General Mills Inc., current enterprise value calculation

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)

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

General Mills Inc., EV calculation

	May 26, 2019	May 27, 2018	May 28, 2017	May 29, 2016	May 31, 2015	May 25, 2014
Share price^1, 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)

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

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	General Mills Inc. EV increased from 2017 to 2018 and from 2018 to 2019.

General Mills Inc. (NYSE:GIS)

Enterprise Value (EV)