Financials General Mills, Inc.

Equities

GIS

US3703341046

Food Processing

Market Closed - Nyse Other stock markets 21:00:02 13/09/2024 BST			5-day change	1st Jan Change
73.71 ^USD	+0.96%		-1.80%	+13.16%

09-13	General Mills to Post In-Line Quarter, Maintain 2025 Guidance After a Challenging 2024, RBC Says	MT
09-13	Consumer Edge Research Adjusts General Mills Price Target to $72 From $67	MT

Projected Income Statement: General Mills, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,627	18,127	18,993	20,094	19,857	19,911	20,282	20,460
Change	-	2.84%	4.78%	5.8%	-1.18%	0.27%	1.86%	0.88%
EBITDA ¹	3,653	3,754	3,784	4,004	4,155	4,160	4,277	4,335
Change	-	2.79%	0.78%	5.82%	3.78%	0.11%	2.82%	1.35%
EBIT ¹	3,058	3,153	3,213	3,457	3,603	3,569	3,668	3,731
Change	-	3.11%	1.91%	7.59%	4.21%	-0.94%	2.77%	1.71%
Interest Paid ¹	-466.5	-420.3	-379.6	-382.1	-479.2	-521.9	-520.8	-512.2
Earnings before Tax (EBT) ¹	2,600	2,857	3,210	3,140	3,028	3,096	3,201	3,273
Change	-	9.89%	12.33%	-2.15%	-3.57%	2.24%	3.38%	2.27%
Net income ¹	2,181	2,340	2,707	2,594	2,497	2,525	2,617	2,701
Change	-	7.27%	15.71%	-4.19%	-3.75%	1.15%	3.65%	3.17%
Announcement Date	01/07/20	30/06/21	29/06/22	28/06/23	26/06/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	4,002	4,421	4,180	5,023	4,364	4,719	4,520	4,524	4,540	5,024	4,538	4,891	4,718	5,221	5,126	5,030	4,905	5,139	5,099	4,714	4,787	5,126	5,158	4,840	4,797	5,158	5,192	5,039
Change	-	10.45%	-5.44%	20.16%	-13.12%	8.14%	-4.23%	0.08%	0.36%	10.66%	-9.68%	7.79%	-3.55%	10.66%	-1.82%	-1.87%	-2.49%	4.79%	-0.78%	-7.56%	1.56%	7.08%	0.62%	-6.16%	-0.89%	7.52%	0.66%	-2.94%
EBITDA ¹	836.2	966.7	823.8	1,026	978.6	1,014	875	886.4	965	962.4	820.2	1,036	1,016	1,019	944.1	1,025	1,036	1,118	1,061	940.3	994.6	1,108	1,071	988.9	993.4	1,108	1,090	1,031
Change	-	15.61%	-14.78%	24.54%	-4.62%	3.67%	-13.75%	1.3%	8.87%	-0.27%	-14.78%	26.31%	-1.98%	0.37%	-7.38%	8.57%	1.09%	7.89%	-5.11%	-11.37%	5.77%	11.39%	-3.37%	-7.63%	0.46%	11.57%	-1.63%	-5.46%
EBIT ¹	682.1	813.1	675.1	887.7	832.5	865.5	715.6	739.6	819.2	821.3	676.5	896.3	881.2	879.7	807	889.4	899	989.4	914.5	799.8	848.5	963.5	916.3	840.4	865.4	975.5	941.8	868.9
Change	-	19.21%	-16.97%	31.49%	-6.22%	3.96%	-17.32%	3.35%	10.76%	0.26%	-17.63%	32.49%	-1.68%	-0.17%	-8.26%	10.21%	1.08%	10.06%	-7.57%	-12.54%	6.09%	13.55%	-4.9%	-8.28%	2.98%	12.72%	-3.46%	-7.73%
Charge d'intérêts ¹	-118.7	-119.4	-109.8	-118.6	-111.1	-100.6	-106	-102.6	-95.9	-92.7	-86.5	-104.5	-87.7	-91.5	-98.3	-104.6	-117	-117.8	-121.7	-122.7	-130.8	-130.9	-131.6	-131.4	-130	-130.9	-132.2	-133.2
Earnings before Tax (EBT) ¹	573.9	722	571.3	733	775.9	848.9	754	478.6	778	735.1	755.9	940.6	1,020	730	653.5	737.4	830	714.1	807.6	676.6	734.3	844.3	803.1	713.8	762	864.6	844.8	748.3
Change	-	25.81%	-20.87%	28.3%	5.85%	9.41%	-11.18%	-36.53%	62.56%	-5.51%	2.83%	24.43%	8.4%	-28.4%	-10.48%	12.84%	12.56%	-13.96%	13.09%	-16.22%	8.53%	14.98%	-4.88%	-11.12%	6.76%	13.46%	-2.3%	-11.42%
Net income ¹	520.6	580.8	454.1	625.7	638.9	688.4	595.7	416.8	627	597.2	660.3	822.8	820	605.9	553.1	614.9	673.5	595.5	670.1	557.5	598.3	685.4	644	580.4	623.9	706.3	680.8	608.6
Change	-	11.56%	-21.81%	37.79%	2.11%	7.75%	-13.47%	-30.03%	50.43%	-4.75%	10.57%	24.61%	-0.34%	-26.11%	-8.71%	11.17%	9.53%	-11.58%	12.53%	-16.8%	7.32%	14.55%	-6.03%	-9.88%	7.49%	13.21%	-3.62%	-10.6%
Announcement Date	18/09/19	18/12/19	18/03/20	01/07/20	23/09/20	17/12/20	24/03/21	30/06/21	22/09/21	21/12/21	23/03/22	29/06/22	21/09/22	20/12/22	23/03/23	28/06/23	20/09/23	20/12/23	20/03/24	26/06/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: General Mills, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,862	11,107	11,051	11,120	12,512	12,186	11,720	11,427
Change	-	-6.36%	-0.5%	0.62%	12.52%	-2.61%	-3.82%	-2.5%
Announcement Date	01/07/20	30/06/21	29/06/22	28/06/23	26/06/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: General Mills, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	460.8	530.8	568.7	689.5	774.1	734.1	727.9	754
Change	-	15.19%	7.14%	21.24%	12.27%	-5.16%	-0.84%	3.59%
Free Cash Flow (FCF) ¹	3,215	2,452	2,747	2,089	2,528	2,561	2,807	3,012
Change	-	-23.73%	12.03%	-23.96%	21.03%	1.28%	9.62%	7.28%
Announcement Date	01/07/20	30/06/21	29/06/22	28/06/23	26/06/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: General Mills, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.72%	20.71%	19.92%	19.93%	20.93%	20.89%	21.09%	21.19%
EBIT Margin (%)	17.35%	17.4%	16.92%	17.21%	18.14%	17.92%	18.08%	18.23%
EBT Margin (%)	14.75%	15.76%	16.9%	15.63%	15.25%	15.55%	15.78%	16%
Net margin (%)	12.37%	12.91%	14.25%	12.91%	12.57%	12.68%	12.91%	13.2%
FCF margin (%)	18.24%	13.53%	14.47%	10.4%	12.73%	12.86%	13.84%	14.72%
FCF / Net Income (%)	147.41%	104.81%	101.48%	80.54%	101.28%	101.41%	107.25%	111.52%
Profitability
ROA	7.16%	7.49%	7.67%	8.27%	8.33%	8.03%	8.32%	8.79%
ROE	28.87%	26.78%	24.11%	24.64%	26.41%	26.28%	26.75%	26.94%
Financial Health
Leverage (Debt/EBITDA)	3.25x	2.96x	2.92x	2.78x	3.01x	2.93x	2.74x	2.64x
Debt / Free cash flow	3.69x	4.53x	4.02x	5.32x	4.95x	4.76x	4.17x	3.79x
Capital Intensity
CAPEX / Current Assets (%)	2.61%	2.93%	2.99%	3.43%	3.9%	3.69%	3.59%	3.69%
CAPEX / EBITDA (%)	12.62%	14.14%	15.03%	17.22%	18.63%	17.65%	17.02%	17.39%
CAPEX / FCF (%)	14.33%	21.64%	20.7%	33%	30.61%	28.67%	25.93%	25.04%
Items per share
Cash flow per share ¹	5.994	4.819	5.413	4.622	5.699	5.868	5.651	6.095
Change	-	-19.61%	12.34%	-14.62%	23.31%	2.96%	-3.69%	7.87%
Dividend per Share ¹	1.96	2.02	2.04	2.16	2.36	2.424	2.524	2.629
Change	-	3.06%	0.99%	5.88%	9.26%	2.71%	4.13%	4.16%
Book Value Per Share ¹	13.21	15.58	17.6	17.81	16.81	17.34	18.01	19.62
Change	-	17.92%	12.96%	1.2%	-5.65%	3.15%	3.87%	8.98%
EPS ¹	3.56	3.78	4.42	4.31	4.31	4.489	4.742	4.997
Change	-	6.18%	16.93%	-2.49%	0%	4.14%	5.64%	5.37%
Nbr of stocks (in thousands)	606,139	609,971	602,212	587,354	564,549	556,620	556,620	556,620
Announcement Date	01/07/20	30/06/21	29/06/22	28/06/23	26/06/24	-	-	-