Discounted Cash Flow

General Mills Inc.

GIS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.7b $2.83
2017 $15.6b $1.7b (-2.4%) $1.6b 10.6% $2.82 (-0.4%)
2018 $15.7b (0.8%) $2.1b (28.6%) $2.2b (36.2%) 13.5% (27.6%) $3.69 (30.9%)
2019 $16.9b (7.1%) $1.8b (-17.8%) $2.3b (2.3%) 10.4% (-23.2%) $2.92 (-20.9%)
2020 $17.6b (4.5%) $2.2b (24.4%) $3.2b (41.7%) 12.4% (19.1%) $3.59 (22.9%)
2021 $18.1b (2.8%) $2.3b (7.3%) $2.5b (-23.7%) 12.9% (4.3%) $3.81 (6.1%)
2022 $19.0b (4.8%) $2.7b (15.7%) $2.7b (12.0%) 14.3% (10.4%) $4.46 (17.1%)
2023 $20.1b (5.8%) $2.6b (-4.2%) $2.1b (-24.0%) 12.9% (-9.4%) $4.36 (-2.2%)
2024 $19.9b (-1.2%) $2.5b (-3.8%) $2.5b (21.0%) 12.6% (-2.6%) $4.34 (-0.5%)
2025 $19.5b (-1.9%) $2.3b (-8.1%) $2.3b (-9.3%) 11.8% (-6.3%) $4.12 (-5.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model