Financials Kellanova

Equities

K

US4878361082

Food Processing

Market Closed - Nyse Other stock markets 04:00:02 2024-05-06 pm EDT			5-day change	1st Jan Change
60.04 ^USD	-0.78%		+3.14%	+7.39%

May. 06	Bernstein Adjusts Price Target on Kellanova to $61 From $56, Maintains Market Perform Rating	MT
May. 03	Jefferies Adjusts Price Target on Kellanova to $59 From $55	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,460	21,149	21,792	24,313	19,150	20,687	-	-
Enterprise Value (EV) ¹	30,985	28,189	28,617	30,578	24,749	26,027	25,750	25,456
P/E ratio	24.6 x	17 x	14.8 x	25.5 x	20.3 x	18.1 x	16.1 x	14.9 x
Yield	3.29%	3.71%	3.61%	3.28%	-	3.76%	3.86%	3.93%
Capitalization / Revenue	1.73 x	1.54 x	1.54 x	1.59 x	1.46 x	1.63 x	1.58 x	1.53 x
EV / Revenue	2.28 x	2.05 x	2.02 x	2 x	1.89 x	2.05 x	1.97 x	1.89 x
EV / EBITDA	13.8 x	12.3 x	12.6 x	13 x	12.1 x	11.7 x	11 x	10.4 x
EV / FCF	52.5 x	19 x	24.9 x	26.3 x	25.6 x	25.5 x	22.6 x	19.9 x
FCF Yield	1.9%	5.25%	4.01%	3.8%	3.91%	3.92%	4.43%	5.01%
Price to Book	8.59 x	6.8 x	5.88 x	6.18 x	6 x	5.31 x	4.63 x	4.05 x
Nbr of stocks (in thousands)	341,094	343,713	340,879	341,281	342,520	341,884	-	-
Reference price ²	68.78	61.53	63.93	71.24	55.91	60.51	60.51	60.51
Announcement Date	2/6/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,578	13,770	14,181	15,315	13,122	12,699	13,064	13,496
EBITDA ¹	2,248	2,290	2,272	2,352	2,037	2,226	2,332	2,445
EBIT ¹	1,764	1,811	1,805	1,874	1,618	1,853	1,940	2,036
Operating Margin	12.99%	13.15%	12.73%	12.24%	12.33%	14.59%	14.85%	15.08%
Earnings before Tax (EBT) ¹	1,305	1,601	1,966	1,197	-	1,576	1,682	1,795
Net income ¹	960	1,251	1,488	960	951	1,172	1,284	1,381
Net margin	7.07%	9.08%	10.49%	6.27%	7.25%	9.23%	9.83%	10.23%
EPS ²	2.800	3.630	4.330	2.790	2.760	3.334	3.757	4.060
Free Cash Flow ¹	590	1,481	1,148	1,163	968	1,021	1,140	1,276
FCF margin	4.35%	10.76%	8.1%	7.59%	7.38%	8.04%	8.72%	9.46%
FCF Conversion (EBITDA)	26.25%	64.67%	50.53%	49.45%	47.52%	45.88%	48.86%	52.21%
FCF Conversion (Net income)	61.46%	118.39%	77.15%	121.15%	101.79%	87.11%	88.76%	92.42%
Dividend per Share ²	2.260	2.280	2.310	2.340	-	2.278	2.333	2.379
Announcement Date	2/6/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,421	3,672	3,864	3,946	3,832	4,053	4,041	3,939	3,174	3,200	3,150	3,179	3,140	3,250	3,220
EBITDA ¹	482	595	648	562	548	665	712	610	473	594	560.9	543.4	532.5	622.6	594.2
EBIT ¹	361	476	529	449	421	549	602	498	392	508	470.1	448.4	437.8	526.5	486.9
Operating Margin	10.55%	12.96%	13.69%	11.38%	10.99%	13.55%	14.9%	12.64%	12.35%	15.88%	14.93%	14.11%	13.94%	16.2%	15.12%
Earnings before Tax (EBT) ¹	560	535	421	383	-142	386	463	375	-	353	398.5	386	382	472	406.7
Net income ¹	433	422	326	310	-98	298	357	269	27	267	295.2	290.9	285.7	361.1	308.7
Net margin	12.66%	11.49%	8.44%	7.86%	-2.56%	7.35%	8.83%	6.83%	0.85%	8.34%	9.37%	9.15%	9.1%	11.11%	9.59%
EPS ²	1.260	1.230	0.9500	0.9000	-0.2900	0.8600	1.030	0.7800	0.0800	0.7800	0.8625	0.8475	0.8350	0.9900	0.9500
Dividend per Share ²	0.5800	0.5800	0.5800	0.5900	0.5900	0.5900	0.5900	-	-	-	0.5600	0.5700	0.5700	0.5700	0.5700
Announcement Date	2/10/22	5/5/22	8/4/22	11/3/22	2/9/23	5/4/23	8/3/23	11/8/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,525	7,040	6,825	6,265	5,599	5,340	5,063	4,769
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.347 x	3.074 x	3.004 x	2.664 x	2.749 x	2.399 x	2.171 x	1.95 x
Free Cash Flow ¹	590	1,481	1,148	1,163	968	1,021	1,140	1,277
ROE (net income / shareholders' equity)	46.1%	42.7%	43.6%	37.8%	31.3%	34.2%	32.4%	30.2%
ROA (Net income/ Total Assets)	6.98%	7.04%	8.23%	5.24%	6.53%	7.63%	8.02%	8.32%
Assets ¹	13,759	17,780	18,087	18,337	14,558	15,364	16,002	16,598
Book Value Per Share ²	8.010	9.050	10.90	11.50	9.310	11.40	13.10	15.00
Cash Flow per Share ²	3.430	5.760	4.960	4.830	4.770	4.940	5.190	5.370
Capex ¹	586	505	553	488	677	661	576	551
Capex / Sales	4.32%	3.67%	3.9%	3.19%	5.16%	5.21%	4.41%	4.09%
Announcement Date	2/6/20	2/11/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kellanova

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

60.51 USD

Average target price

62.56 USD

Spread / Average Target

+3.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
KELLANOVA	+7.39%	20.69B
NESTLÉ S.A.	-6.31%	266B
MONDELEZ INTERNATIONAL, INC.	-3.45%	93.75B
KRAFT HEINZ	-3.35%	44.14B
THE HERSHEY COMPANY	+5.39%	40.03B
DANONE	-0.99%	39.92B
GENERAL MILLS, INC.	+6.14%	39.47B
ARCHER-DANIELS-MIDLAND COMPANY	-16.66%	29.26B
NESTLÉ INDIA LIMITED	-7.58%	28.39B
ASSOCIATED BRITISH FOODS PLC	+12.84%	25.04B

Other Food Processing