Kellogg Company

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SKU: K Category:

Description

Kellogg Company witnessed a sour end to 2020 wherein both earnings and sales missed the analyst estimates in the fourth quarter. Despite being a relatively slow growth story in 2020, Kellogg has been laying the foundation for the future by moving away from direct store distribution in favor of warehouse delivery and increasing investments in manufacturing capabilities. The company’s e-commerce channels have delivered good results owing to the increase in online shopping in this lockdown-induced environment. The management believes that 2021 sales are expected to grow around 2.5% after their continued efforts with respect to restructuring the product mix. Given this outlook coupled with the continued slowness of away-from-home consumption, we believe that the stock is a slow mover and deserves a ‘Hold’ rating.

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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