General Mills Inc "Milling It Over; Stay Sell" (Sell) Grom

研报英文原文证据摘录

General Mills Inc "Milling It Over; Stay Sell" (Sell) Grom

Global Research

2 July 2026ab

General Mills Inc Equities

United StatesMilling It Over; Stay Sell

Food Products

12-month rating Sell

A Decent Quarter, But A Long Way To Go; Stay Sell

GIS reported a F4Q beat, with organic sales, GM, and OPM all coming in above 12m price target US$33.00

expectations. Beyond the quarter, much of the focus today was on the company's initial Prior : US$30.00

FY27 outlook, which largely bracketed Street expectations on both the top and bottom

Price (01 Jul 2026) US$37.77

line, along with management's commentary around several mechanical headwinds that

are expected to make 1Q the weakest quarter of the year. Exiting the print, we believe RIC: GIS.N BBG: GIS US

the key investor debate remains largely unchanged, with many likely questioning

Trading data and key metrics

whether GIS can return to sustainable top/bottom-line growth and stabilize

52-wk range US$53.15-32.17

fundamentals against a still challenged consumer backdrop. Specifically, as the company

laps last year's pricing investments and shifts its focus toward innovation/renovation, we Market cap. US$20.8b

believe investors will likely seek greater evidence that the implied top-line acceleration Shares o/s 551m (COM)

embedded in the outlook is feasible. With valuation now in-line/slightly above historical Free float 96%

averages and the fundamental trajectory still uncertain, we think the risk/reward skews Avg. daily volume ('000) 2,695

to the downside from here. Avg. daily value (m) US$93

Common s/h equity (05/27E) US$7.36b

FY27 Guidance Largely Brackets Street Expectations P/BV (05/27E) 2.7x

GIS's initial FY27 guidance calls for EPS of $3.00-$3.20. Embedded in this is the Net debt to EBITDA (05/27E) 4.1x