Kellanova Co

K: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$45.00	Qxlzbq	Gntzpywm

Kellanova: Shares on Sale Despite Boasting Attractive Category and Geographic Reach

Erin Lash

Oct 2, 2023

We’re initiating coverage of Kellanova (the standalone global snacking operation of the former Kellogg business) with a $75 fair value estimate and a narrow moat rating. Kellanova possesses a stout portfolio, made up of a host of leading brands. Its top five—Pringles, Cheez-It, Eggo, Pop-Tarts, and Rice Krispies Treats—together account for around 50% of its sales mix.

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