [Aug-29-18 03:26PM  TheStreet.com]
▶ Together, We're Uniting to Be Kind   [Aug-06-18 05:33PM  PR Newswire]
▶ [$$] Kellogg Raises Full-Year Guidance on Stronger Second Quarter   [Aug-02-18 07:42PM  The Wall Street Journal]
▶ Kellogg: 2Q Earnings Snapshot   [08:24AM  Associated Press]
▶ Kellogg earnings beat expectations   [08:24AM  MarketWatch]
▶ Kellogg Company to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Mondelez International Is Falling Victim to Changing Tastes   [Jul-24-18 01:24PM  InvestorPlace]
▶ 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]

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