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Valuation Worksheet
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Valuation Worksheet

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Company:

Kellogg Company

Ticker:

Current Price $:

Exchange:

NYSE

49.23

Current P/E:

Date: 11/30/2010
15.2

Current Yield:

3.3%

Financial Statement & Ratio Analysis

Company

Use Year 1 for the most recent data, Year 5 for the oldest data.

Indus. or Competitor

Year 1

Year 2

Year 3

Year 4

Year 5

5-Yr

5-yr

2009

2008

2007

2006

2005

Avg

Growth

10
11

Per Share Information

12

Price: High

54.10

58.51

56.89

50.95

46.99

--

--

13

Low

35.64

40.32

48.68

42.41

42.35

--

--

14

Earnings per Share (EPS)

3.16

2.98

2.76

2.51

2.36

15

Dividends per Share

1.43

1.30

1.20

1.14

1.06

16
17

Book Value per Share (BV)

18

Price-Earnings Ratio (P/E): Avg*

----

Year 1

5-Year
Avg

7.6%

7.4

7.8%

7.3

5.95

3.79

6.38

5.21

5.54

14.20

16.58

19.13

18.60

18.93

17.49

--

Market

Year 1

--

Financial Ratios
17.7

9.0

19

High (High Price EPS)

17.12

19.63

20.61

20.30

19.91

19.52

--

13.6

20

Low (Low Price EPS)

11.28

13.53

17.64

16.90

17.94

15.46

--

4.4

21

Dividend Yield % (DY): Avg*

3.3%

2.7%

2.3%

2.5%

2.4%

2.6%

--

22

High (DPS Low Price)

4.0%

3.2%

2.5%

2.7%

2.5%

3.0%

--

23

Low (DPS High Price)

2.6%

2.2%

2.1%

2.2%

2.3%

2.3%

--

3.2

1.5

24

Payout Ratio % (DPS EPS)

45.3%

43.6%

43.5%

45.4%

44.9%

44.5%

--

5.9

9.2

25

Return on Equity % (EPS BV)

53.1%

78.6%

43.3%

48.2%

42.6%

53.2%

--

7.2

22.4

26
27
28

Financial Leverage
* Avg (High + Low) 2

2.1

2.8

1.3

1.5

1.6

29

Model based on earnings:

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32
33
34

Average high P/E x estimated Year 6 EPS:

19.52

3.40

$66.34

(high valuation estimate)

Average low P/E x estimated Year 6 EPS:

15.46

3.40

$52.54

(low valuation estimate)

35
36
37
38

Estimated Year 6 annual DPS average low DY

1.54

2.3%

$67.19

(high valuation estimate)

Estimated Year 6 annual DPS average high DY

1.54

3.0%

$51.74

(low valuation estimate)

1.9

--

1.9

22.4

0.2
0.2
1.1
Shaded areas do not need to be filled in.

Valuation Estimates

Model based on dividends:

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15.1