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Kellogg

XTRA:KEL
Snowflake Description

6 star dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KEL
XTRA
$19B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The last earnings update was 25 days ago. More info.


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KEL Share Price and Events
7 Day Returns
2.7%
XTRA:KEL
-54%
DE Food
-0.3%
DE Market
1 Year Returns
-6.4%
XTRA:KEL
-5.9%
DE Food
-7.5%
DE Market
KEL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kellogg (KEL) 2.7% -5% -5.5% -6.4% -27.5% 7.7%
DE Food -54% 2.7% 12.1% -5.9% 0.3% -7.2%
DE Market -0.3% 1.8% 8.2% -7.5% 8.8% 9.4%
1 Year Return vs Industry and Market
  • KEL outperformed the Market in Germany which returned -7.5% over the past year.
Price Volatility
KEL
Industry
5yr Volatility vs Market

Value

 Is Kellogg undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kellogg to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Kellogg.

XTRA:KEL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for XTRA:KEL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.56 (1 + (1- 21%) (45.81%))
0.841
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.841 * 5.96%)
5.24%

Discounted Cash Flow Calculation for XTRA:KEL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Kellogg is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

XTRA:KEL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.24%)
2019 1,062.60 Analyst x5 1,009.69
2020 1,272.00 Analyst x3 1,148.48
2021 1,392.00 Analyst x1 1,194.25
2022 1,480.79 Est @ 6.38% 1,207.17
2023 1,547.93 Est @ 4.53% 1,199.07
2024 1,598.11 Est @ 3.24% 1,176.30
2025 1,635.47 Est @ 2.34% 1,143.86
2026 1,663.35 Est @ 1.7% 1,105.44
2027 1,684.34 Est @ 1.26% 1,063.65
2028 1,700.37 Est @ 0.95% 1,020.31
Present value of next 10 years cash flows $11,268.24
XTRA:KEL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,700.37 × (1 + 0.23%) ÷ (5.24% – 0.23%)
$34,002.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $34,002.74 ÷ (1 + 5.24%)10
$20,403.37
XTRA:KEL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $11,268.24 + $20,403.37
$31,671.61
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $31,671.61 / 343.72
$92.14
XTRA:KEL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in XTRA:KEL represents 0.85161x of NYSE:K
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.85161x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 92.14 x 0.85161
€78.47
Value per share (EUR) From above. €78.47
Current discount Discount to share price of €48.32
= -1 x (€48.32 - €78.47) / €78.47
38.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Kellogg is available for.
Intrinsic value
38%
Share price is €48.32 vs Future cash flow value of €78.47
Current Discount Checks
For Kellogg to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Kellogg's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Kellogg's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kellogg's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kellogg's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:KEL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-29) in USD $3.85
NYSE:K Share Price ** NYSE (2019-03-21) in USD $56.74
Germany Food Industry PE Ratio Median Figure of 6 Publicly-Listed Food Companies 25.66x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 18.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kellogg.

XTRA:KEL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:K Share Price ÷ EPS (both in USD)

= 56.74 ÷ 3.85

14.74x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kellogg is good value based on earnings compared to the DE Food industry average.
  • Kellogg is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Kellogg's expected growth come at a high price?
Raw Data
XTRA:KEL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.74x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
5%per year
Europe Food Industry PEG Ratio Median Figure of 72 Publicly-Listed Food Companies 1.71x
Germany Market PEG Ratio Median Figure of 275 Publicly-Listed Companies 1.41x

*Line of best fit is calculated by linear regression .

XTRA:KEL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.74x ÷ 5%

2.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kellogg is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Kellogg's assets?
Raw Data
XTRA:KEL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-29) in USD $7.56
NYSE:K Share Price * NYSE (2019-03-21) in USD $56.74
Germany Food Industry PB Ratio Median Figure of 8 Publicly-Listed Food Companies 1.59x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.78x
XTRA:KEL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:K Share Price ÷ Book Value per Share (both in USD)

= 56.74 ÷ 7.56

7.5x

* Primary Listing of Kellogg.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kellogg is overvalued based on assets compared to the DE Food industry average.
X
Value checks
We assess Kellogg's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Kellogg has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Kellogg expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kellogg expected to grow at an attractive rate?
  • Kellogg's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Kellogg's earnings growth is positive but not above the Germany market average.
  • Kellogg's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:KEL Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:KEL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 5%
XTRA:KEL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 1.5%
Germany Food Industry Earnings Growth Rate Market Cap Weighted Average 37.8%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
XTRA:KEL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:KEL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 14,371 1
2022-12-31 14,228 1
2021-12-31 14,214 1,966 1,482 7
2020-12-31 14,054 1,825 1,480 15
2019-12-31 13,826 1,637 1,314 16
2018-12-31 13,531 1,785 1,633 17
XTRA:KEL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-29 13,547 1,536 1,336
2018-09-29 13,484 2,382 1,852
2018-06-30 13,261 2,001 1,760
2018-03-31 13,076 1,908 1,447
2017-12-30 12,854 403 1,254
2017-09-30 12,766 797 784
2017-07-01 12,774 1,072 788
2017-04-01 12,867 1,589 785
2016-12-31 12,965 1,271 699
2016-10-01 13,059 1,743 706
2016-07-02 13,134 1,758 619
2016-04-02 13,364 1,536 562
2016-01-02 13,525 1,691 614

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kellogg's earnings are expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
  • Kellogg's revenue is expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
XTRA:KEL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Kellogg Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:KEL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.43 4.50 4.35 2.00
2020-12-31 4.31 4.55 4.05 6.00
2019-12-31 3.67 4.01 2.88 7.00
2018-12-31 4.74 4.97 4.55 4.00
XTRA:KEL Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-29 3.85
2018-09-29 5.34
2018-06-30 5.09
2018-03-31 4.17
2017-12-30 3.60
2017-09-30 2.25
2017-07-01 2.25
2017-04-01 2.24
2016-12-31 2.00
2016-10-01 2.01
2016-07-02 1.76
2016-04-02 1.59
2016-01-02 1.73

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Kellogg is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Kellogg's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kellogg has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kellogg performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kellogg's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kellogg's year on year earnings growth rate has been positive over the past 5 years.
  • Kellogg's 1-year earnings growth exceeds its 5-year average (7% vs 0.2%)
  • Kellogg's earnings growth has exceeded the DE Food industry average in the past year (7% vs -14.4%).
Earnings and Revenue History
Kellogg's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kellogg Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:KEL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-29 13,547.00 1,336.00 2,936.00
2018-09-29 13,484.00 1,852.00 2,725.00
2018-06-30 13,261.00 1,760.00 2,715.00
2018-03-31 13,076.00 1,447.00 2,754.00
2017-12-30 12,854.00 1,254.00 3,017.00
2017-09-30 12,766.00 784.00 3,082.00
2017-07-01 12,774.00 788.00 3,154.00
2017-04-01 12,867.00 785.00 3,174.00
2016-12-31 12,965.00 699.00 3,202.00
2016-10-01 13,059.00 706.00 3,334.00
2016-07-02 13,134.00 619.00 3,378.00
2016-04-02 13,364.00 562.00 3,391.00
2016-01-02 13,525.00 614.00 3,443.00
2015-10-03 13,897.00 362.00 3,718.00
2015-07-04 14,207.00 381.00 3,747.00
2015-04-04 14,394.00 453.00 3,842.00
2015-01-03 14,580.00 632.00 3,875.00
2014-09-27 14,567.00 1,743.00 3,096.00
2014-06-28 14,644.00 1,845.00 3,128.00
2014-03-29 14,673.00 1,902.00 3,138.00
2013-12-28 14,792.00 1,807.00 3,166.00
2013-09-28 14,854.00 957.00 3,804.00
2013-06-29 14,858.00 949.00 3,828.00
2013-03-30 14,618.00 921.00 3,845.00
2012-12-29 14,197.00 961.00 3,786.00
2012-09-29 13,649.00 860.00 3,775.00
2012-06-30 13,241.00 832.00 3,708.00
2012-03-31 13,153.00 851.00 3,688.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Kellogg made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Kellogg used its assets more efficiently than the DE Food industry average last year based on Return on Assets.
  • Kellogg's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kellogg's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kellogg has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kellogg's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kellogg's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kellogg's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Kellogg's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Kellogg's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kellogg Company Filings, last reported 2 months ago.

XTRA:KEL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-29 3,159.00 8,893.00 321.00
2018-09-29 3,615.00 8,923.00 309.00
2018-06-30 3,404.00 9,068.00 257.00
2018-03-31 2,554.00 8,758.00 370.00
2017-12-30 2,194.00 8,615.00 281.00
2017-09-30 1,943.00 8,241.00 267.00
2017-07-01 1,850.00 8,304.00 334.00
2017-04-01 2,022.00 8,044.00 298.00
2016-12-31 1,926.00 7,767.00 280.00
2016-10-01 2,200.00 7,890.00 346.00
2016-07-02 2,000.00 8,201.00 531.00
2016-04-02 2,041.00 8,246.00 310.00
2016-01-02 2,138.00 7,745.00 251.00
2015-10-03 2,673.00 7,949.00 299.00
2015-07-04 2,674.00 7,507.00 294.00
2015-04-04 2,652.00 7,731.00 349.00
2015-01-03 2,851.00 7,370.00 443.00
2014-09-27 3,445.00 7,712.00 426.00
2014-06-28 3,813.00 7,527.00 290.00
2014-03-29 3,572.00 7,714.00 284.00
2013-12-28 3,607.00 7,358.00 273.00
2013-09-28 2,896.00 7,445.00 300.00
2013-06-29 2,619.00 7,825.00 262.00
2013-03-30 2,842.00 7,556.00 252.00
2012-12-29 2,465.00 7,902.00 281.00
2012-09-29 2,438.00 7,937.00 305.00
2012-06-30 2,153.00 8,287.00 230.00
2012-03-31 2,064.00 5,847.00 404.00
  • Kellogg's level of debt (281.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (204.3% vs 281.5% today).
  • Debt is not well covered by operating cash flow (17.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7x coverage).
X
Financial health checks
We assess Kellogg's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kellogg has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Kellogg's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.95%
Current annual income from Kellogg dividends. Estimated to be 4.22% next year.
If you bought €2,000 of Kellogg shares you are expected to receive €79 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kellogg's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.5%).
  • Kellogg's dividend is above the markets top 25% of dividend payers in Germany (3.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:KEL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
Germany Food Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

XTRA:KEL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.53 6.00
2020-12-31 2.42 13.00
2019-12-31 2.31 13.00
2018-12-31 2.21 13.00
XTRA:KEL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-22 2.240 4.077
2018-10-19 2.240 3.701
2018-07-27 2.240 3.133
2018-04-27 2.160 3.305
2018-02-16 2.160 3.310
2017-10-20 2.160 3.292
2017-07-28 2.160 3.276
2017-04-28 2.160 3.090
2017-02-17 2.080 2.838
2016-10-21 2.080 2.836
2016-07-29 2.080 2.619
2016-04-29 2.000 2.557
2016-02-19 2.000 2.638
2015-10-23 2.000 2.829
2015-07-24 2.000 2.953
2015-04-24 1.960 3.095
2015-02-20 1.960 3.055
2014-10-24 1.960 2.990
2014-07-25 1.960 3.121
2014-04-25 1.840 2.754
2014-02-24 1.840 2.922
2013-10-25 1.840 3.026
2013-07-26 1.840 2.978
2013-04-26 1.840 2.846
2013-02-22 1.760 2.789
2012-10-26 1.760 3.114
2012-07-20 1.760 3.473
2012-04-20 1.720 3.469
2012-02-17 1.720 3.254
2011-10-28 1.720 3.425
2011-07-22 1.720 3.200
2011-04-29 1.620 2.901
2011-02-18 1.620 2.981
2010-10-29 1.620 3.196
2010-07-23 1.620 3.218
2010-04-23 1.620 3.044
2010-02-19 1.500 2.822
2009-10-23 1.500 2.829
2009-07-24 1.500 3.119
2009-04-23 1.360 3.059
2009-03-23 1.360 3.531

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Kellogg's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess Kellogg's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kellogg afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kellogg has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Kellogg's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Cahillane
COMPENSATION $9,989,992
AGE 53
TENURE AS CEO 1.4 years
CEO Bio

Mr. Steven A. Cahillane, also known as Steve, has been the Chief Executive Officer, President and Director of Kellogg Company since October 2, 2017 and has been its Chairman since March 16, 2018. Mr. Cahillane possesses particular knowledge and experience in a variety of areas, including accounting and financial acumen, risk management, innovation and research and development, branded consumer products and consumer dynamics, regulatory and government that strengthens the Board's collective knowledge, capabilities. Mr. Cahillane served as the Chief Executive Officer and President of Alphabet Holding Company, Inc. since September 08, 2014. Mr. Cahillane served as the President of Coca-Cola Americas at The Coca-Cola Company from January 01, 2013 to February 28, 2014 and served as its Executive Vice President from February 21, 2013 to February 28, 2014. He served as the Chief Executive Officer and President at NBTY, Inc. since September 08, 2014. Mr. Cahillane served as the Chief Executive Officer and President of Coca-Cola Refreshments USA, Inc. from October 2010 to February 28, 2013. He has over 20 years of successful international beverage sales, marketing and distribution experience. He served as Executive Officer of Coca-Cola Refreshments USA & Bottling Soda Fountains and Supply Chain at The Coca-Cola Company since August 2010. He served as an Executive Officer of Coca-Cola Enterprises Inc. He served as the President of Coca-Cola Enterprises’ North America of The Coca-Cola Company from 2008 to August 2010 and was the President of CCE's Europe Group. He served as President of North American Group and Executive Vice President at Coca-Cola European Partners plc from 2008 to August 2010. He served as Executive Officer of Coca-Cola European Partners plc. He served as the President of North American Group of Coca-Cola Refreshments USA, Inc. since July 28, 2008. He began as a sales representative for E&J Gallo Winery, serving in several sales positions before becoming General Manager. In 1995, Steve founded State Street Brewing Company in Chicago. He served as Vice President and General Manager of Coors Distribution Company. He served as the President of AB InBev UK Limited. Mr. Cahillane served as President of various Coca-Cola operating groups from 2007 to 2012. He served as the President and Executive President - European Group of Coca-Cola Refreshments USA, Inc. from October 1, 2007 to July 28, 2008. He served as the Chief Executive Officer of Interbrew UK, a division of Inbev S.A., from August 2003 to August 2005. He served as the Chief Marketing Officer of Anheuser-Busch InBev SA/NV (formerly, InBev SA) from August 2005 to August 2007 and as its Chief Commercial Officer since August 1, 2005. He joined InBev in 1999 and led its global commercial strategy, marketing and sponsorships, innovation and research and insights. He served as Vice President of U.S. Sales of InBev until 2001. Mr. Cahillane served as the President and Chief Executive Officer of Labatt USA from August 2001 to September 2003 and holding the position of Business Unit President for Interbrew UK and Ireland of Interbrew S.A. He serves as a Director of The American Beverage Association. He serves as a Trustee at Children's Healthcare of Atlanta, Inc. He served as Director of NBTY, Inc. since September 8, 2014. He served as Director of Alphabet Holding Company, Inc. since September 8, 2014. Mr. Cahillane is also a member of the Board of Trustees of Northwestern University. He serves on the Board of the Purpose Built Communities Foundation. Mr. Cahillane holds a BA in political science from Northwestern University and an MBA from Harvard University.

CEO Compensation
  • Insufficient data for Steve to compare compensation growth.
  • Steve's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Kellogg management team in years:

3
Average Tenure
53.5
Average Age
  • The tenure for the Kellogg management team is about average.
Management Team

Steve Cahillane

TITLE
Chairman
COMPENSATION
$10M
AGE
53
TENURE
1.4 yrs

Fareed Khan

TITLE
Senior VP & CFO
COMPENSATION
$3M
AGE
52
TENURE
2.1 yrs

Gary Pilnick

TITLE
Vice Chairman of Corporate Development & Chief Legal Officer
COMPENSATION
$3M
AGE
54
TENURE
3.2 yrs

Alistair Hirst

TITLE
Senior Vice President of Global Supply Chain
COMPENSATION
$3M
AGE
59
TENURE
6.9 yrs

Chris Hood

TITLE
Senior VP & President of Kellogg North America
COMPENSATION
$4M
AGE
55
TENURE
5.4 yrs

Kurt Forche

TITLE
VP, Corporate Controller & Principal Accounting Officer
AGE
48
TENURE
0.6 yrs

John Renwick

TITLE
Vice President of Investor Relations & Corporate Planning
TENURE
2.8 yrs

Michael Hunter

TITLE
Vice President of Global Sales
TENURE
3.8 yrs

Melissa Howell

TITLE
Senior Vice President of Global Human Services
AGE
51
TENURE
2.8 yrs

Maria Mejia

TITLE
Senior VP & President of Kellogg Latin America
AGE
54
TENURE
7.3 yrs
Board of Directors Tenure

Average tenure and age of the Kellogg board of directors in years:

5.1
Average Tenure
60
Average Age
  • The tenure for the Kellogg board of directors is about average.
Board of Directors

Steve Cahillane

TITLE
Chairman
COMPENSATION
$10M
AGE
53
TENURE
1 yrs

Don Knauss

TITLE
Lead Independent Director
COMPENSATION
$305K
AGE
67

Mary Laschinger

TITLE
Director
COMPENSATION
$280K
AGE
57
TENURE
6.4 yrs

Cynthia Milligan

TITLE
Director
COMPENSATION
$275K
AGE
71
TENURE
6.1 yrs

Stephanie Burns

TITLE
Director
COMPENSATION
$280K
AGE
63
TENURE
5.1 yrs

Jim Jenness

TITLE
Non-Executive Director
COMPENSATION
$260K
AGE
72
TENURE
18.7 yrs

La Montgomery Tabron

TITLE
Director
COMPENSATION
$260K
AGE
55
TENURE
5.1 yrs

Zack Gund

TITLE
Director
COMPENSATION
$275K
AGE
47
TENURE
4.3 yrs

Carolyn Tastad

TITLE
Director
COMPENSATION
$260K
AGE
57
TENURE
3.3 yrs

Rick Dreiling

TITLE
Director
COMPENSATION
$260K
AGE
65
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Nov 18 Buy Fareed Khan Individual 20. Nov 18 20. Nov 18 8,190 €54.53 €446,608
19. Nov 18 Buy Steven Cahillane Individual 19. Nov 18 19. Nov 18 17,825 €53.81 €959,210
31. May 18 Sell Amit Banati Individual 29. May 18 29. May 18 -1,992 €56.28 €-112,113
22. May 18 Buy Fareed Khan Individual 22. May 18 22. May 18 8,080 €52.44 €423,679
X
Management checks
We assess Kellogg's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kellogg has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles. The company offers its snacks and other convenience foods under the Kellogg’s, Keebler, Cheez-It, Pringles, Murray, Austin, Famous Amos, Parati, and RXBAR brand names; cereals and cereal bars under the Kellogg’s, Kashi, and Bear Naked brands; and frozen foods under the Eggo and Morningstar Farms brand names. It sells its products to retailers through direct sales forces, as well as brokers and distributors in approximately 180 countries. Kellogg Company was founded in 1906 and is headquartered in Battle Creek, Michigan.

Details
Name: Kellogg Company
KEL
Exchange: XTRA
Founded: 1906
$17,188,487,370
343,718,932
Website: http://www.kelloggcompany.com
Address: Kellogg Company
One Kellogg Square,
Battle Creek,
Michigan, 49016,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE K Common Stock New York Stock Exchange US USD 02. Jan 1968
DB KEL Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
XTRA KEL Common Stock XETRA Trading Platform DE EUR 02. Jan 1968
LSE 0R1R Common Stock London Stock Exchange GB USD 02. Jan 1968
SWX K Common Stock SIX Swiss Exchange CH CHF 02. Jan 1968
WBAG KELL Common Stock Wiener Boerse AG AT EUR 02. Jan 1968
Number of employees
Current staff
Staff numbers
34,000
Kellogg employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/22 21:11
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/03/19
Last earnings filing: 2019/02/25
Last earnings reported: 2018/12/29
Last annual earnings reported: 2018/12/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.