Intrinsic value of Kroger - KR

Previous Close

$28.84

  Intrinsic Value

$25.94

stock screener

  Rating & Target

hold

-10%

Previous close

$28.84

 
Intrinsic value

$25.94

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of KR 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 23.0

 

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, %
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  126,833
  131,348
  136,213
  141,435
  147,022
  152,984
  159,332
  166,079
  173,240
  180,828
  188,860
  197,355
  206,331
  215,808
  225,809
  236,355
  247,472
  259,186
  271,522
  284,512
  298,184
  312,571
  327,707
  343,628
  360,371
  377,975
  396,483
  415,938
  436,387
  457,878
Variable operating expenses, $m
  123,014
  127,379
  132,082
  137,130
  142,531
  148,295
  154,432
  160,955
  167,876
  175,212
  182,575
  190,787
  199,464
  208,626
  218,294
  228,489
  239,236
  250,560
  262,486
  275,043
  288,260
  302,168
  316,801
  332,191
  348,377
  365,396
  383,288
  402,095
  421,864
  442,639
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
  123,014
  127,379
  132,082
  137,130
  142,531
  148,295
  154,432
  160,955
  167,876
  175,212
  182,575
  190,787
  199,464
  208,626
  218,294
  228,489
  239,236
  250,560
  262,486
  275,043
  288,260
  302,168
  316,801
  332,191
  348,377
  365,396
  383,288
  402,095
  421,864
  442,639
Operating income, $m
  3,819
  3,969
  4,131
  4,305
  4,491
  4,689
  4,900
  5,125
  5,363
  5,616
  6,286
  6,568
  6,867
  7,182
  7,515
  7,866
  8,236
  8,626
  9,037
  9,469
  9,924
  10,403
  10,907
  11,436
  11,994
  12,580
  13,196
  13,843
  14,524
  15,239
EBITDA, $m
  6,536
  6,769
  7,020
  7,289
  7,577
  7,884
  8,211
  8,559
  8,928
  9,319
  9,733
  10,170
  10,633
  11,121
  11,637
  12,180
  12,753
  13,357
  13,993
  14,662
  15,367
  16,108
  16,888
  17,708
  18,571
  19,478
  20,432
  21,435
  22,489
  23,596
Interest expense (income), $m
  505
  842
  898
  958
  1,023
  1,092
  1,167
  1,246
  1,331
  1,421
  1,516
  1,618
  1,725
  1,838
  1,957
  2,084
  2,217
  2,358
  2,506
  2,662
  2,826
  2,999
  3,182
  3,373
  3,575
  3,787
  4,010
  4,245
  4,492
  4,751
  5,024
Earnings before tax, $m
  2,977
  3,071
  3,173
  3,282
  3,398
  3,522
  3,654
  3,794
  3,942
  4,099
  4,668
  4,844
  5,029
  5,225
  5,431
  5,649
  5,879
  6,120
  6,375
  6,643
  6,925
  7,221
  7,533
  7,861
  8,206
  8,569
  8,950
  9,351
  9,772
  10,215
Tax expense, $m
  804
  829
  857
  886
  917
  951
  987
  1,024
  1,064
  1,107
  1,260
  1,308
  1,358
  1,411
  1,466
  1,525
  1,587
  1,652
  1,721
  1,794
  1,870
  1,950
  2,034
  2,123
  2,216
  2,314
  2,417
  2,525
  2,639
  2,758
Net income, $m
  2,173
  2,242
  2,316
  2,396
  2,481
  2,571
  2,667
  2,769
  2,878
  2,992
  3,408
  3,536
  3,671
  3,814
  3,965
  4,124
  4,291
  4,468
  4,654
  4,849
  5,055
  5,271
  5,499
  5,739
  5,991
  6,255
  6,534
  6,826
  7,134
  7,457

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
  38,457
  39,826
  41,302
  42,885
  44,579
  46,387
  48,312
  50,358
  52,529
  54,829
  57,265
  59,841
  62,562
  65,436
  68,468
  71,666
  75,037
  78,589
  82,329
  86,268
  90,414
  94,776
  99,365
  104,193
  109,269
  114,607
  120,219
  126,118
  132,319
  138,835
Adjusted assets (=assets-cash), $m
  38,457
  39,826
  41,302
  42,885
  44,579
  46,387
  48,312
  50,358
  52,529
  54,829
  57,265
  59,841
  62,562
  65,436
  68,468
  71,666
  75,037
  78,589
  82,329
  86,268
  90,414
  94,776
  99,365
  104,193
  109,269
  114,607
  120,219
  126,118
  132,319
  138,835
Revenue / Adjusted assets
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
  3.298
Average production assets, $m
  23,845
  24,693
  25,608
  26,590
  27,640
  28,761
  29,954
  31,223
  32,569
  33,996
  35,506
  37,103
  38,790
  40,572
  42,452
  44,435
  46,525
  48,727
  51,046
  53,488
  56,059
  58,763
  61,609
  64,602
  67,750
  71,059
  74,539
  78,196
  82,041
  86,081
Working capital, $m
  127
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  197
  206
  216
  226
  236
  247
  259
  272
  285
  298
  313
  328
  344
  360
  378
  396
  416
  436
  458
Total debt, $m
  16,627
  17,742
  18,943
  20,231
  21,610
  23,082
  24,649
  26,314
  28,081
  29,954
  31,937
  34,033
  36,249
  38,588
  41,056
  43,659
  46,403
  49,294
  52,339
  55,545
  58,920
  62,471
  66,206
  70,136
  74,268
  78,613
  83,181
  87,983
  93,030
  98,335
Total liabilities, $m
  31,304
  32,419
  33,620
  34,908
  36,287
  37,759
  39,326
  40,991
  42,758
  44,631
  46,614
  48,710
  50,926
  53,265
  55,733
  58,336
  61,080
  63,971
  67,016
  70,222
  73,597
  77,148
  80,883
  84,813
  88,945
  93,290
  97,858
  102,660
  107,707
  113,012
Total equity, $m
  7,153
  7,408
  7,682
  7,977
  8,292
  8,628
  8,986
  9,367
  9,770
  10,198
  10,651
  11,130
  11,637
  12,171
  12,735
  13,330
  13,957
  14,618
  15,313
  16,046
  16,817
  17,628
  18,482
  19,380
  20,324
  21,317
  22,361
  23,458
  24,611
  25,823
Total liabilities and equity, $m
  38,457
  39,827
  41,302
  42,885
  44,579
  46,387
  48,312
  50,358
  52,528
  54,829
  57,265
  59,840
  62,563
  65,436
  68,468
  71,666
  75,037
  78,589
  82,329
  86,268
  90,414
  94,776
  99,365
  104,193
  109,269
  114,607
  120,219
  126,118
  132,318
  138,835
Debt-to-equity ratio
  2.320
  2.400
  2.470
  2.540
  2.610
  2.680
  2.740
  2.810
  2.870
  2.940
  3.000
  3.060
  3.120
  3.170
  3.220
  3.280
  3.320
  3.370
  3.420
  3.460
  3.500
  3.540
  3.580
  3.620
  3.650
  3.690
  3.720
  3.750
  3.780
  3.810
Adjusted equity ratio
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,173
  2,242
  2,316
  2,396
  2,481
  2,571
  2,667
  2,769
  2,878
  2,992
  3,408
  3,536
  3,671
  3,814
  3,965
  4,124
  4,291
  4,468
  4,654
  4,849
  5,055
  5,271
  5,499
  5,739
  5,991
  6,255
  6,534
  6,826
  7,134
  7,457
Depreciation, amort., depletion, $m
  2,718
  2,800
  2,889
  2,984
  3,086
  3,195
  3,311
  3,434
  3,565
  3,703
  3,447
  3,602
  3,766
  3,939
  4,122
  4,314
  4,517
  4,731
  4,956
  5,193
  5,443
  5,705
  5,981
  6,272
  6,578
  6,899
  7,237
  7,592
  7,965
  8,357
Funds from operations, $m
  4,891
  5,042
  5,205
  5,380
  5,567
  5,766
  5,978
  6,203
  6,442
  6,696
  6,855
  7,138
  7,437
  7,753
  8,087
  8,438
  8,808
  9,199
  9,610
  10,042
  10,497
  10,977
  11,481
  12,011
  12,568
  13,154
  13,771
  14,418
  15,099
  15,814
Change in working capital, $m
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  19
  20
  21
Cash from operations, $m
  4,886
  5,037
  5,200
  5,374
  5,561
  5,760
  5,972
  6,197
  6,435
  6,688
  6,847
  7,130
  7,428
  7,744
  8,077
  8,427
  8,797
  9,187
  9,597
  10,029
  10,484
  10,962
  11,465
  11,995
  12,551
  13,137
  13,752
  14,399
  15,079
  15,793
Maintenance CAPEX, $m
  -2,242
  -2,315
  -2,397
  -2,486
  -2,582
  -2,684
  -2,792
  -2,908
  -3,031
  -3,162
  -3,301
  -3,447
  -3,602
  -3,766
  -3,939
  -4,122
  -4,314
  -4,517
  -4,731
  -4,956
  -5,193
  -5,443
  -5,705
  -5,981
  -6,272
  -6,578
  -6,899
  -7,237
  -7,592
  -7,965
New CAPEX, $m
  -749
  -849
  -915
  -982
  -1,050
  -1,121
  -1,193
  -1,268
  -1,346
  -1,427
  -1,510
  -1,597
  -1,687
  -1,782
  -1,880
  -1,983
  -2,090
  -2,202
  -2,319
  -2,442
  -2,570
  -2,705
  -2,846
  -2,993
  -3,148
  -3,310
  -3,480
  -3,658
  -3,844
  -4,040
Cash from investing activities, $m
  -2,991
  -3,164
  -3,312
  -3,468
  -3,632
  -3,805
  -3,985
  -4,176
  -4,377
  -4,589
  -4,811
  -5,044
  -5,289
  -5,548
  -5,819
  -6,105
  -6,404
  -6,719
  -7,050
  -7,398
  -7,763
  -8,148
  -8,551
  -8,974
  -9,420
  -9,888
  -10,379
  -10,895
  -11,436
  -12,005
Free cash flow, $m
  1,895
  1,873
  1,888
  1,907
  1,929
  1,956
  1,986
  2,020
  2,058
  2,099
  2,036
  2,085
  2,139
  2,196
  2,257
  2,323
  2,393
  2,468
  2,547
  2,631
  2,720
  2,815
  2,915
  3,020
  3,132
  3,249
  3,374
  3,504
  3,642
  3,788
Issuance/(repayment) of debt, $m
  1,038
  1,114
  1,201
  1,289
  1,379
  1,472
  1,567
  1,665
  1,767
  1,873
  1,983
  2,097
  2,215
  2,339
  2,468
  2,603
  2,744
  2,891
  3,045
  3,206
  3,375
  3,551
  3,736
  3,929
  4,132
  4,345
  4,568
  4,802
  5,047
  5,304
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  
  1,038
  1,114
  1,201
  1,289
  1,379
  1,472
  1,567
  1,665
  1,767
  1,873
  1,983
  2,097
  2,215
  2,339
  2,468
  2,603
  2,744
  2,891
  3,045
  3,206
  3,375
  3,551
  3,736
  3,929
  4,132
  4,345
  4,568
  4,802
  5,047
  5,304
Total cash flow (excl. dividends), $m
  2,934
  2,988
  3,089
  3,195
  3,308
  3,427
  3,553
  3,685
  3,825
  3,972
  4,019
  4,182
  4,354
  4,535
  4,726
  4,926
  5,137
  5,359
  5,592
  5,837
  6,095
  6,366
  6,651
  6,950
  7,264
  7,595
  7,942
  8,306
  8,689
  9,092
Retained Cash Flow (-), $m
  -222
  -255
  -274
  -295
  -315
  -336
  -358
  -381
  -404
  -428
  -453
  -479
  -506
  -535
  -564
  -595
  -627
  -661
  -696
  -733
  -771
  -811
  -854
  -898
  -944
  -993
  -1,044
  -1,097
  -1,153
  -1,212
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
  2,712
  2,733
  2,814
  2,901
  2,993
  3,091
  3,195
  3,305
  3,421
  3,544
  3,566
  3,703
  3,848
  4,001
  4,162
  4,331
  4,510
  4,698
  4,896
  5,105
  5,324
  5,554
  5,797
  6,052
  6,320
  6,602
  6,898
  7,209
  7,536
  7,880
Discount rate, %
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
  2,485
  2,277
  2,113
  1,943
  1,771
  1,599
  1,428
  1,260
  1,099
  946
  780
  653
  538
  436
  347
  271
  207
  155
  114
  81
  57
  39
  25
  16
  10
  6
  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

The Kroger Co. (Kroger) manufactures and processes food for sale in its supermarkets. The Company operates supermarkets, multi-department stores, jewelry stores and convenience stores throughout the United States. As of January 28, 2017, it had operated approximately 4,000 owned or leased supermarkets, convenience stores, fine jewelry stores, distribution warehouses and food production plants through divisions, subsidiaries or affiliates. These facilities are located throughout the United States. As of January 28, 2017, Kroger operated, either directly or through its subsidiaries, 2,796 supermarkets under a range of local banner names, of which 2,255 had pharmacies and 1,445 had fuel centers. As of January 28, 2017, the Company offered ClickList and Harris Teeter ExpressLane, personalized, order online, pick up at the store services at 637 of its supermarkets. P$$T, Check This Out and Heritage Farm are the three brands. Its other brands include Simple Truth and Simple Truth Organic.

FINANCIAL RATIOS  of  Kroger (KR)

Valuation Ratios
P/E Ratio 13.5
Price to Sales 0.2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 46.5
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.5%
Cap. Spend. - 3 Yr. Gr. Rate 9.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 176.5%
Total Debt to Equity 210.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 29.2%
Return On Equity - 3 Yr. Avg. 31.5%
Asset Turnover 3.3
Profitability Ratios
Gross Margin 22.4%
Gross Margin - 3 Yr. Avg. 21.9%
EBITDA Margin 5%
EBITDA Margin - 3 Yr. Avg. 4.9%
Operating Margin 3%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 21.7%

KR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KR stock intrinsic value calculation we used $122662 million for the last fiscal year's total revenue generated by Kroger. The default revenue input number comes from 0001 income statement of Kroger. 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 KR stock valuation model: a) initial revenue growth rate of 3.4% 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 9.1%, whose default value for KR is calculated based on our internal credit rating of Kroger, 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 Kroger.
    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 KR stock the variable cost ratio is equal to 97%.

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 KR 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 Kroger.

Corporate tax rate of 27% is the nominal tax rate for Kroger. 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 KR 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 KR are equal to 18.8%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Kroger 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 KR is equal to 0.1%. 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 - $6931 million for Kroger - 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 796.676 million for Kroger 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 Kroger at the current share price and the inputted number of shares is $23.0 billion.

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COMPANY NEWS

▶ Kroger Says a Clearer Growth Picture Is on the Way   [Sep-18-18 10:30AM  Motley Fool]
▶ 2 Things Kroger Management Wants You to Know   [Sep-17-18 09:05PM  Motley Fool]
▶ Kroger launches clothing line of its own   [10:58AM  American City Business Journals]
▶ Kroger Introduces Dip   [06:00AM  PR Newswire]
▶ Kroger Loses a Step Against Walmart   [Sep-15-18 02:00PM  Motley Fool]
▶ Is Kroger's Post-Earnings Pullback a Buying Opportunity?   [Sep-14-18 04:27PM  Motley Fool]
▶ [$$] Kroger Sales Fall Short, Driving Shares Down   [Sep-13-18 08:07PM  The Wall Street Journal]
▶ [$$] Dont Panic Over Krogers Stumble   [08:06PM  The Wall Street Journal]
▶ Why Kroger, Inc. Stock Took a Dive Today   [06:00PM  Motley Fool]
▶ [$$] Kroger Sales Fall Short, Driving Shares Down   [05:26PM  The Wall Street Journal]
▶ Kroger CEO explains why it can still hit its goals   [02:38PM  American City Business Journals]
▶ [$$] Don't Panic Over Kroger's Stumble   [12:46PM  The Wall Street Journal]
▶ Kroger Stock Slides as Sales Disappoint   [10:48AM  InvestorPlace]
▶ Data Deluge   [10:38AM  Zacks]
▶ Why Kroger's stock is plummeting despite beating analyst estimates   [08:51AM  American City Business Journals]
▶ Kroger: Fiscal 2Q Earnings Snapshot   [07:37AM  Associated Press]
▶ Day Ahead: Top 3 Things to Watch   [Sep-12-18 07:53PM  Investing.com]
▶ Kroger ranks among top employers of workers on food stamps   [02:19PM  American City Business Journals]
▶ 5 Companies Hit 52-Week Highs   [Sep-11-18 11:44AM  GuruFocus.com]
▶ These investors were the biggest sellers of Kroger stock   [Sep-10-18 02:56PM  American City Business Journals]
▶ The Kroger Co. Is a Hold   [01:19PM  GuruFocus.com]
▶ Kroger's Earnings: 3 Trends to Watch   [Sep-09-18 12:00PM  Motley Fool]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-08-18 08:03AM  Motley Fool]
▶ IBD Stock Of The Day Sprouts Into Buy Zone Amid Solid, Sustained Growth   [Sep-07-18 04:03PM  Investor's Business Daily]
▶ 3 Earnings Reports to Watch Next Week   [03:05PM  InvestorPlace]
▶ Whole Foods gains share, poses a bigger threat to Kroger, analyst says   [12:55PM  American City Business Journals]
▶ Kroger Launches #ZeroHungerZeroWaste Donation Challenge   [Sep-04-18 03:15PM  PR Newswire]
▶ Amazon opens another cashierless store   [02:34PM  American City Business Journals]
▶ Sizzling Stocks: 4 trades   [Aug-31-18 06:30PM  CNBC Videos]
▶ Wall Street in Red Thursday Morning   [Aug-30-18 03:53PM  GuruFocus.com]
▶ Kroger expands home delivery a day after Amazons move   [12:51PM  American City Business Journals]
▶ Amazon expands Kroger rival Whole Foods home delivery   [Aug-29-18 02:46PM  American City Business Journals]
▶ Why the Rally in Walmart Stock Is Fading   [Aug-28-18 04:50PM  InvestorPlace]
▶ EXCLUSIVE: Kroger teams with UC on Innovation Hub lab   [02:46PM  American City Business Journals]
▶ Amazon's Whole Foods Strategy Is Working   [11:00AM  Motley Fool]
▶ San Jose startup rolls out self-driving grocery deliveries in home city   [08:59AM  American City Business Journals]
▶ Kroger to open in new Sugar Land retail development   [08:46AM  American City Business Journals]
▶ 3 Stocks You Can Safely Own Until 2030   [Aug-27-18 09:48PM  Motley Fool]
▶ Kroger helps UC boost minority enrollment in pharmacy   [12:14PM  American City Business Journals]
▶ Top 5 Things to Know in The Market on Monday   [08:43AM  Investing.com]
▶ Natural Grocers Shrug Off Amazon-Whole Foods Threat   [Aug-26-18 09:21PM  The Wall Street Journal]
▶ Natural Grocers Shrug Off Amazon-Whole Foods Threat   [03:55PM  The Wall Street Journal]
▶ 3 Top Value Stocks to Buy in August   [Aug-25-18 12:00PM  Motley Fool]

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