Kellanova, FCFE 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)
Additions to properties	(677)	(488)	(553)	(505)	(586)
Net increase (reduction) of notes payable, with maturities less than or equal to 90 days	(356)	337)	(27)	(16)	(18)
Issuances of notes payable, with maturities greater than 90 days	35)	28)	73)	44)	62)
Reductions of notes payable, with maturities greater than 90 days	(25)	(35)	(63)	(34)	(69)
Issuances of long-term debt	404)	39)	361)	557)	80)
Reductions of long-term debt	(780)	(648)	(650)	(1,229)	(1,009)
Debt redemption costs	—)	—)	—)	(20)	(17)
Free cash flow to equity (FCFE)	246)	884)	842)	783)	(381)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Kellanova equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Kellanova FCFE increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Kellanova, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	342,287,795
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	246)
FCFE per share	0.72
Current share price (P)	62.05
Valuation Ratio
P/FCFE	86.34
Benchmarks
P/FCFE, Competitors¹
Altria Group Inc.	10.80
Coca-Cola Co.	23.50
PepsiCo Inc.	17.53
Philip Morris International Inc.	16.82
P/FCFE, Sector
Food, Beverage & Tobacco	17.62
P/FCFE, Industry
Consumer Staples	26.85

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.

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	340,678,265	341,830,292	341,674,873	343,950,311	342,054,365
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	246)	884)	842)	783)	(381)
FCFE per share³	0.72	2.59	2.46	2.28	-1.11
Share price^1, 4	56.13	68.91	66.12	59.26	64.50
Valuation Ratio
P/FCFE⁵	77.73	26.65	26.83	26.03	—
Benchmarks
P/FCFE, Competitors⁶
Altria Group Inc.	8.46	11.96	13.06	8.86	7.97
Coca-Cola Co.	22.42	29.91	23.29	30.91	33.31
PepsiCo Inc.	17.88	47.17	77.00	10.51	38.90
Philip Morris International Inc.	11.93	6.64	20.46	15.06	15.65
P/FCFE, Sector
Food, Beverage & Tobacco	15.72	16.58	25.49	14.44	21.35
P/FCFE, Industry
Consumer Staples	21.00	25.12	22.89	17.29	18.06

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 246,000,000 ÷ 340,678,265 = 0.72

⁴ Closing price as at the filing date of Kellanova Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 56.13 ÷ 0.72 = 77.73

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Kellanova P/FCFE ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Kellanova (NYSE:K)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical