Valuation Spreadsheet
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@ AAII & Computerized Investing (www.computerizedinvesting.com)
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Valuation Worksheet
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Company: Kellogg CompanyCurrent Price $:64.78Date:7/28/15
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Ticker:KExchange:NYSECurrent P/E:51.9Current Yield:3.3%
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Financial Statement & Ratio Analysis
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CompanyInd. Or CompetitorMarket
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Use Year 1 for the most recent data, Year 5 for the oldest data.
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Year 1Year 2Year 3Year 4Year 55-Yr5-yrYear 15-YearYear 1
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20092008200720062005AvgGrowthAvg
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Per Share Information
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Price: High54.1058.5156.8950.9546.99----
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Low35.6440.3248.6842.4142.35----
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Earnings per Share (EPS)3.162.982.762.512.36--7.6%7.4
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Dividends per Share1.431.301.201.141.06--7.8%7.3
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Book Value per Share (BV)5.953.796.385.215.54----
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Financial Ratios
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Price-Earnings Ratio (P/E): Avg*14.2016.5819.1318.6018.9317.49--17.79.015.1
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High (High Price ÷ EPS)17.1219.6320.6120.3019.9119.52--13.6
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Low (Low Price ÷ EPS)11.2813.5317.6416.9017.9415.46--4.4
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Dividend Yield % (DY): Avg*3.3%2.7%2.3%2.5%2.4%2.6%--3.21.51.9
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High (DPS ÷ Low Price)4.0%3.2%2.5%2.7%2.5%3.0%--
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Low (DPS ÷ High Price)2.6%2.2%2.1%2.2%2.3%2.3%--
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Payout Ratio % (DPS ÷ EPS)45.3%43.6%43.5%45.4%44.9%44.5%--5.99.2
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Return on Equity % (EPS ÷ BV)53.1%78.6%43.3%48.2%42.6%53.2%--7.222.422.4
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Financial Leverage2.12.81.31.51.61.9--0.20.21.1
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* Avg (High + Low) ÷ 2Shaded areas do not need to be filled in.
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Valuation Estimates
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Model based on earnings:
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Average high P/E x estimated Year 6 EPS:19.52x3.40=$66.34 (high valuation estimate)
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Average low P/E x estimated Year 6 EPS:15.46x3.40=$52.54 (low valuation estimate)
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Model based on dividends:
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Estimated Year 6 annual DPS ÷ average low DY1.54÷2.3%=$67.19 (high valuation estimate)
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Estimated Year 6 annual DPS ÷ average high DY1.54÷3.0%=$51.74 (low valuation estimate)
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Valuation Worksheet