Description
Kellogg ended the year with an all-around beat and double-digit net sales growth in every region, supported by end-market success. The company continued to experience great growth in emerging countries, driven by its portfolio of noodles and other products in Africa. They also had strong growth in cereal and snacks across AMEA and Latin America. They reduced the profit impact of abnormally high input costs that increased during the year using efficiency and well-planned activities for managing sales growth. They also managed to get around supply bottlenecks and shortages that affected the entire economy while working to rebuild capacity across a large portion of its business, particularly in North America’s cereal and frozen goods. The management anticipates maintaining growth in its thriving developing markets while navigating the macroeconomic environment. Since input cost inflation is still significant, they will again concentrate on achieving productivity and cost savings, complemented by using all available tools in their global database revenue growth management disciplines. We give Kellogg Company a ‘Hold’ rating 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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