Conagra Brands, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF. Normalized unlevered FCF base of $1,100M (derived from trailing levered FCF of $978.7M FY26 / $1,303M FY25 / $1,628M FY24 / $633.2M FY23, averaged and adjusted for an estimated $150M after-tax interest add-back given about $7.4B net debt); 1.0% growth years 1-5, 2.0% years 6-10; 8.5% discount rate reflecting elevated leverage; 2.0% terminal growth. PV of years 1-10 FCF $7,665M plus PV of terminal value $8,859M gives enterprise value $16,525M; less net debt of $7,389M gives equity value $9,136M; divided by 478.57M diluted shares = $19.09/share.

Reasoning: Conagra's FY2026 GAAP net income was distorted by a large non-cash impairment charge, so free cash flow is the more reliable valuation base for this mature, leveraged packaged-foods company facing structural volume headwinds, with a higher-than-typical discount rate reflecting its elevated financial leverage.