Financials Conagra Brands, Inc.

Equities

CAG

US2058871029

Food Processing

Real-time Estimate Cboe BZX Other stock markets 03:15:38 2024-10-03 pm EDT			5-day change	1st Jan Change
29.30 ^USD	-2.58%		-9.53%	+2.56%

03:07pm	TD Cowen Adjusts Price Target on Conagra Brands to $30 From $28, Maintains Hold Rating	MT
01:15pm	BNP Paribas Exane Adjusts Conagra Brands Price Target to $34 From $35, Maintains Outperform Rating	MT

Projected Income Statement: Conagra Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	11,054	11,185	11,536	12,277	12,051	11,906	12,097	12,219
Change	-	1.18%	3.14%	6.42%	-1.84%	-1.2%	1.6%	1.01%
EBITDA ¹	2,297	2,446	2,229	2,520	2,484	2,307	2,378	2,418
Change	-	6.49%	-8.89%	13.08%	-1.43%	-7.12%	3.09%	1.64%
EBIT ¹	1,821	1,955	1,657	1,917	1,923	1,868	1,937	1,964
Change	-	7.36%	-15.26%	15.68%	0.32%	-2.83%	3.66%	1.4%
Interest Paid ¹	-487.1	-420.4	-379.9	-409.6	-430.5	-416.1	-399.8	-378
Earnings before Tax (EBT) ¹	969.9	1,410	1,033	689.9	610.2	1,453	1,618	1,696
Change	-	45.41%	-26.72%	-33.24%	-11.55%	138.12%	11.32%	4.86%
Net income ¹	840.1	1,299	888.2	683.6	347.2	1,269	1,234	1,281
Change	-	54.6%	-31.61%	-23.04%	-49.21%	265.37%	-2.75%	3.81%
Announcement Date	6/30/20	7/13/21	7/14/22	7/13/23	7/11/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	2,391	2,821	2,555	3,288	2,679	2,995	2,771	2,740	2,653	3,059	2,914	2,910	2,904	3,313	3,086	2,973	2,904	3,208	3,033	2,906	2,795	3,149	3,027	2,926	2,836	3,193	3,058	3,003
Change	-	17.99%	-9.42%	28.68%	-18.52%	11.81%	-7.48%	-1.14%	-3.15%	15.29%	-4.75%	-0.13%	-0.2%	14.07%	-6.83%	-3.67%	-2.33%	10.47%	-5.46%	-4.19%	-3.82%	10.81%	-3.87%	-3.35%	-3.05%	12.56%	-4.2%	-1.81%
EBITDA ¹	471.4	579.8	500.1	690	647.3	712.3	566	520.4	501	584.6	552.5	590.5	546.5	710.3	669.2	594.2	612.5	660.7	633.6	577.4	527.7	590.7	609.4	573.1	525.4	609.4	613.1	581.4
Change	-	23%	-13.75%	37.97%	-6.19%	10.04%	-20.54%	-8.06%	-3.73%	16.69%	-5.49%	6.88%	-7.45%	29.97%	-5.79%	-11.21%	3.08%	7.87%	-4.1%	-8.87%	-8.61%	8.44%	3.16%	-5.96%	-8.32%	15.99%	0.6%	-5.17%
EBIT ¹	374.7	483.1	401	562.4	540.5	587.8	443.5	383.4	374.9	447.2	399.5	435.2	398.2	562.8	522.3	433.3	484.3	510.3	498.4	429.7	397.9	486.4	518.2	466	420.4	504	524.9	474.8
Change	-	28.93%	-16.99%	40.25%	-3.89%	8.75%	-24.55%	-13.55%	-2.22%	19.29%	-10.67%	8.94%	-8.5%	41.34%	-7.2%	-17.04%	11.77%	5.37%	-2.33%	-13.78%	-7.4%	9.76%	6.54%	-10.06%	-9.79%	19.9%	4.15%	-9.55%
Charge d'intérêts ¹	-122.7	-121.4	-117.7	-125.3	-113.7	-107.7	-100.6	-98.4	-94.2	-94.9	-94.6	-96.2	-97.1	-100.3	-104.2	-108	-106	-113.3	-106.5	-104.7	-105.8	-104.6	-103.7	-102.2	-102.2	-99.4	-98.83	-97.57
Earnings before Tax (EBT) ¹	150.5	318	263.2	238.2	410	437.2	361.8	201.3	285.2	330.6	280.7	136.9	-112.3	455.4	391.8	-45	382.7	334.8	363.5	-601.8	328	422	427	379.4	334.3	467.8	460.6	408.3
Change	-	111.3%	-17.23%	-9.5%	72.12%	6.63%	-17.25%	-44.36%	41.68%	15.92%	-15.09%	-51.23%	-	-	-13.97%	-	-	-12.52%	8.57%	-	0%	21.31%	1.16%	-11.14%	-11.89%	39.93%	-1.54%	-11.35%
Net income ¹	173.8	260.5	204.4	201.4	329	378.9	281.4	309.5	235.4	275.5	218.4	158.9	-77.5	381.9	341.7	37.5	319.7	286.2	308.6	-567.3	466.8	315.7	316.2	286.7	253.9	357.9	349.8	312.3
Change	-	49.88%	-21.54%	-1.47%	63.36%	15.17%	-25.73%	9.99%	-23.94%	17.03%	-20.73%	-27.24%	-	-	-10.53%	-89.03%	752.53%	-10.48%	7.83%	-	0%	15.24%	0.16%	-9.32%	-11.45%	40.96%	-2.26%	-10.72%
Announcement Date	9/26/19	12/19/19	3/31/20	6/30/20	10/1/20	1/7/21	4/8/21	7/13/21	10/7/21	1/6/22	4/7/22	7/14/22	10/6/22	1/5/23	4/5/23	7/13/23	10/5/23	1/4/24	4/4/24	7/11/24	10/2/24	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Conagra Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,194	8,927	8,897	9,145	8,364	8,077	7,704	7,662
Change	-	-2.9%	-0.34%	2.79%	-8.54%	-3.43%	-4.62%	-0.55%
Announcement Date	6/30/20	7/13/21	7/14/22	7/13/23	7/11/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Conagra Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	369.5	506.4	464.4	362.2	388.1	467.2	492.1	498.1
Change	-	37.05%	-8.29%	-22.01%	7.15%	20.39%	5.33%	1.2%
Free Cash Flow (FCF) ¹	1,473	961.7	712.9	633.2	1,628	1,177	1,321	1,133
Change	-	-34.72%	-25.87%	-11.18%	157.03%	-27.68%	12.22%	-14.22%
Announcement Date	6/30/20	7/13/21	7/14/22	7/13/23	7/11/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Conagra Brands, Inc.

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.78%	21.87%	19.32%	20.53%	20.61%	19.38%	19.66%	19.79%
EBIT Margin (%)	16.47%	17.48%	14.36%	15.61%	15.95%	15.69%	16.01%	16.07%
EBT Margin (%)	8.77%	12.61%	8.96%	5.62%	5.06%	12.2%	13.37%	13.88%
Net margin (%)	7.6%	11.61%	7.7%	5.57%	2.88%	10.65%	10.2%	10.48%
FCF margin (%)	13.33%	8.6%	6.18%	5.16%	13.51%	9.89%	10.92%	9.27%
FCF / Net Income (%)	175.35%	74.05%	80.26%	92.63%	468.75%	92.79%	107.08%	88.48%
Profitability
ROA	5.01%	5.84%	3.98%	5.98%	5.96%	5.91%	6.11%	6.21%
ROE	14.47%	15.67%	10.15%	15.07%	14.9%	14%	14%	13.82%
Financial Health
Leverage (Debt/EBITDA)	4x	3.65x	3.99x	3.63x	3.37x	3.5x	3.24x	3.17x
Debt / Free cash flow	6.24x	9.28x	12.48x	14.44x	5.14x	6.86x	5.83x	6.76x
Capital Intensity
CAPEX / Current Assets (%)	3.34%	4.53%	4.03%	2.95%	3.22%	3.92%	4.07%	4.08%
CAPEX / EBITDA (%)	16.09%	20.7%	20.84%	14.37%	15.62%	20.25%	20.69%	20.6%
CAPEX / FCF (%)	25.08%	52.66%	65.14%	57.2%	23.85%	39.69%	37.26%	43.95%
Items per share
Cash flow per share ¹	3.771	3.01	2.442	2.071	4.2	3.466	3.561	3.778
Change	-	-20.19%	-18.88%	-15.19%	102.83%	-17.48%	2.76%	6.08%
Dividend per Share ¹	0.85	0.975	1.25	1.302	1.4	1.405	1.47	1.516
Change	-	14.71%	28.21%	4.2%	7.49%	0.35%	4.63%	3.11%
Book Value Per Share ¹	16.27	17.69	18.45	-	17.58	18.98	19.83	20.59
Change	-	8.74%	4.28%	-	-	7.95%	4.51%	3.8%
EPS ¹	1.72	2.66	1.84	1.42	0.72	2.744	2.708	2.836
Change	-	54.65%	-30.83%	-22.83%	-49.3%	281.11%	-1.31%	4.73%
Nbr of stocks (in thousands)	487,076	479,947	479,875	476,907	478,063	477,273	477,273	477,273
Announcement Date	6/30/20	7/13/21	7/14/22	7/13/23	7/11/24	-	-	-