Equity valuation of Kraft Heinz (ticker: KHC)

: July 25th, 2025

Abstract

This dissertation aims to determine the 12-month stock price target of the Kraft Heinz Company as of July 25th, 2025 and to derive an investment recommendation based on the outcome of the valuation of either buy, hold or sell. Prior to analysing the firm and its underlying market, the dissertation reviews state-of-the-art valuation methodologies, thereby establishing the rationale for the selected methods applied. The market analysis focuses on the packaged food market and the core markets of Kraft Heinz, sauces and condiments, as well as prepared meals. Afterwards the focus was on analysing qualitative and quantitative aspects of the company and using an enterprise DCF to estimate the intrinsic value and a relative valuation method to value the firm. The valuation results were summarized in a football field chart and led to a target price of $40.61. In the final part, the results were compared with an equity valuation report by UBS, which revealed small differences in the valuation, ultimately leading to a different investment recommendation.

Date of Award	15 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)