K
Kellanova
$83.44
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 12.7% above fair value
You pay
$83.44
Bear
$60.97
Fair
$74.03
Bull
$87.10
Bear
$60.97
-26.9%
$4.29 × 14x P/E
Fair
$74.03
-11.3%
$4.29 × 17x P/E
Bull
$87.10
+4.4%
$4.29 × 20x P/E
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
19.4x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $74.03 from 34 analysts, using a 30% weight on analyst consensus. That produces an estimated intrinsic value of $74.03 per share.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples