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General Mills Inc - Stock Quote GIS

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Morningstar's General Mills Inc Stock Analysis

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Despite Steep Inflation, General Mills’ Sales Volumes Remain Resilient, but Shares Fully Valued

Analyst Note

| Rebecca Scheuneman, CFA |

Heading into General Mills’ fiscal fourth-quarter report, we expected to see the firm’s sales volumes begin to suffer as consumers shifted from its generally higher-priced fare to value brands and private label, given steep inflation. While consumers are migrating to private brands, this is being offset by a shift from restaurants to at-home eating, and General Mills’ volumes have remained rather resilient. Fiscal 2022 sales increased 6% organically (price/mix up 7% and volumes down 1%), in line with our estimate. Another wave of price increases should increase our fiscal 2023 sales forecast from our 1% preprint estimate to be more in line with newly issued guidance of 4%-5% growth, driving a mid-single-digit expected increase in our $70 fair value estimate. With the stock up 6% on the report, shares remain fairly valued.

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General Mills Inc's Company Profile

Business Description

General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs. In fiscal 2021, 75% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products into the food-service channel and the commercial baking industry.

Number One General Mills Boulevard
Minneapolis, MN, 55426
T +1 763 764-7600
Industry Packaged Foods
Most Recent Earnings May 31, 2022
Fiscal Year End May 29, 2023
Stock Type Classic Growth
Employees 32,500

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