Financials WK Kellogg Co

Equities

KLG

US92942W1071

Food Processing

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
20.95 ^USD	-2.06%		-3.77%	+59.44%

May. 08	Evercore ISI Adjusts WK Kellogg Price Target to $23 From $21, Maintains In Line Rating	MT
May. 08	BNP Paribas Exane Downgrades WK Kellogg to Underperform From Neutral, Price Target at $20	MT

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	1,125	1,799	-	-
Enterprise Value (EV) ¹	1,535	2,309	2,439	2,449
P/E ratio	10.3 x	14.3 x	12.5 x	10 x
Yield	-	3.12%	3.66%	4.68%
Capitalization / Revenue	0.41 x	0.66 x	0.67 x	0.67 x
EV / Revenue	0.56 x	0.85 x	0.9 x	0.91 x
EV / EBITDA	5.95 x	8.49 x	8.22 x	6.94 x
EV / FCF	7.35 x	-43.6 x	-13.6 x	81.6 x
FCF Yield	13.6%	-2.3%	-7.38%	1.23%
Price to Book	3.76 x	6.22 x	6.44 x	5.01 x
Nbr of stocks (in thousands)	85,631	85,878	-	-
Reference price ²	13.14	20.95	20.95	20.95
Announcement Date	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	2,695	2,763	2,719	2,702	2,690
EBITDA ¹	-	258	272	296.9	352.9
EBIT ¹	-	138	194.3	210.3	264.6
Operating Margin	-	4.99%	7.14%	7.78%	9.84%
Earnings before Tax (EBT) ¹	-	145	123	152	241
Net income ¹	-25	110	125.7	124.6	180.7
Net margin	-0.93%	3.98%	4.62%	4.61%	6.72%
EPS ²	-	1.280	1.463	1.677	2.087
Free Cash Flow ¹	-	209	-53	-180	30
FCF margin	-	7.56%	-1.95%	-6.66%	1.12%
FCF Conversion (EBITDA)	-	81.01%	-	-	8.5%
FCF Conversion (Net income)	-	190%	-	-	16.61%
Dividend per Share ²	-	-	0.6536	0.7667	0.9800
Announcement Date	6/16/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	692	651	707	673	682.8	655.8	703.2	671.1
EBITDA ¹	55	53	75	70	63.09	63.09	81.56	77.56
EBIT ¹	46	26	50	53	41.87	42.54	59.47	54.06
Operating Margin	6.65%	3.99%	7.07%	7.88%	6.13%	6.49%	8.46%	8.05%
Earnings before Tax (EBT) ¹	55	-	44	49	39	39	-	-
Net income ¹	42	15	33	37	30.25	30.13	42.42	33.5
Net margin	6.07%	2.3%	4.67%	5.5%	4.43%	4.59%	6.03%	4.99%
EPS ²	0.4900	0.1800	0.3700	0.4300	0.3500	0.3500	0.4900	0.3900
Dividend per Share ²	-	-	-	0.1600	0.1600	0.1750	-	-
Announcement Date	11/8/23	2/13/24	5/7/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	410	509	640	650
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.589 x	1.873 x	2.157 x	1.84 x
Free Cash Flow ¹	-	209	-53	-180	30
ROE (net income / shareholders' equity)	-	22.3%	41.4%	46.8%	47.2%
ROA (Net income/ Total Assets)	-	6.61%	6.86%	7.35%	8.18%
Assets ¹	-	1,664	1,834	1,695	2,208
Book Value Per Share ²	-	3.500	3.370	3.250	4.180
Cash Flow per Share ²	-	4.170	0.8500	1.730	2.580
Capex ¹	-	150	156	205	169
Capex / Sales	-	5.43%	5.72%	7.6%	6.29%
Announcement Date	6/16/23	2/13/24	-	-	-

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 WK Kellogg Co

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

20.95 USD

Average target price

22.64 USD

Spread / Average Target

+8.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
WK KELLOGG CO	+59.44%	1.8B
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DANONE	+2.15%	41.83B
GENERAL MILLS, INC.	+9.36%	40.22B
ARCHER-DANIELS-MIDLAND COMPANY	-14.68%	30.47B
NESTLÉ INDIA LIMITED	-5.92%	28.3B
ASSOCIATED BRITISH FOODS PLC	+15.34%	25.89B

Other Food Processing