First Read: General Mills Inc "GIS Delivers 4Q Beat With FY27 Guidance..."

研报英文原文证据摘录

First Read: General Mills Inc "GIS Delivers 4Q Beat With FY27 Guidance..."

Global Research

1 July 2026ab

First Read

EquitiesGeneral Mills Inc

GIS Delivers 4Q Beat With FY27 Guidance United States

Bracketing Street Expectations Food Products

12-month rating Sell

12m price target US$30.00

Initial Reaction: Slightly Positive

Heading into the print, our conversations suggested that while sentiment leaned

negative, weakness for the quarter was largely expected and understood. The bigger Price (30 Jun 2026) US$34.80

focus on the print was initial FY27 guidance, with most discussions indicating that a RIC: GIS.N BBG: GIS US

challenged guide was widely anticipated at this stage. Against that backdrop, we think

Trading data and key metrics

the print itself will be viewed as solid as slightly better organic sales growth and strong

GM/OPM helped fuel a bottom line beat. From a guidance standpoint, while the 52-wk range US$53.83-32.17

company's forecast largely bracketed our/Street estimates (partially due to stronger base Market cap. US$19.2b

period results and does not include announced divestitures that have not yet closed), we Shares o/s 551m (COM)

think the headline figures will be viewed as better-than-feared. Even though the stock Free float 96%

has outperformed in recent weeks heading into the print and we suspect some investors Avg. daily volume ('000) 2,627

will question the feasibility of the outlook on the top line given the implied improvement Avg. daily value (m) US$90.7

vs. a challenging FY26, we still think the print/outlook will be enough to push shares Common s/h equity (05/26E) US$9.32b

higher this morning (currently indicating +4%). P/BV (05/26E) 2.0x

Net debt to EBITDA (05/26E) 4.0x

FY27 Guidance Brackets Street Expectations

EPS (UBS, diluted) (USD)