Price to FCFE (P/FCFE)
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- Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Kellanova, FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
- Net cash provided by operating activities
- The net cash provided by operating activities displayed a significant increase from 2019 to 2020, rising from 1,176 million US dollars to 1,986 million US dollars. This represents a notable improvement in operational cash generation. However, this upward trend did not continue unabated, as cash flow declined to 1,701 million in 2021, and further decreased slightly to 1,651 million in 2022. By the end of 2023, the figure remained relatively stable at 1,645 million, indicating a plateau in operational cash flow after the peak in 2020.
- Free cash flow to equity (FCFE)
- The FCFE showed a markedly different pattern compared to operating cash flow. It started with a negative value of -381 million in 2019, indicating that cash available to equity holders was constrained or negative at that time. A sharp positive turnaround occurred in 2020, when FCFE jumped to 783 million, followed by a moderate increase to 842 million in 2021, and then to 884 million in 2022. Despite this positive trend over several years, FCFE experienced a substantial drop to 246 million in 2023, signaling potential challenges or increased cash outflows related to financing or investment activities affecting equity holders.
- Overall trends and insights
- The operational cash flow exhibited a strong recovery in 2020, likely reflecting improved core business performance or operational efficiencies. Nonetheless, the subsequent decline and stabilization from 2021 onward suggest some leveling off in cash generation capability. Free cash flow to equity followed a recovery path from a negative position in 2019 to positive values through 2022, but the significant decrease in 2023 raises concerns about changes in capital expenditure, debt servicing, or dividend payments. The divergence between operating cash flow stability and FCFE decrease in the most recent period highlights the importance of analyzing financing and investment decisions to fully understand the company's cash flow dynamics.
Price to FCFE Ratio, Current
Kellanova, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Coca-Cola Co. | |
| Mondelēz International Inc. | |
| PepsiCo Inc. | |
| Philip Morris International Inc. | |
| P/FCFE, Sector | |
| Food, Beverage & Tobacco | |
| P/FCFE, Industry | |
| Consumer Staples | |
Based on: 10-K (reporting date: 2023-12-30).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Kellanova, historical P/FCFE calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/FCFE, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/FCFE, Industry | ||||||
| Consumer Staples | ||||||
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-28).
1 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Kellanova Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited some volatility over the observed period. It started at $64.5 in late 2019, decreased to $59.26 by the end of 2020, then rose to a peak of $68.91 at the end of 2022, before declining sharply to $56.13 in 2023. This suggests a period of growth followed by a notable downturn in the most recent year.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed an overall positive trajectory after an initial negative value in 2019 (-$1.11). It increased steadily from $2.28 in 2020 to $2.59 in 2022, indicating improving cash generation available to equity shareholders during this period. However, there was a significant drop to $0.72 in 2023, signaling weakened cash flow performance in the latest year.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio was unavailable in 2019, but from 2020 onward, it remained relatively stable around 26 to 27 through 2021 and 2022, which reflects a consistent valuation relative to free cash flow during those years. In 2023, the ratio surged sharply to 77.73, reflecting a much higher valuation multiple, likely driven by the combination of the reduced FCFE per share and the lower share price. This indicates increased market expectations or perceived risk associated with the company's future cash flows.
- Overall Insights
- The data reveal an improving financial performance from 2019 through 2022, as seen in the upward trend in FCFE per share and stable valuation multiples. However, 2023 marks a turning point with a decline in both share price and cash flow per share, accompanied by a markedly elevated P/FCFE ratio. This pattern may indicate emerging concerns regarding future growth or profitability, warranting closer monitoring of the company’s financial health and market perceptions moving forward.