Kellogg Company

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Description

Kellogg delivered a decent financial result in the second quarter of fiscal year 2021. While the company suffered from tough comps of 2020 on account of the huge demand for its packaged food driven by the Covid-19 lockdowns, it did manage to generate an impressive 4.5% CAGR for the two-year period. The management’s deployment of the Growth boosters strategy seems to be working effectively as they are leveraging their reshaped portfolio, driving momentum in the company’s world-class brands, and investing in their supply chain to serve their customers better. The company’s snacks brands sustained their momentum in the second quarter resulting in the top-line outperformance with many outpaced their respective categories. On the other hand, Kellogg’s plant-based protein business continues to show strong growth and is expected to be a strong future growth driver. The management upholding their guidance of 1-2% earnings growth for the year does not sound too exciting though it does hope to generate significant cash flows in the range of $1.1-1.2 billion, possible ensuring a decent dividend payout. We maintain our ‘Hold’ rating for the stock with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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