General Mills Inc., FCFF calculation

US$ in thousands

	12 months ended	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Net earnings attributable to General Mills
	Net earnings attributable to redeemable and noncontrolling interests
	Net noncash charges
	Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures
	Net cash provided by operating activities
	Cash interest payments, net of tax¹
	Capitalized interest, net of tax²
	Purchases of land, buildings, and equipment
	Proceeds from disposal of land, buildings, and equipment
	Free cash flow to the firm (FCFF)

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the General Mills Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	General Mills Inc.’s FCFF increased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc., interest paid, net of tax calculation

US$ in thousands

	12 months ended	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Effective Income Tax Rate (EITR)
	EITR¹
	Interest Paid, Net of Tax
	Cash interest payments, before tax
	Less: Cash interest payments, tax²
	Cash interest payments, net of tax
	Interest Costs Capitalized, Net of Tax
	Capitalized interest, before tax
	Less: Capitalized interest, tax³
	Capitalized interest, net of tax

² 2019 Calculation
Cash interest payments, tax = Cash interest payments × EITR
= hidden × hidden = hidden

³ 2019 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= hidden × hidden = hidden

General Mills Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors¹
Kraft Heinz Co.
Mondelēz International Inc.
EV/FCFF, Sector
Food Producers
EV/FCFF, Industry
Consumer Goods

¹ Click competitor name to see calculations.

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

General Mills Inc., historical EV/FCFF calculation, comparison to benchmarks

		May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
	Selected Financial Data (US$ in thousands)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors⁴
	Kraft Heinz Co.
	Mondelēz International Inc.
	EV/FCFF, Sector
	Food Producers
	EV/FCFF, Industry
	Consumer Goods

³ 2019 Calculation
EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

⁴ Click competitor name to see calculations.

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	General Mills Inc.’s EV/FCFF ratio declined from 2017 to 2018 and from 2018 to 2019.

	General Mills Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

General Mills Inc. (GIS)

Enterprise Value to FCFF (EV/FCFF)