CONTINUING EXAMPLES For Kellogg (K), we will address the method by which forecasts can be formed while recognizing that one set of "right" answers does not exist. At the end of this section, we provide a set of forecasts that will be used in valuation tasks in subsequent chapters. CE7.17 Given the analysis of Kellogg (K) performed in Chapter 6, form reasonable parsimonious forecasts for K of sales growth, PM, and ATO. Use those assumptions to form parsimonious forecasts of sales, NOPAT, and NOA for 2019-2022. +0.2 Bom this forecasting. EXHIBIT 6.9 Amounts in Millions RNOA NOPAT. Average NOA. RNOA.. PM NOPAT.. *** Sales.. Operating PM. ATO Sales... Average NOA. Operating ATO. RNFL FEAT (FIAT). Average NFL RNFL **** **** GIS' and K's RNOA, PM, ATO, and RNFL ****** ...... *** *** GIS 2,316.4 20,945.6 11.06% GIS 2,316.4 15,740.4 14.72% GIS 15,740.4 20,945.6 0.751 GIS (364.3) 15,745.1 (2.31)% K 1,590 12,382 12.84% K 1,590 13,547 11.74% K 13,547 12,382 1.094 K 249 10,016.5 2.49%