Kellanova, FCFF calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Net income attributable to Kellanova	951)	960)	1,488)	1,251)	960)
Net income attributable to noncontrolling interests	13)	2)	7)	13)	17)
Net noncash charges	657)	703)	204)	494)	311)
Changes in operating assets and liabilities, net of acquisitions and divestitures	24)	(14)	2)	228)	(112)
Net cash provided by operating activities	1,645)	1,651)	1,701)	1,986)	1,176)
Interest paid, net of tax¹	219)	175)	162)	199)	214)
Additions to properties	(677)	(488)	(553)	(505)	(586)
Free cash flow to the firm (FCFF)	1,187)	1,338)	1,310)	1,680)	804)

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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Kellanova suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Kellanova FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Kellanova, interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Effective Income Tax Rate (EITR)
EITR¹	24.80%	20.40%	24.10%	20.20%	24.60%
Interest Paid, Net of Tax
Interest paid, before tax	291)	220)	213)	249)	284)
Less: Interest paid, tax²	72)	45)	51)	50)	70)
Interest paid, net of tax	219)	175)	162)	199)	214)

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 See details »

² 2023 Calculation
Interest paid, tax = Interest paid × EITR
= 291 × 24.80% = 72

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Kellanova, current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	33,395)
Free cash flow to the firm (FCFF)	1,187)
Valuation Ratio
EV/FCFF	28.14
Benchmarks
EV/FCFF, Competitors¹
Altria Group Inc.	10.96
Coca-Cola Co.	30.88
PepsiCo Inc.	29.98
Philip Morris International Inc.	26.69
EV/FCFF, Sector
Food, Beverage & Tobacco	24.75
EV/FCFF, Industry
Consumer Staples	35.21

Based on: 10-K (reporting date: 2023-12-30).

¹ Click competitor name to see calculations.

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

Kellanova, historical EV/FCFF calculation, comparison to benchmarks

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	24,915)	30,255)	29,912)	27,946)	30,155)
Free cash flow to the firm (FCFF)²	1,187)	1,338)	1,310)	1,680)	804)
Valuation Ratio
EV/FCFF³	20.99	22.61	22.84	16.64	37.50
Benchmarks
EV/FCFF, Competitors⁴
Altria Group Inc.	9.55	11.86	13.00	11.79	12.41
Coca-Cola Co.	26.54	27.95	25.28	26.04	28.08
PepsiCo Inc.	28.63	40.39	33.08	30.09	35.72
Philip Morris International Inc.	20.71	19.53	16.35	16.31	16.47
EV/FCFF, Sector
Food, Beverage & Tobacco	21.37	23.85	21.52	20.42	22.90
EV/FCFF, Industry
Consumer Staples	27.30	27.84	19.90	21.63	22.25

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 24,915 ÷ 1,187 = 20.99

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Kellanova EV/FCFF ratio decreased from 2021 to 2022 and from 2022 to 2023.

Kellanova (NYSE:K)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical