Stock Analysis on Net

General Mills Inc. (NYSE:GIS)

This company has been moved to the archive! The financial data has not been updated since December 18, 2019.

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

General Mills Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $53.18
No. shares of common stock outstanding 604,816,813
US$ in thousands
Common equity (market value)1 32,164,158
Add: Noncontrolling interests (per books) 313,200
Total equity 32,477,358
Add: Current portion of long-term debt (per books) 1,396,500
Add: Notes payable (per books) 1,468,700
Add: Long-term debt, excluding current portion (per books) 11,624,800
Total equity and debt 46,967,358
Less: Cash and cash equivalents 450,000
Enterprise value (EV) 46,517,358

Based on: 10-K (reporting date: 2019-05-26).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 53.18 × 604,816,813


Historical Enterprise Value (EV)

General Mills Inc., EV calculation

Microsoft Excel
May 26, 2019 May 27, 2018 May 28, 2017 May 29, 2016 May 31, 2015 May 25, 2014
Share price1, 2 $52.52 $44.26 $54.97 $71.32 $56.59 $53.05
No. shares of common stock outstanding1 601,959,611 593,367,848 577,099,679 597,020,906 598,737,719 612,508,457
US$ in thousands
Common equity (market value)3 31,614,919 26,262,461 31,723,169 42,579,531 33,882,568 32,493,574
Add: Noncontrolling interests (book value) 313,200 351,300 357,600 376,900 396,000 470,600
Total equity 31,928,119 26,613,761 32,080,769 42,956,431 34,278,568 32,964,174
Add: Current portion of long-term debt (book value) 1,396,500 1,600,100 604,700 1,103,400 1,000,400 1,250,600
Add: Notes payable (book value) 1,468,700 1,549,800 1,234,100 269,800 615,800 1,111,700
Add: Long-term debt, excluding current portion (book value) 11,624,800 12,668,700 7,642,900 7,057,700 7,607,700 6,423,500
Total equity and debt 46,418,119 42,432,361 41,562,469 51,387,331 43,502,468 41,749,974
Less: Cash and cash equivalents 450,000 399,000 766,100 763,700 334,200 867,300
Enterprise value (EV) 45,968,119 42,033,361 40,796,369 50,623,631 43,168,268 40,882,674

Based on: 10-K (reporting date: 2019-05-26), 10-K (reporting date: 2018-05-27), 10-K (reporting date: 2017-05-28), 10-K (reporting date: 2016-05-29), 10-K (reporting date: 2015-05-31), 10-K (reporting date: 2014-05-25).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of General Mills Inc. Annual Report.

3 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 52.52 × 601,959,611


Common Equity (Market Value)
The market value of common equity exhibited notable fluctuations over the analyzed period. Initially, there was a moderate increase from approximately 32.5 billion USD in May 2014 to around 42.6 billion USD by May 2016. However, thereafter, a downward trend occurred, reaching a low near 26.3 billion USD in May 2018, before recovering somewhat to approximately 31.6 billion USD in May 2019.
Total Equity
Total equity mirrored a similar pattern to common equity, rising from roughly 32.9 billion USD in May 2014 to a peak of about 42.9 billion USD in May 2016. Following this peak, total equity decreased significantly to approximately 26.6 billion USD by May 2018, with a subsequent moderate increase to around 31.9 billion USD in May 2019.
Total Equity and Debt
The combined value of total equity and debt demonstrated a steady upward trend over the period, starting at roughly 41.7 billion USD in May 2014 and climbing to approximately 46.4 billion USD by May 2019. Although there were minor fluctuations, the general direction was an increase, indicating growth in the company's overall financing.
Enterprise Value (EV)
Enterprise value followed a consistent upward trajectory from about 40.9 billion USD in May 2014 to nearly 46.0 billion USD in May 2019. Despite a slight dip observed around May 2017, the trend suggests a strengthening in the company's valuation from an enterprise perspective during the period.
Summary of Trends
The data indicates that both common equity and total equity experienced growth until mid-2016, followed by a contraction until mid-2018, and partial recovery in the subsequent year. In contrast, total equity combined with debt and enterprise value showed a more stable and consistent increase over the six-year period. This divergence suggests that while shareholder equity values faced volatility, the company’s overall capitalization and market valuation via enterprise value grew steadily, perhaps reflecting changes in debt structure, market perceptions, or investment activity.