General Mills (NYSE:GIS) Cyclically Adjusted Book per Share

: $13.88 (As of Aug. 2023)

View and export this data going back to 1952. Start your Free Trial

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

General Mills's adjusted book value per share for the three months ended in Aug. 2023 was $17.657. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $13.88 for the trailing ten years ended in Aug. 2023.

During the past 12 months, General Mills's average Cyclically Adjusted Book Growth Rate was 6.40% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 9.30% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 7.00% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 3.30% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of General Mills was 29.90% per year. The lowest was -9.10% per year. And the median was 6.10% per year.

As of today (2023-11-30), General Mills's current stock price is $62.89. General Mills's Cyclically Adjusted Book per Share for the quarter that ended in Aug. 2023 was $13.88. General Mills's Cyclically Adjusted PB Ratio of today is 4.53.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of General Mills was 7.39. The lowest was 3.76. And the median was 5.48.

General Mills Cyclically Adjusted Book per Share Historical Data

The historical data trend for General Mills's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

General Mills Annual Data

Trend

May14

May15

May16

May17

May18

May19

May20

May21

May22

May23

Cyclically Adjusted Book per Share

10.23

10.47

11.39

12.75

13.66

General Mills Quarterly Data
	Nov18	Feb19	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23
Cyclically Adjusted Book per Share																13.04	13.18	13.41	13.66	13.88

Competitive Comparison

For the Packaged Foods subindustry, General Mills's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

General Mills Cyclically Adjusted PB Ratio Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where General Mills's Cyclically Adjusted PB Ratio falls into.

General Mills Cyclically Adjusted Book per Share Calculation

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, General Mills's adjusted Book Value per Share data for the three months ended in Aug. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Aug. 2023 (Change)	*	Current CPI (Aug. 2023)
	=	17.657	/	129.5375	*	129.5375
	=	17.657

Current CPI (Aug. 2023) = 129.5375.

General Mills Quarterly Data

	Book Value per Share	CPI	Adj_Book
201311	10.621	98.334	13.991
201402	10.236	99.057	13.386
201405	10.673	100.373	13.774
201408	10.273	100.352	13.261
201411	9.395	99.635	12.215
201502	9.128	99.032	11.940
201505	8.346	100.333	10.775
201508	8.260	100.548	10.641
201511	8.085	100.135	10.459
201602	8.236	100.040	10.664
201605	8.261	101.355	10.558
201608	8.255	101.617	10.523
201611	7.205	101.829	9.166
201702	7.053	102.779	8.889
201705	7.502	103.256	9.412
201708	6.870	103.587	8.591
201711	7.441	104.072	9.262
201802	8.710	105.052	10.740
201805	10.354	106.148	12.636
201808	10.443	106.383	12.716
201811	11.148	106.338	13.580
201902	12.159	106.649	14.769
201905	11.720	108.048	14.051
201908	12.221	108.245	14.625
201911	12.756	108.519	15.227
202002	12.504	109.139	14.841
202005	13.215	108.175	15.825
202008	13.814	109.662	16.318
202011	13.984	109.793	16.499
202102	14.531	110.968	16.963
202105	15.584	113.576	17.774
202108	15.987	115.421	17.942
202111	15.790	117.269	17.442
202202	16.295	119.703	17.634
202205	17.603	123.323	18.490
202208	17.794	124.958	18.446
202211	17.149	125.607	17.686
202302	17.394	126.928	17.752
202305	17.814	128.314	17.984
202308	17.657	129.538	17.657

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

General Mills (NYSE:GIS) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

General Mills's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	62.89	/	13.88
	=	4.53

During the past 13 years, the highest Cyclically Adjusted PB Ratio of General Mills was 7.39. The lowest was 3.76. And the median was 5.48.

Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.

General Mills Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of General Mills's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

General Mills (NYSE:GIS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » General Mills Inc (NYSE:GIS) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

GIS:Mexico GRM:Germany GRM:Germany GRM:Germany G1MI34:Brazil GIS:Austria

Address

Number One General Mills Boulevard, Minneapolis, MN, USA, 55426

Website

https://www.generalmills.com

General Mills is a global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and super-premium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2023, 81% 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 foodservice channel and the commercial baking industry.

Executives

Werner Lanette Shaffer	officer: Chief Innovation Officer	ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
C Kim Goodwin	director	C/O AKAMAI TECHNOLOGIES, INC., 8 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Karen Wilson Thissen	officer: General Counsel & Secretary	1098 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS MN 55474
Paul Joseph Gallagher	officer: Chief Supply Chain Officer	1 GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jaime Montemayor	officer: Chief Technology Officer	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Mark A Pallot	officer: Chief Accounting Officer	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jo Ann Jenkins	director	2211 SOUTH 47TH STREET, PHOENIX AZ 85034
Dana M Mcnabb	officer: Group President	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Elizabeth Cahill Lempres	director	TWO COMMERCE SQUARE, 2001 MARKET STREET, SUITE 3600, PHILADELPHIA PA 19103
Sean N Walker	officer: Group President	NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Diane L Neal	director
Jodi J Benson	officer: Chief Innovation Officer	GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Maria Sastre	director	C/O DARDEN RESTAURANTS, INC., 1000 DARDEN CENTER DRIVE, ORLANDO FL 32837
Bishop William W Jr	officer: Group President	C/O BLUE BUFFALO PET PRODUCTS, INC., 11 RIVER ROAD, WILTON CT 06897
Kofi A Bruce	officer: Vice President	GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426