04-11-2017: Mondelez International, Inc. (MDLZ): Kraft-Heinz's Snack $25 Billion Spinoff

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Recommendation

Mondelez International, Inc.

"Mondelez" is a weird name for what is essentially Kraft, a much more recognizable grocery-dairy-food-snack products name. Kraft has had a tangled web of deals, mergers, acquisitions and spinoffs as part of its long history. It is a giant corporation that has been broken up. In 2012, employees decided upon a new name for the snack division spinoff, which some consider to be in the "confectionary" industry. The spinoff is traded under the ticker symbol MDLZ. The quirky name combines a word for "world" and "delicious" and many would say they never heard of this company although when identified as Kraft, they would immediately recognize it. An accent over the final "e" suggest you pronounce the last syllable in the name to rhyme with "ease." So why if they renamed Kraft to Mondelez, is there still a Kraft-Heinz corporation traded under the symbol KHC? The following is a summary:

2011: Kraft announces plans to split the company by spinning off its $16 billion North American grocery operation but retaining its $32 billion global snacks business.

2012: Following the spin-off of its North American grocery operations, Kraft's remaining global snacking business is named Mondelez International.

2015 Mar.: Heinz agrees to merge with Kraft Foods Group Inc. to form The Kraft Heinz Company, through a deal in which Heinz's shareholders have a 51 percent interest in the company and Kraft shareholders have a 49 percent interest.

2015: By merging, Heinz and Kraft will form an organization with collective revenues of $28 billion and save approximately $1.5 billion annually by combining their distribution and manufacturing operations.

2015 July 2: The merger of Kraft and H.J. Heinz is finalized, resulting in the formation of Kraft Heinz Co.

2015 July 6: Shares of the newly-formed Kraft Heinz Co. begin trading on the NASDAQ under the ticker symbol KHC.

Although no longer directly connected with MDLZ, it is worthy of note that when Warren Buffett's Berkshire Hathaway and another capital group took control of KHC, the result was a layoff of many thousands of jobs in the U.S. resulting from "efficiency" cuts in KHC's combined operations for Heinz and Kraft.

Why do we say Mondelez is a $25 billion "spinoff" from Kraft? It's because that was the latest annual revenue, although the number has been dropping steadily from say, $35 billion just three years ago. That's why we think the "news" is generally bad for Mondelez and suggests possible very poor way-over-compensated management, especially the CEO was too lazy even to issue a CEO Letter to Shareholders from such a large company, depending instead as do many American companies of late upon "conference calls."

. Due to what is often dependence upon growth for business from emerging markets and BRIC countries, the American food group as a whole is a struggling industry group near the bottom of the list in performance. But Mondelez does appear to be a comparitive "bargain" among them. Be aware though, the corporation has a negative tangible asset value, suggesting a lot of good will and intangibles in accounting which is criticized as poor by GMI analyst.

Researchers are overwhelmingly negative on the stock as are guru analysts, and analysts are marginally positive. But institutions are net acquirers. Cash flow is poor, and currency exchange problems give the corporation more accounting issues.

Our overall assessment is negative, i.e. this stock is a "sell", but recent share price strength and indications it might make a good trading ("rolling") stock and technical factors prevent it from becoming overwhelming negative. Size and strength give the corporation and hence its stock some adversity to risk to the extent that Standard & Poor's likes it. But the consistent sharp decline in net revenues year after year also suggest considerable danger.



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It should be noted that the "history" of Mondelez is intimately tied up with the history of the former Kraft Foods Corporation.



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Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Mondelez International, Inc. (MDLZ)                       Exchange: Nasdaq
Three Parkway North
Deerfield, IL 60015              Sector: Consumer Goods
United States                    Industry:Confectioners

Mondelez International, Inc., through its subsidiaries, manufactures and
markets snack food and beverage products worldwide. It offers biscuits,
including cookies, crackers, and salted snacks; chocolates; gums and
candies; coffee and powdered beverages; and cheese and grocery products.
The company-Ęs primary snack brand portfolio includes Nabisco, Oreo, LU,
and belVita biscuits; Cadbury, Milka, Cadbury Dairy Milk, and Toblerone
chocolates; Trident gums; Halls candies; and Tang powdered beverages. It
sells its products to supermarket chains, wholesalers, supercenters,
club stores, mass merchandisers, distributors, convenience stores,
gasoline stations, drug stores, value stores, and other retail food
outlets through direct store delivery, company-owned and satellite
warehouses, distribution centers, and other facilities, as well as
through independent sales offices and agents, and e-commerce platforms.
The company was formerly known as Kraft Foods Inc. and changed its name
to Mondelez International, Inc. in October 2012. Mondelez International,
Inc. was founded in 2000 and is based in Deerfield, Illinois.

Last Trade:  44.11                           52-Week Range:  46.40 -  40.50
Employees: 90,000                            Avg.Volume:   8,236,979 Shares

Corporate Governance:
Pillar scores are Audit: 5; Board: 2; Shareholder Rights: 2; Compensation: 4.
         (A lower number means less governance risk.)

EPS:  1.05    Dividend Amount: $ 0.76          Yield:  1.72%
             Ex-Dividend Date: Mar 29, 2017    Payout Ratio:  68.57

Key Statistics:

    Trailing P/E:  42.08              Forward P/E (est.):  18.96
                                           Target Price:  49.21

Qrtly Stock Price Growth (yoy):   4.63%               Beta:   0.74
Qrtly S&P Index   Growth (yoy):  -8.10%        Short Ratio:   1.52%
    Qrtly Revenue Growth (yoy):  15.45%         Shares Out:  1530000000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  16.46                    Debt/Equity:  68.36%
    Price/Book Value:   2.68        Operating Profit Margin:  13.19%
         Price/Sales:   2.60                  Profit Margin:   6.40%
         Market Cap:  67,450,000,000       Return on Equity:   6.26%
    Enterprise Value:  82,700,000,000      Return on Assets:   3.44%

    Operating Cash Flow:  2,840,000,000
         Free Cash Flow:  2,320,000,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                             25,923,000  29,636,000  34,244,000
  Cost of Revenue                           15,795,000  18,124,000  21,647,000
  Gross Profit                              10,128,000  11,512,000  12,597,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          6,540,000   7,577,000   8,457,000
  Non-Recurring Expenses                       852,000     901,000     692,000
  Other Operating Expenses                     176,000     181,000     206,000
  Total Operating Expenses                           0           0           0

Operating Income or Loss                     2,569,000   8,897,000   3,242,000

Income from Continuing Operations:
  Total Other Income/Expenses Net                9,000   6,044,000   6,044,000
  Earnings Before Interest & Taxes           2,569,000   8,897,000   3,242,000
  Interest Expense                           1,115,000   1,013,000     688,000
  Income Before Taxes                        1,454,000   7,884,000   2,554,000
  Income Tax Expense                           129,000     593,000     353,000
  Minority Interest                             54,000      88,000     103,000

Net Income from Continuing Op.s              1,659,000   7,267,000   2,184,000

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 1,659,000   7,267,000   2,184,000
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            1,659,000   7,267,000   2,184,000



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                             1,659,000     7,267,000     2,184,000

Operating Activities:
  Depreciation                             823,000       894,000     1,059,000
  Adjustments to Net Income                552,000    -5,080,000      -124,000
  Changes in Accounts Recv'bls              31,000        44,000       184,000
  Changes in Liabilities                  -123,000       600,000       516,000
  Changes in Investories                    62,000       -49,000      -188,000
  Changes in other Oper'g Acts            -176,000        28,000       -86,000

Total Cash Flow f Operations             2,838,000     3,728,000     3,562,000

Investing Activities:
  Capital Exenditures                   -1,224,000    -1,514,000    -1,642,000
  Investments                                    0      -544,000      -544,000
  Other Cash Flows fr Investing            195,000     4,707,000     4,707,000

Total Cash Flows from Investing         -1,029,000     2,649,000    -1,642,000

Financing Activities:
  Dividends Paid                        -1,094,000    -1,008,000      -964,000
  Sale of Purchase of Stock             -2,601,000    -3,622,000    -1,700,000
  Net Borrowings                         1,704,000    -1,379,000      -218,000
  Other Cash Flows fr Financing            129,000       126,000     4,707,000

Total Cash Flows from Financing         -1,862,000    -5,883,000    -2,688,000

  Effect of Exchange Rate Chg              -76,000      -255,000      -223,000

Change in Cash & Cash Equiv.              -129,000       239,000      -991,000



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                 1,741,000     1,870,000     1,631,000
  Short Term Investments                          0             0             0
  Net Receivables                         3,470,000     3,846,000     5,231,000
  Inventory                               2,469,000     2,609,000     3,480,000
  Other Current Assets                      800,000       633,000     1,408,000
  Total Current Assets                    8,480,000     8,958,000    11,750,000

  Long-Term Investments                   5,585,000     5,387,000       662,000
  Property, Plant & Equipt                8,229,000     8,362,000     9,827,000
  Goodwill                               20,276,000    20,664,000    23,389,000
  Intangible Assets                      18,101,000    18,768,000    20,335,000
  Accumulated Amortization                        0             0             0
  Other Assets                              509,000       427,000       808,000
  Deferred LT Asset Charges                 358,000       277,000       277,000

Total Assets                             61,538,000    62,843,000    66,771,000

Current Liabilities:
  Accounts Payable                        7,799,000     7,368,000     8,292,000
  Current Portion LT Debt                 3,982,000       841,000     2,835,000
  Other Current Liabilities               2,636,000     2,713,000     2,880,000
  Total Current Liabilities              14,417,000    10,922,000     14,007,000

  Long Term Debt                          7,799,000     7,368,000     8,292,000
  Other Liabilities                       3,982,000       841,000     2,835,000
  Deferred LT Liab. Charges               2,636,000     2,713,000     2,880,000
  Minority Interest                          54,000        88,000       103,000
  Negative Goodwill                          54,000        88,000       103,000

Total Liabilities                        36,406,000    30,081,000    39,021,000

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                    0             0             0
  Retained Earnings                      21,149,000    20,700,000    14,529,000
  Treasury Stock                        -16,713,000   -14,462,000   -11,112,000
  Capital Surplus                        31,847,000    31,760,000    31,651,000
  Other Stockhohlder Equity             -11,122,000    -9,986,000    -7,318,000
  Total Stockholder Equity               25,161,000    28,012,000    27,750,000

Net Tangible Assets                     -13,216,000   -11,420,000   -15,974,000



Mondelez International, Inc. (MDLZ)         [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.6654          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.4768
Price/Sales Ratio < 2.3?   0.8846          Inventory/Sales < 5%?      0.5250
Sales < $1 Billion?        0.0386          Operating Margin < 7.5%?   0.5686

Balance Sheet Tests:
Debt/Equity < 0.40?        0.5851          Long-Term Debt Service:    1.9015
LTD Being Reduced?         0.0000          Short-Term Debt Service:   2.3040
Current Ratio > 2?         0.2941          Working Capital >= 1.5?    2.5842
Leverage Ratio < 20%?      0.1283          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.3262
Share Equity Increase:     1.9077          Market Cap.< 1.5 Billion?  0.0222
                                           Intangibles < 3% Assets?   0.0481
Income Tests:
Profit Margin < 7.5%?      0.8533          EPS Annual Growth > 10%?   0.4380
Dividend Yield > 2.0%?     1.1628          EPS 3-yr Growth > 15?      0.1975
Enterprise Value/Revenue   2.6024          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.9210
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    2.5434
                                           Borrowing Int. Rate < 6%?  0.7112
Stock Performance Tests:
Volatility > 25%?          0.5086          % Held by Insiders < 5%?   1.7241
Beta > 1.25?               0.5920          % Held by Institut. < 50?  0.6460
50 Da MA > 200 Da MA?      0.0190          % Held by Institut. > 30?  2.5800
52-Wk Change vs. S&P 500:  0.2997          Short Ratio > 5?           0.3040
Price/Book Value < 3?      1.1195          Short % of Float > 20?     0.0505
Return on Assets > 17%?    0.2024          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.2241          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  1.1891
                                           Cash Flow / Assets > 10%?  0.9310

MDLZ   Mondelez International, Inc.        Overall Zenith Index:      1.1033


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Financial Statements

MONDELEZ INTERNATIONAL INC CLASS A  (MDLZ)  INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                       35,015,000,064  35,299,000,320  34,243,999,744  29,635,999,744  25,923,000,320  25,923,000,320
Cost of revenue                               21,938,999,296  22,189,000,704  21,646,999,552  18,123,999,232  15,795,000,320  15,795,000,320
Gross profit                                  13,075,999,744  13,109,999,616  12,597,000,192  11,512,000,512  10,128,000,000  10,128,000,000


Operating expenses
Sales, General and administrative              9,176,000,512   8,679,000,064   8,456,999,936   7,576,999,936   6,540,000,256   6,540,000,256
Other operating expenses                         263,000,000     460,000,000     898,000,000  -4,961,999,872   1,019,000,000   1,019,000,000
Total operating expenses                       9,438,999,552   9,139,000,320   9,354,999,808   2,615,000,064   7,559,000,064   7,559,000,064

Operating income                               3,636,999,936   3,971,000,064   3,241,999,872   8,897,000,448   2,568,999,936   2,568,999,936
Interest Expense                               1,176,999,936   1,017,000,000     778,000,000     609,000,000     515,000,000     515,000,000
Other income (expense)                          -686,000,000    -562,000,000      90,000,000    -404,000,000    -600,000,000    -600,000,000
Income before taxes                            1,774,000,000   2,392,000,000   2,553,999,872   7,884,000,256   1,454,000,000   1,454,000,000
Provision for income taxes                       207,000,000      60,000,000     353,000,000     593,000,000     129,000,000     129,000,000
Other income                                               0               0               0               0     344,000,000     344,000,000
Net income from continuing operations          1,567,000,064   2,332,000,000   2,200,999,936   7,290,999,808   1,668,999,936   1,668,999,936
Net income from discontinuing ops              1,488,000,000   1,603,000,064               0               0               0               0
Other                                            -27,000,000     -20,000,000     -17,000,000     -24,000,000     -10,000,000     -10,000,000
Net income                                     3,028,000,000   3,915,000,064   2,184,000,000   7,266,999,808   1,659,000,064   1,659,000,064
Net income available to common shareholders    3,028,000,000   3,915,000,064   2,184,000,000   7,266,999,808   1,659,000,064   1,659,000,064

Earnings per share
Basic                                                   1.70            2.21            1.29            4.49            1.07            1.07 
Diluted                                                 1.69            2.19            1.28            4.44            1.05            1.05 

Weighted average shares outstanding
Basic                                          1,776,999,936   1,774,000,000   1,691,000,064   1,618,000,000   1,556,000,000   1,556,000,000
Diluted                                        1,788,999,936   1,788,999,936   1,708,999,936   1,636,999,936   1,572,999,936   1,572,999,936

____________________________________________________________________________________________________________________________________________


MONDELEZ INTERNATIONAL INC CLASS A  (MDLZ)  BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Total cash                                     4,474,999,808   2,664,000,000   1,631,000,064   1,870,000,000   1,740,999,936

Receivables                                    6,128,999,936   5,402,999,808   3,801,999,872   2,633,999,872   2,611,000,064
Inventories                                    3,740,999,936   3,743,000,064   3,480,000,000   2,608,999,936   2,468,999,936
Deferred income taxes                            542,000,000     517,000,000     480,000,000               0               0
Other current assets                             735,000,000     889,000,000   2,356,999,936   1,844,999,936   1,659,000,064
Total current assets                          15,621,999,616  13,216,000,000  11,749,999,616   8,958,000,128   8,480,000,000

Non-current assets

Property, plant and equipment
Gross property, plant and equipment           16,856,000,512  17,614,000,128  16,912,000,000  14,554,000,384  14,686,999,552
Accumulated Depreciation                      -6,846,000,128  -7,367,000,064  -7,085,000,192  -6,192,000,000  -6,457,999,872
Net property, plant and equipment             10,010,000,384  10,247,000,064   9,827,000,320   8,361,999,872   8,229,000,192

Equity and other investments                               0               0               0   5,386,999,808   5,584,999,936
Goodwill                                      25,801,000,960  25,596,999,680  23,388,999,680  20,664,000,512  20,276,000,768
Intangible assets                             22,552,000,512  21,994,000,384  20,334,999,552  18,767,998,976  18,101,000,192
Deferred income taxes                                      0               0               0               0     358,000,000
Other long-term assets                         1,492,999,936   1,503,000,064   1,514,000,000     704,000,000     509,000,000
Total non-current assets                      59,855,998,976  59,341,000,704  55,065,001,984  53,885,001,728  53,057,998,848

Total assets                                  75,477,999,616  72,557,002,752  66,815,000,576  62,842,998,784  61,538,000,896 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                3,851,000,064   2,639,000,064   2,835,000,064     841,000,000   3,982,000,128
Accounts payable                               4,641,999,872   5,344,999,936   5,298,999,808   4,889,999,872   5,318,000,128
Accrued liabilities                            3,521,999,872   3,360,999,936   2,992,999,936   2,478,000,128   2,480,999,936
Other current liabilities                      2,857,999,872   3,051,000,064   2,880,000,000   2,712,999,936   2,636,000,000
Total current liabilities                     14,872,999,936  14,396,000,256  14,007,000,064  10,922,000,384  14,417,000,448

Non-current liabilities
Long-term debt                                15,573,999,616  14,481,999,872  13,864,999,936  14,556,999,680  13,217,000,448
Deferred taxes liabilities                     6,302,000,128   6,281,999,872   5,512,000,000   4,750,000,128   4,720,999,936
Accrued liabilities                            3,336,000,000               0               0               0               0
Pensions and other benefits                                0   2,374,000,128   3,438,000,128   2,681,999,872   2,396,000,000
Minority interest                                140,000,000     159,000,000     103,000,000      88,000,000      54,000,000
Other long-term liabilities                    3,038,000,128   2,491,000,064   2,140,000,000   1,832,000,000   1,572,000,000
Total non-current liabilities                 28,390,000,640  25,788,000,256  25,058,000,896  23,908,999,168  21,959,999,488

Total liabilities                             43,263,000,576  40,184,000,512  39,065,001,984  34,830,999,552  36,377,001,984 

Stockholders' equity

Additional paid-in capital                    31,548,000,256  31,395,999,744  31,651,000,320  31,759,998,976  31,847,000,064
Retained earnings                             10,456,999,936  13,418,999,808  14,529,000,448  20,700,000,256  21,148,999,680
Treasury stock                                -7,157,000,192  -9,553,000,448  %-11,111,999,488  %-14,462,000,128  %-16,712,999,936
Accumulated other comprehensive income        -2,632,999,936  -2,888,999,936  -7,318,000,128  -9,985,999,872  %-11,121,999,872
Total stockholders' equity                    32,214,999,040  32,373,000,192  27,750,000,640  28,011,999,232  25,161,000,960
Total liabilities and stockholders' equity    75,477,999,616  72,557,002,752  66,815,000,576  62,842,998,784  61,538,000,896

____________________________________________________________________________________________________________________________________________


MONDELEZ INTERNATIONAL INC CLASS A  (MDLZ)  Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                     3,055,000,064   3,935,000,064   2,200,999,936   7,290,999,808   1,668,999,936   1,668,999,936
Depreciation & amortization                    1,344,999,936   1,076,999,936   1,059,000,000     894,000,000     823,000,000     823,000,000
Investment/asset impairment charges              126,000,000      97,000,000     240,000,000     345,000,000     446,000,000     446,000,000
Investments losses (gains)                                 0               0               0               0     -43,000,000     -43,000,000
Deferred income taxes                            410,000,000     -64,000,000    -186,000,000     -30,000,000    -141,000,000    -141,000,000
Stock based compensation                         162,000,000     128,000,000     141,000,000     136,000,000     140,000,000     140,000,000
Inventory                                       -129,000,000    -116,000,000    -188,000,000     -49,000,000      62,000,000      62,000,000
Accounts payable                                 505,000,000     793,000,000     387,000,000     659,000,000     409,000,000     409,000,000
Other working capital                         -1,492,000,000     386,000,000     233,000,000      13,000,000    -677,000,000    -677,000,000
Other non-cash items                             -59,000,000     174,000,000    -325,000,000  -5,530,999,808     150,000,000     150,000,000
Net cash provided by operating activities      3,923,000,064   6,409,999,872   3,561,999,872   3,728,000,000   2,838,000,128   2,838,000,128

Cash Flows From Investing Activities
Investments in property, plant, and equipmen  -1,610,000,000  -1,622,000,000  -1,642,000,000  -2,058,000,000  -1,224,000,000  -1,224,000,000
Property, plant, and equipment reductions        133,000,000     143,000,000       7,000,000      60,000,000     138,000,000     138,000,000
Acquisitions, net                                200,000,000      -4,000,000      -7,000,000   4,647,000,064      57,000,000      57,000,000
Other investing activities                      -410,000,000               0               0               0               0               0
Net cash used for investing activities        -1,687,000,064  -1,483,000,064  -1,642,000,000   2,648,999,936  -1,029,000,000  -1,029,000,000

Cash Flows From Financing Activities
Debt issued                                    6,775,000,064   5,232,000,000   5,113,999,872   5,237,000,192   7,180,000,256   7,180,000,256
Debt repayment                                -4,495,000,064  -8,166,000,128  -5,729,999,872  -5,685,000,192  -7,216,999,936  -7,216,999,936
Common stock repurchased                                   0  -2,900,000,000  -1,700,000,000  -3,622,000,128  -2,600,999,936  -2,600,999,936
Dividend paid                                 -2,058,000,000    -943,000,000    -964,000,000  -1,008,000,000  -1,094,000,000  -1,094,000,000
Other financing activities                       -18,000,000     132,000,000     592,000,000    -805,000,000   1,870,000,000   1,870,000,000
Net cash provided by (used for) financing        204,000,000  -6,645,000,192  -2,688,000,000  -5,882,999,808  -1,862,000,000  -1,862,000,000

Effect of exchange rate changes                   61,000,000     -93,000,000    -223,000,000    -255,000,000     -76,000,000     -76,000,000
Net change in cash                             2,500,999,936  -1,811,000,064    -991,000,000     239,000,000    -129,000,000    -129,000,000
Cash at beginning of period                    1,974,000,000   4,474,999,808   2,622,000,128   1,631,000,064   1,870,000,000   1,870,000,000
Cash at end of period                          4,474,999,808   2,664,000,000   1,631,000,064   1,870,000,000   1,740,999,936   1,740,999,936

Free Cash Flow
Operating cash flow                            3,923,000,064   6,409,999,872   3,561,999,872   3,728,000,000   2,838,000,128   2,838,000,128
Capital expenditure                           -1,610,000,000  -1,622,000,000  -1,642,000,000  -2,058,000,000  -1,224,000,000  -1,224,000,000
Free cash flow                                 2,312,999,936   4,787,999,744   1,920,000,000   1,670,000,000   1,614,000,000   1,614,000,000
____________________________________________________________________________________________________________________________________________



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Average to Current P/E Ratios
              (MDLZ)     Mondelez International Inc. Cl

                               2012    2013    2014    2015    2016

          Annual Earnings:     1.69    2.19    1.28    4.44    1.03
Average Price During Year:    28.71   34.47   36.66   42.34   44.12

                P/E Ratio:    16.99   15.74   28.64    9.54   42.83

 Average 5-Year P/E Ratio  =  22.75
             Current Price =  44.18

Previous 5 Quarter Earnings:  -0.45    0.32    0.29    0.35    0.06

           Current Annualized (Last Four Quarters) Earnings =  .7
                                                           ________
                                 Average PE / Current PE =     0.36
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Argus Research

900
901 902 903 904 905



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for MENDELEZ INTERNATIONAL INC.:
Symbol? MDLZ
Total Months Available:  54
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  46.36   41.08     46.40   40.67     45.77   40.50

RANGE   =  46.40  TO   40.50            Close =  44.11
CHANNEL =  45.77  TO   41.08           Degree =   8
Volatility =  10.63%                    Index =   8
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

0 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer







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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison + 1
Industry - 1
Bond Issue + 1
Zenith Index - 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E - 1
Ratios + 1
Argus Research - 1
Intrinsic Value DCF - 1
Book Value - 1
Projected Earnings + 1
Research Reports - 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting - 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average + 1
Right Time Study - 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant - 1
Point & Figure - 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems - 1
Total - 1
Place 675 shares of Mondelez International, Inc. (MDLZ) on the Active List.