Name: Kellanova (NYSE:K) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Kellanova, current enterprise value calculation

Current share price (P)	$62.05
No. shares of common stock outstanding	342,287,795
US$ in millions
Common equity (market value)¹	21,239)
Add: Noncontrolling interests (per books)	194)
Total equity	21,433)
Add: Current maturities of long-term debt (per books)	663)
Add: Notes payable (per books)	121)
Add: Long-term debt, excluding current maturities (per books)	5,089)
Total equity and debt	27,306)
Less: Cash and cash equivalents	274)
Enterprise value (EV)	27,032)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 62.05 × 342,287,795

Kellanova, EV calculation

	Dec 30, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 28, 2019
Share price^1, 2	$56.13	$68.91	$66.12	$59.26	$64.50
No. shares of common stock outstanding¹	340,678,265	341,830,292	341,674,873	343,950,311	342,054,365
US$ in millions
Common equity (market value)³	19,122)	23,556)	22,592)	20,382)	22,063)
Add: Noncontrolling interests (book value)	194)	434)	495)	524)	567)
Total equity	19,316)	23,990)	23,087)	20,906)	22,630)
Add: Current maturities of long-term debt (book value)	663)	780)	712)	627)	620)
Add: Notes payable (book value)	121)	467)	137)	102)	107)
Add: Long-term debt, excluding current maturities (book value)	5,089)	5,317)	6,262)	6,746)	7,195)
Total equity and debt	25,189)	30,554)	30,198)	28,381)	30,552)
Less: Cash and cash equivalents	274)	299)	286)	435)	397)
Enterprise value (EV)	24,915)	30,255)	29,912)	27,946)	30,155)

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.

² Closing price as at the filing date of Kellanova Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 56.13 × 340,678,265

The enterprise value exhibited a fluctuating trend over the five-year period, characterized by a mid-term recovery followed by a substantial contraction in the final year. From 2019 to 2022, the valuation remained relatively stable, peaking at 30,255 million US dollars before experiencing a significant decrease to 24,915 million US dollars by the end of 2023.

Enterprise Value Dynamics: A cyclical pattern is observed where the enterprise value decreased in 2020, recovered steadily through 2021 and 2022, and then declined sharply in 2023. The reduction from 2022 to 2023 represents a contraction of approximately 17.6%, marking the lowest valuation in the reported period.
Equity Valuation and Market Sentiment: The market value of common equity closely tracks the movements of the total enterprise value. After reaching a high of 23,556 million US dollars in 2022, the market value fell to 19,122 million US dollars in 2023. The narrow variance between total equity and common equity market value throughout the period suggests that the company's market capitalization remained closely aligned with its book value.
Capitalization and Debt Correlation: Total equity and debt figures mirror the fluctuations seen in the enterprise value, indicating that changes in the overall valuation are heavily influenced by the combined total of equity and debt obligations. The decline in total equity and debt to 25,189 million US dollars in 2023 aligns with the broader downward trend in enterprise value for that year.

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Kellanova (NYSE:K)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)