Using the free cash flow approach to valuation, what was Kellogg's value and stock price at the end of 2019 ? Operating profit is the same as EBIT. When computing the WACC, use the balance sheet value of total liabilities and the market value of owners' equity. How does Kellogg's value and stock price at the end of 2019 compare to General Mills and Kraft Heinz? (Note: For full credit, you must show your work for all steps involved in answering this question.) 59 Operating Activitles 61 Net income Q2 Adjutments to recondle net lhoome to operating ash flows G3 Depredation and amortiration 64 Postretirement benefit plan eqpense (benefit) 65 Deferred income taves 66 Stock compensation 67 Multiemployer pemsion plan edt liability 68 Gain from uncomolidated entities, net 69 Nonourtent income tases payable 70 Othet 71 Tax payment related to divestiture 72. Postretirement benefit plan contributions 73 Chances in operating ansets and liabilities, net of acquistions: 74 Trade receivables 75 Indertories 76 Acounts payable 77 All other carrent assets and liabilities 78 Net cash provided by (ssed in) operating activities 75 investing activities Be Additions to properties B1 Collections of deferted purchase price on searitized trade recelvables E2. Acquisitions, net of cash acquired 83 Diveltiture St Inveitments in unconsolidated entities. 8. Acrulition of cost method investments 46 Purdases of avalibblefortale securities B7) Sale of avalibbletorsale secirities Bes Other 69 Fet cash provided by (used in) ieveiting activities 50 Finandine ocivities 91 Net incease (reduction) of notes payable, with maturities less than or equal to 90 dors 92 isuances of noles payable, with maturities greater than 90 days 93 fieductions of notes payable, with maturities greater than 90 doys. 94 isuanoes of lorg term dett \$5 heductions af long term debt 96 Delt redemption coats 97 Niet issuatices of commen stod. 94 Common stod repurchastas 99 Cash dividends - 100 Orher 101 Net cash provided by (used in) financing activitie1 102 rffec of exchame rate danges on cath and canh equivalemts 109 increace (decrease) in caih and cach equivalents 104 Cash and cash equivblents at begintirg of period 105 Caith and cash equivalents at end of period 106 Supplemertal ash flow dilicasures: 107 interest paid 108 income rases paid 109 Supplemental cesh fiow didowares of nohath invedting adivities: 110 Genefidal intereats obtained in exthance for lecartiatd trade receivable1 111 Additions to propertier ind ided in acmount i payyble 12 Mooths Ended Consolidated Statement of Income Statement-USD (\$) S in Milions
