Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Current Valuation Ratios
Kellanova, current price multiples
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | Food, Beverage & Tobacco | Consumer Staples | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2023-12-30).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Kellanova, historical price multiples
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio showed a declining trend from 22.98 in late 2019 down to 15.18 at the end of 2021, indicating a decreasing market valuation relative to earnings over this period. However, there was a notable increase in 2022 reaching 24.54, suggesting a rise in investor optimism or a market re-rating. Following this peak, the ratio declined again to 20.11 in 2023, reflecting a partial correction or adjustment in market valuation.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio decreased significantly from 15.75 in 2019 to 11.57 in 2020, implying a more attractive valuation relative to operating profit. After a slight increase to 12.89 in 2021, this ratio rose further to 14.41 in 2022 before decreasing to 12.71 in 2023. This pattern suggests fluctuating market perceptions of operating profit performance, with a peak valuation in 2022 followed by a moderation in the subsequent year.
- Price to Sales (P/S) Ratio
- The price to sales ratio remained relatively stable throughout the period, fluctuating narrowly between 1.46 and 1.62. The ratio decreased slightly from 1.62 in 2019 to 1.48 in 2020, then increased marginally to 1.59 in 2021, followed by minor decreases to 1.54 in 2022 and 1.46 in 2023. This stability indicates consistent market valuation relative to revenue, with no significant shifts in investor sentiment based on sales figures.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio showed a clear downward trend from 8.03 in 2019 to 5.98 in 2022, suggesting a diminishing premium over the book value of assets. In 2023, the ratio stabilized slightly at 6.02, indicating a potential halt in the decline and possible market revaluation of net asset values. This trend reflects a more conservative market assessment of the company's book value over the period.
Price to Earnings (P/E)
Kellanova, historical P/E 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 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to Kellanova (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/E Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2023 Calculation
EPS = Net income attributable to Kellanova ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kellanova Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial metrics over the five-year period reveals several noteworthy trends and patterns.
- Share Price
- The share price exhibited fluctuations, starting at $64.50 in late 2019, declining to $59.26 by the end of 2020, followed by an increase to $66.12 in 2021 and further appreciation to $68.91 in 2022. However, in 2023, the share price decreased significantly to $56.13, representing a notable drop compared to the previous year.
- Earnings Per Share (EPS)
- The EPS showed an overall increasing trend from 2019 through 2021, rising from $2.81 to a peak of $4.36. However, this was followed by a sharp decline in 2022, dropping back to $2.81, and remaining almost unchanged at $2.79 in 2023. This indicates volatility in profitability, particularly a significant reduction after 2021.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio decreased steadily from 22.98 in 2019 to 15.18 in 2021, reflecting a period during which earnings likely increased relative to share price. Nevertheless, it increased sharply to 24.54 in 2022, aligning with the sharp decline in EPS, and later decreased to 20.11 in 2023. This suggests that the market valuation relative to earnings became more elevated during 2022, possibly due to the reduced earnings and changes in investor sentiment or expectations.
Overall, the data suggests that while the company experienced growth in earnings through 2021, both profitability and share price faced pressure from 2022 onward. The divergence between EPS and share price in 2023, along with the elevated P/E ratio in 2022, may indicate market uncertainties or challenges impacting performance and valuation during this latter period.
Price to Operating Profit (P/OP)
Kellanova, historical P/OP calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating profit (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/OP Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2023 Calculation
Operating profit per share = Operating profit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kellanova Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the annual financial data reveals several notable trends in the performance indicators over the five-year period.
- Share Price
- The share price exhibited some volatility, starting at $64.50 in 2019, then declining to $59.26 in 2020. It subsequently rose to $66.12 in 2021 and further increased to $68.91 in 2022, reaching the highest point in the given period. However, in 2023, the share price decreased significantly to $56.13, indicating a downward trend in the latest year.
- Operating Profit per Share
- The operating profit per share showed a gradual upward trend from 2019 to 2021, increasing from $4.10 to $5.13. Thereafter, it experienced a slight decline over the next two years, falling to $4.78 in 2022 and further to $4.42 in 2023. This suggests some erosion in operating profitability per share in the recent years after a period of growth.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio indicates the market's valuation of operating profit per share. This ratio decreased from 15.75 in 2019 to 11.57 in 2020, reflecting a more favorable valuation or a reduction in the share price relative to operating profit. In 2021, the ratio increased to 12.89 and peaked at 14.41 in 2022, implying a higher market premium. However, in 2023, the ratio declined noticeably to 12.71, aligning with the drop in the share price and the decline in operating profit per share.
Overall, the data suggests that while operating profitability per share increased initially, it began to decline after 2021. The share price similarly peaked in 2022 before declining sharply in 2023. The fluctuations in the P/OP ratio correspond with these movements, indicating shifts in market valuation relative to operating earnings. The recent decline in share price paired with decreasing operating profit per share may warrant closer examination of underlying business conditions or market perceptions in the latest year.
Price to Sales (P/S)
Kellanova, historical P/S calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2023 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kellanova Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data displays several notable trends across the analyzed periods, particularly concerning market valuation and sales performance per share.
- Share Price
- The share price exhibited moderate fluctuations during the period examined. It initially experienced a decline from $64.50 in 2019 to $59.26 in 2020, followed by a recovery and peak at $68.91 in 2022. However, in the most recent year, there was a pronounced decrease to $56.13, marking the lowest point in the dataset. This indicates some volatility and potential market uncertainty in the latest year.
- Sales per Share
- Sales per share demonstrated a generally positive trajectory from 2019 through 2022, increasing steadily from $39.70 to $44.80. This suggests improved revenue generation on a per-share basis. Nevertheless, in 2023, sales per share declined sharply to $38.52, falling below the levels observed at the beginning of the period. This reversal may reflect challenges in sales performance or shifts in market demand.
- Price to Sales Ratio (P/S)
- The P/S ratio followed a slightly downward trend over the five-year span. It started at 1.62 in 2019 and decreased to 1.46 by 2023, with minor fluctuations in between. This decline in valuation multiples may signal a market reassessment of the company’s growth prospects or profitability relative to sales, especially considering the decreases in both share price and sales per share in the last year.
Overall, the data suggests a period of growth and positive performance from 2019 to 2022, succeeded by a contraction in 2023 across share price, sales per share, and valuation metrics. This pattern highlights increased challenges in the most recent period, potentially warranting further investigation into underlying causes and future outlook.
Price to Book Value (P/BV)
Kellanova, historical P/BV calculation, comparison to benchmarks
| Dec 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 28, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Kellanova equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Coca-Cola Co. | ||||||
| Mondelēz International Inc. | ||||||
| PepsiCo Inc. | ||||||
| Philip Morris International Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Food, Beverage & Tobacco | ||||||
| P/BV Ratio, Industry | ||||||
| Consumer Staples | ||||||
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 2023 Calculation
BVPS = Total Kellanova equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kellanova Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several notable trends and patterns.
- Share Price
- The share price exhibited fluctuations throughout the period. Starting at $64.50 in 2019, it declined to $59.26 in 2020, followed by an increase to a peak of $68.91 in 2022. However, in 2023, the share price decreased notably to $56.13, marking the lowest point in the period analyzed.
- Book Value Per Share (BVPS)
- Book value per share showed a generally upward trend from 2019 to 2022, increasing from $8.03 to $11.53. This indicates growth in the net asset value attributable to each share. In 2023, however, BVPS experienced a decline to $9.32, interrupting the previous consistent upward trend.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio declined steadily from 8.03 in 2019 to 5.98 in 2022, reflecting that the share price grew at a slower rate compared to the book value or that the market's valuation relative to the net asset value decreased. In 2023, this ratio slightly increased to 6.02, indicating a marginal recovery in market valuation relative to book value.
Overall, the data indicate a period of growth in the underlying book value per share until 2022, with associated fluctuations in the share price. The declining share price in 2023 despite a moderately stable P/BV ratio suggests market concerns or external factors impacting investor sentiment. The reduced BVPS in 2023 also points to a contraction in net asset value per share, which may explain part of the share price decline. The P/BV trend reflects changing investor perceptions about the company's value relative to its book assets over time.