General Mills forward adjusted EPS valuation

Sources

1. October 2 Model Edge reference GIS quote $32.01, refreshed 2026-10-02T17:10:09.150101-06:00. Price alone is not evidence to change operating forecasts; BRUN separately refreshes the existing peer-relative valuation. (accessed 2026-10-02)
2. October 2 8-K confirms September 29 annual-meeting certificate amendments (officer exculpation and federal forum); the advisory proposal limiting preferred-stock authority is not preferred issuance. Ten directors received 5,323 contingent RSUs each (53,230 total); they vest at the next annual meeting and are not a new operating forecast. Keep $3.10 EPS and 12x, $37.20 base. — modeledge.ai (accessed 2026-10-02)
3. September 30 Modeledge reference GIS price $32.16, refreshed 2026-09-30T15:27:36.602409-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
4. September 30 shares fell 4.91%. New 8-K appoints Dana McNabb CEO from January 1, 2027 with Jeff Harmening becoming executive chair. No new earnings forecast accompanies the transition. Preserve $3.10 normalized EPS, 12x and $37.20 intrinsic value; executive salary/incentive terms alone do not support a new operating-margin forecast or establish causation for the entire price decline. — modeledge.ai (accessed 2026-09-30)
5. September 29 Modeledge reference GIS stock price $33.82, retrieved 2026-09-29T15:15:08.064958-06:00; a post-session reference snapshot, not an asserted official close. No operating or intrinsic valuation inputs changed in this review. (accessed 2026-09-29)
6. September 29 AGM transcript fully reviewed: approximately $750M FY2027 savings and $3B cumulative through FY2030 combine HMM, transformation and other actions. These savings fund inflation offsets and reinvestment and are not incremental EPS guidance. Preserve $3.10 forward adjusted EPS and 12x. Blank-check preferred proposal concerns authority; no preference shares are outstanding. Historical annual/proxy/Q1 source reconciliation remains partial. — modeledge.ai (accessed 2026-09-29)
7. September 23 Q1 FY2027 release reaffirmed adjusted EPS guidance of $3.00-$3.20. Correct the prior $3.40 forward EPS to the $3.10 midpoint; this is a catch-up correction, not a newly announced guidance cut. Preserve 12x base P/E and original absolute scenario EPS deviations: bear $2.80 at 10x and bull $3.45 at 14x are analyst sensitivities, not company guidance. Update weighted diluted shares to Q1 537.9M. Inflation is expected near the high end of 4%-5%; savings are already part of the guide and are not added twice. Historical July-to-September source review remains incomplete. — sec.gov (accessed 2026-09-23)
8. September 23 reference GIS price $35.82; quote timestamp 2026-09-23T15:03:25.957482-06:00. Market price alone does not change operating value. (accessed 2026-09-23)
9. General Mills reported fiscal 2026 adjusted diluted EPS of $3.55; reported GAAP earnings were depressed by non-cash impairment and divestiture-related charges. — sec.gov (accessed 2026-07-18)