Kellanova, current enterprise value calculation

Current share price (P)	$80.64
No. shares of common stock outstanding	342,287,795
US$ in millions
Common equity (market value)¹	27,602)
Add: Noncontrolling interests (per books)	194)
Total equity	27,796)
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	33,669)
Less: Cash and cash equivalents	274)
Enterprise value (EV)	33,395)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 80.64 × 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)

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

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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.	Kellanova EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Kellanova (NYSE:K)

Enterprise Value (EV)