Intrinsic value of Mondelez International Cl A - MDLZ

Previous Close

$43.94

  Intrinsic Value

$28.22

stock screener

  Rating & Target

sell

-36%

Previous close

$43.94

 
Intrinsic value

$28.22

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of MDLZ 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 64.8

 

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, %
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  26,440
  27,072
  27,789
  28,591
  29,477
  30,446
  31,499
  32,637
  33,862
  35,174
  36,577
  38,073
  39,665
  41,356
  43,149
  45,049
  47,060
  49,185
  51,430
  53,800
  56,300
  58,937
  61,715
  64,642
  67,725
  70,970
  74,386
  77,980
  81,760
  85,737
Variable operating expenses, $m
  23,739
  24,211
  24,748
  25,347
  26,009
  26,734
  27,521
  28,372
  29,287
  30,269
  27,345
  28,464
  29,654
  30,918
  32,259
  33,679
  35,182
  36,771
  38,449
  40,221
  42,090
  44,061
  46,138
  48,327
  50,631
  53,058
  55,611
  58,298
  61,124
  64,097
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
  23,739
  24,211
  24,748
  25,347
  26,009
  26,734
  27,521
  28,372
  29,287
  30,269
  27,345
  28,464
  29,654
  30,918
  32,259
  33,679
  35,182
  36,771
  38,449
  40,221
  42,090
  44,061
  46,138
  48,327
  50,631
  53,058
  55,611
  58,298
  61,124
  64,097
Operating income, $m
  2,701
  2,860
  3,042
  3,244
  3,468
  3,712
  3,978
  4,265
  4,574
  4,906
  9,232
  9,610
  10,011
  10,438
  10,891
  11,370
  11,878
  12,414
  12,981
  13,579
  14,210
  14,876
  15,577
  16,316
  17,094
  17,913
  18,775
  19,682
  20,636
  21,640
EBITDA, $m
  7,625
  7,807
  8,014
  8,246
  8,501
  8,781
  9,084
  9,412
  9,766
  10,144
  10,549
  10,980
  11,439
  11,927
  12,444
  12,992
  13,572
  14,185
  14,832
  15,516
  16,237
  16,997
  17,799
  18,643
  19,532
  20,468
  21,453
  22,489
  23,580
  24,726
Interest expense (income), $m
  630
  953
  996
  1,045
  1,100
  1,162
  1,230
  1,305
  1,386
  1,474
  1,569
  1,670
  1,778
  1,894
  2,017
  2,147
  2,286
  2,432
  2,587
  2,751
  2,925
  3,108
  3,301
  3,504
  3,719
  3,944
  4,182
  4,433
  4,696
  4,974
  5,266
Earnings before tax, $m
  1,748
  1,865
  1,997
  2,144
  2,306
  2,482
  2,673
  2,879
  3,100
  3,337
  7,562
  7,831
  8,118
  8,421
  8,744
  9,085
  9,446
  9,827
  10,229
  10,654
  11,102
  11,575
  12,073
  12,597
  13,149
  13,730
  14,342
  14,985
  15,662
  16,374
Tax expense, $m
  472
  503
  539
  579
  622
  670
  722
  777
  837
  901
  2,042
  2,114
  2,192
  2,274
  2,361
  2,453
  2,550
  2,653
  2,762
  2,877
  2,998
  3,125
  3,260
  3,401
  3,550
  3,707
  3,872
  4,046
  4,229
  4,421
Net income, $m
  1,276
  1,361
  1,458
  1,565
  1,683
  1,812
  1,951
  2,101
  2,263
  2,436
  5,520
  5,717
  5,926
  6,148
  6,383
  6,632
  6,895
  7,174
  7,467
  7,778
  8,105
  8,450
  8,813
  9,196
  9,599
  10,023
  10,470
  10,939
  11,434
  11,953

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
  64,487
  66,029
  67,779
  69,735
  71,895
  74,259
  76,827
  79,603
  82,589
  85,791
  89,213
  92,862
  96,744
  100,868
  105,242
  109,876
  114,779
  119,963
  125,439
  131,220
  137,318
  143,748
  150,525
  157,665
  165,183
  173,098
  181,429
  190,194
  199,415
  209,114
Adjusted assets (=assets-cash), $m
  64,487
  66,029
  67,779
  69,735
  71,895
  74,259
  76,827
  79,603
  82,589
  85,791
  89,213
  92,862
  96,744
  100,868
  105,242
  109,876
  114,779
  119,963
  125,439
  131,220
  137,318
  143,748
  150,525
  157,665
  165,183
  173,098
  181,429
  190,194
  199,415
  209,114
Revenue / Adjusted assets
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
Average production assets, $m
  28,555
  29,237
  30,013
  30,879
  31,835
  32,882
  34,019
  35,248
  36,570
  37,988
  39,503
  41,119
  42,838
  44,664
  46,601
  48,653
  50,824
  53,120
  55,544
  58,104
  60,804
  63,652
  66,653
  69,814
  73,143
  76,648
  80,337
  84,218
  88,301
  92,596
Working capital, $m
  -4,442
  -4,548
  -4,669
  -4,803
  -4,952
  -5,115
  -5,292
  -5,483
  -5,689
  -5,909
  -6,145
  -6,396
  -6,664
  -6,948
  -7,249
  -7,568
  -7,906
  -8,263
  -8,640
  -9,038
  -9,458
  -9,901
  -10,368
  -10,860
  -11,378
  -11,923
  -12,497
  -13,101
  -13,736
  -14,404
Total debt, $m
  18,444
  19,347
  20,373
  21,519
  22,784
  24,170
  25,675
  27,301
  29,051
  30,927
  32,933
  35,071
  37,346
  39,763
  42,326
  45,041
  47,915
  50,952
  54,161
  57,549
  61,122
  64,891
  68,862
  73,045
  77,451
  82,090
  86,971
  92,108
  97,511
  103,195
Total liabilities, $m
  37,790
  38,693
  39,719
  40,865
  42,130
  43,516
  45,021
  46,647
  48,397
  50,273
  52,279
  54,417
  56,692
  59,109
  61,672
  64,387
  67,261
  70,298
  73,507
  76,895
  80,468
  84,237
  88,208
  92,391
  96,797
  101,436
  106,317
  111,454
  116,857
  122,541
Total equity, $m
  26,698
  27,336
  28,061
  28,870
  29,765
  30,743
  31,806
  32,956
  34,192
  35,517
  36,934
  38,445
  40,052
  41,759
  43,570
  45,489
  47,519
  49,665
  51,932
  54,325
  56,850
  59,512
  62,317
  65,273
  68,386
  71,663
  75,112
  78,740
  82,558
  86,573
Total liabilities and equity, $m
  64,488
  66,029
  67,780
  69,735
  71,895
  74,259
  76,827
  79,603
  82,589
  85,790
  89,213
  92,862
  96,744
  100,868
  105,242
  109,876
  114,780
  119,963
  125,439
  131,220
  137,318
  143,749
  150,525
  157,664
  165,183
  173,099
  181,429
  190,194
  199,415
  209,114
Debt-to-equity ratio
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.010
  1.030
  1.040
  1.060
  1.080
  1.090
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
Adjusted equity ratio
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,276
  1,361
  1,458
  1,565
  1,683
  1,812
  1,951
  2,101
  2,263
  2,436
  5,520
  5,717
  5,926
  6,148
  6,383
  6,632
  6,895
  7,174
  7,467
  7,778
  8,105
  8,450
  8,813
  9,196
  9,599
  10,023
  10,470
  10,939
  11,434
  11,953
Depreciation, amort., depletion, $m
  4,924
  4,947
  4,973
  5,002
  5,034
  5,068
  5,106
  5,147
  5,191
  5,239
  1,317
  1,371
  1,428
  1,489
  1,553
  1,622
  1,694
  1,771
  1,851
  1,937
  2,027
  2,122
  2,222
  2,327
  2,438
  2,555
  2,678
  2,807
  2,943
  3,087
Funds from operations, $m
  6,200
  6,308
  6,431
  6,567
  6,717
  6,880
  7,057
  7,249
  7,454
  7,674
  6,837
  7,087
  7,354
  7,636
  7,936
  8,254
  8,589
  8,944
  9,319
  9,714
  10,132
  10,571
  11,035
  11,523
  12,037
  12,578
  13,148
  13,747
  14,377
  15,040
Change in working capital, $m
  -91
  -106
  -121
  -135
  -149
  -163
  -177
  -191
  -206
  -221
  -236
  -251
  -267
  -284
  -301
  -319
  -338
  -357
  -377
  -398
  -420
  -443
  -467
  -492
  -518
  -545
  -574
  -604
  -635
  -668
Cash from operations, $m
  6,291
  6,414
  6,551
  6,701
  6,865
  7,043
  7,234
  7,440
  7,660
  7,895
  7,073
  7,339
  7,621
  7,921
  8,238
  8,573
  8,927
  9,301
  9,696
  10,113
  10,552
  11,014
  11,502
  12,015
  12,555
  13,123
  13,721
  14,350
  15,012
  15,708
Maintenance CAPEX, $m
  -933
  -952
  -975
  -1,000
  -1,029
  -1,061
  -1,096
  -1,134
  -1,175
  -1,219
  -1,266
  -1,317
  -1,371
  -1,428
  -1,489
  -1,553
  -1,622
  -1,694
  -1,771
  -1,851
  -1,937
  -2,027
  -2,122
  -2,222
  -2,327
  -2,438
  -2,555
  -2,678
  -2,807
  -2,943
New CAPEX, $m
  -577
  -682
  -775
  -866
  -956
  -1,047
  -1,137
  -1,229
  -1,322
  -1,418
  -1,515
  -1,616
  -1,719
  -1,826
  -1,937
  -2,052
  -2,171
  -2,295
  -2,425
  -2,560
  -2,700
  -2,847
  -3,001
  -3,161
  -3,329
  -3,505
  -3,689
  -3,881
  -4,083
  -4,294
Cash from investing activities, $m
  -1,510
  -1,634
  -1,750
  -1,866
  -1,985
  -2,108
  -2,233
  -2,363
  -2,497
  -2,637
  -2,781
  -2,933
  -3,090
  -3,254
  -3,426
  -3,605
  -3,793
  -3,989
  -4,196
  -4,411
  -4,637
  -4,874
  -5,123
  -5,383
  -5,656
  -5,943
  -6,244
  -6,559
  -6,890
  -7,237
Free cash flow, $m
  4,782
  4,780
  4,801
  4,835
  4,880
  4,935
  5,001
  5,077
  5,163
  5,258
  4,291
  4,406
  4,531
  4,666
  4,812
  4,968
  5,134
  5,312
  5,501
  5,702
  5,915
  6,140
  6,379
  6,632
  6,899
  7,180
  7,478
  7,791
  8,122
  8,470
Issuance/(repayment) of debt, $m
  792
  903
  1,026
  1,146
  1,266
  1,385
  1,505
  1,627
  1,750
  1,876
  2,005
  2,138
  2,275
  2,417
  2,563
  2,715
  2,873
  3,038
  3,209
  3,387
  3,574
  3,768
  3,971
  4,184
  4,406
  4,638
  4,882
  5,137
  5,404
  5,683
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  
  792
  903
  1,026
  1,146
  1,266
  1,385
  1,505
  1,627
  1,750
  1,876
  2,005
  2,138
  2,275
  2,417
  2,563
  2,715
  2,873
  3,038
  3,209
  3,387
  3,574
  3,768
  3,971
  4,184
  4,406
  4,638
  4,882
  5,137
  5,404
  5,683
Total cash flow (excl. dividends), $m
  5,574
  5,683
  5,827
  5,981
  6,145
  6,320
  6,506
  6,704
  6,913
  7,134
  6,296
  6,544
  6,807
  7,083
  7,375
  7,683
  8,008
  8,349
  8,710
  9,089
  9,488
  9,908
  10,350
  10,815
  11,304
  11,819
  12,359
  12,928
  13,525
  14,153
Retained Cash Flow (-), $m
  -587
  -638
  -725
  -810
  -894
  -979
  -1,063
  -1,149
  -1,236
  -1,325
  -1,417
  -1,511
  -1,607
  -1,707
  -1,811
  -1,918
  -2,030
  -2,146
  -2,267
  -2,393
  -2,525
  -2,662
  -2,806
  -2,956
  -3,113
  -3,277
  -3,449
  -3,629
  -3,818
  -4,015
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
  4,987
  5,045
  5,103
  5,171
  5,251
  5,342
  5,443
  5,554
  5,676
  5,809
  4,880
  5,034
  5,199
  5,376
  5,564
  5,765
  5,978
  6,203
  6,443
  6,696
  6,963
  7,246
  7,545
  7,860
  8,192
  8,542
  8,911
  9,299
  9,708
  10,138
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  4,656
  4,369
  4,070
  3,770
  3,471
  3,174
  2,881
  2,593
  2,313
  2,043
  1,464
  1,272
  1,092
  926
  774
  637
  516
  411
  322
  247
  186
  137
  98
  69
  47
  32
  20
  13
  8
  5
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

Mondelez International, Inc. is a snack company. The Company manufactures and markets snack food and beverage products for consumers. It operates through four segments: Latin America, Asia, Middle East, and Africa (AMEA), Europe and North America. As of December 31, 2016, its brands spanned five product categories: Biscuits (including cookies, crackers and salted snacks); Chocolate; Gum and candy; Beverages (including coffee and powdered beverages), and Cheese and grocery. Itsportfolio includes various snack brands, including Nabisco, Oreo, LU and belVita biscuits; Cadbury, Milka, Cadbury Dairy Milk and Toblerone chocolate; Trident gum; Halls candy, and Tang powdered beverages. The Company sells its products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores and retail food outlets. As of December 31, 2016, it sold its products to consumers in approximately 165 countries.

FINANCIAL RATIOS  of  Mondelez International Cl A (MDLZ)

Valuation Ratios
P/E Ratio 40.5
Price to Sales 2.6
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 41.6
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.2%
Cap. Spend. - 3 Yr. Gr. Rate -5.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 52.5%
Total Debt to Equity 68.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 6.2%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 39.1%
Gross Margin - 3 Yr. Avg. 38.2%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 13.2%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 8.9%
Eff/ Tax Rate - 3 Yr. Avg. 10.1%
Payout Ratio 65.9%

MDLZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDLZ stock intrinsic value calculation we used $25896 million for the last fiscal year's total revenue generated by Mondelez International Cl A. The default revenue input number comes from 0001 income statement of Mondelez International Cl A. 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 MDLZ stock valuation model: a) initial revenue growth rate of 2.1% 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 7.1%, whose default value for MDLZ is calculated based on our internal credit rating of Mondelez International Cl A, 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 Mondelez International Cl A.
    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 MDLZ stock the variable cost ratio is equal to 90.1%.

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 MDLZ 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 Mondelez International Cl A.

Corporate tax rate of 27% is the nominal tax rate for Mondelez International Cl A. 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 MDLZ 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 MDLZ are equal to 108%.

Life of production assets of 58.2 years is the average useful life of capital assets used in Mondelez International Cl A 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 MDLZ is equal to -16.8%. 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 - $26111 million for Mondelez International Cl A - 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 1475.07 million for Mondelez International Cl A 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 Mondelez International Cl A at the current share price and the inputted number of shares is $64.8 billion.

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COMPANY NEWS

▶ George Soros' Top 6 Buys in 3rd Quarter   [Nov-15-18 05:09PM  GuruFocus.com]
▶ Bill Ackman Comments on Mondelez   [04:27PM  GuruFocus.com]
▶ Pershing Square exits stake in Mondelez   [12:21PM  CNBC Videos]
▶ [$$] That Big Mac and Coke Now Comes With a Side Order of Inflation   [Oct-31-18 10:49PM  The Wall Street Journal]
▶ Mondelez, Under Armour and Vulcan climb while GE slumps   [Oct-30-18 04:51PM  Associated Press]
▶ 3 Stocks Jump on Tuesday   [01:58PM  GuruFocus.com]
▶ [$$] Tuesday's Stocks to Watch   [09:04AM  The Wall Street Journal]
▶ [$$] Oreo-maker Mondelez plans price increases in US   [Oct-29-18 09:09PM  Financial Times]
▶ Mondelez Stock Surged on Q3 Earnings Beat   [07:23PM  InvestorPlace]
▶ [$$] Mondelez Will Raise Prices Next Year   [06:37PM  The Wall Street Journal]
▶ Mondelez: 3Q Earnings Snapshot   [04:23PM  Associated Press]
▶ Mondelz International Reports Q3 Results   [04:05PM  GlobeNewswire]
▶ Trade Deficit With China Shows Americas Strength   [Oct-27-18 08:00PM  Bloomberg]
▶ Mondelez CEO Cooks Up A New Recipe for the Oreo Maker   [Oct-19-18 02:43PM  Meredith Videos]
▶ Mondelez expands programs for women cocoa growers   [Oct-10-18 09:22AM  American City Business Journals]
▶ Bill Ackman: I'm long Starbucks   [Oct-09-18 01:16PM  Yahoo Finance]
▶ Illycaffe teams with JAB to sell coffee capsules for Nespresso machines   [09:00AM  American City Business Journals]
▶ Women make slight progress as S&P CEOs   [Oct-05-18 08:09AM  American City Business Journals]
▶ Morningstar Runs the Numbers   [06:00AM  Morningstar]
▶ Dow Jones Average Leads A Mixed Market; Why Volume Soared Friday   [Sep-21-18 04:25PM  Investor's Business Daily]
▶ How Oreo is celebrating Mickey Mouse's 90th birthday   [11:27AM  American City Business Journals]
▶ How Oreo is celebrating Mickey Mouse's 90th birthday   [08:26AM  American City Business Journals]
▶ Mondelez Offers a Sweet Treat   [07:00AM  Morningstar]
▶ 20 Stocks With Massive Post-Millennial Appeal   [Sep-19-18 11:39AM  InvestorPlace]
▶ M&M might release three new internationally inspired, nutty flavors   [Sep-14-18 10:41AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Sep 14th, 2018   [06:55AM  Yahoo Finance Video]
▶ Cadbury owner Mondelez stockpiling chocolate ahead of Brexit   [Sep-11-18 12:47PM  Associated Press]
▶ [$$] Mondelez Makes a Muddle of Its Own Growth Strategy   [Sep-09-18 08:44PM  The Wall Street Journal]
▶ [$$] Mondelez Makes a Muddle of Its Own Growth Strategy   [10:00AM  The Wall Street Journal]
▶ Money 101 With The Ascent   [Sep-04-18 04:28PM  Motley Fool]

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