Intrinsic value of Hershey - HSY

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$109.81

  Intrinsic Value

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  Value-price divergence*

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$109.81

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HSY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.72
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  7,440
  7,678
  7,938
  8,219
  8,522
  8,847
  9,196
  9,567
  9,963
  10,384
  10,831
  11,305
  11,806
  12,336
  12,897
  13,489
  14,113
  14,772
  15,466
  16,197
  16,968
  17,779
  18,633
  19,532
  20,477
  21,472
  22,517
  23,617
  24,773
  25,988
  27,266
Variable operating expenses, $m
 
  6,670
  6,892
  7,134
  7,394
  7,673
  7,972
  8,291
  8,631
  8,992
  9,375
  9,700
  10,131
  10,586
  11,067
  11,574
  12,110
  12,675
  13,271
  13,899
  14,560
  15,256
  15,989
  16,760
  17,571
  18,424
  19,322
  20,265
  21,258
  22,300
  23,396
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,251
  6,670
  6,892
  7,134
  7,394
  7,673
  7,972
  8,291
  8,631
  8,992
  9,375
  9,700
  10,131
  10,586
  11,067
  11,574
  12,110
  12,675
  13,271
  13,899
  14,560
  15,256
  15,989
  16,760
  17,571
  18,424
  19,322
  20,265
  21,258
  22,300
  23,396
Operating income, $m
  1,189
  1,008
  1,045
  1,085
  1,128
  1,174
  1,224
  1,277
  1,333
  1,392
  1,456
  1,604
  1,675
  1,751
  1,830
  1,914
  2,003
  2,096
  2,195
  2,299
  2,408
  2,523
  2,644
  2,772
  2,906
  3,047
  3,196
  3,352
  3,516
  3,688
  3,869
EBITDA, $m
  1,491
  1,334
  1,379
  1,428
  1,481
  1,537
  1,598
  1,662
  1,731
  1,804
  1,882
  1,964
  2,051
  2,143
  2,241
  2,344
  2,452
  2,566
  2,687
  2,814
  2,948
  3,089
  3,237
  3,393
  3,558
  3,730
  3,912
  4,103
  4,304
  4,515
  4,737
Interest expense (income), $m
  91
  94
  99
  104
  110
  117
  123
  131
  138
  147
  156
  165
  175
  185
  196
  208
  220
  234
  247
  262
  277
  293
  310
  328
  347
  367
  387
  409
  432
  456
  482
Earnings before tax, $m
  1,099
  915
  946
  981
  1,018
  1,058
  1,100
  1,146
  1,194
  1,246
  1,300
  1,439
  1,501
  1,565
  1,634
  1,706
  1,782
  1,863
  1,948
  2,037
  2,131
  2,230
  2,334
  2,444
  2,559
  2,681
  2,808
  2,942
  3,083
  3,232
  3,388
Tax expense, $m
  379
  247
  255
  265
  275
  286
  297
  309
  322
  336
  351
  389
  405
  423
  441
  461
  481
  503
  526
  550
  575
  602
  630
  660
  691
  724
  758
  794
  833
  873
  915
Net income, $m
  720
  668
  691
  716
  743
  772
  803
  836
  872
  909
  949
  1,051
  1,095
  1,143
  1,193
  1,245
  1,301
  1,360
  1,422
  1,487
  1,556
  1,628
  1,704
  1,784
  1,868
  1,957
  2,050
  2,148
  2,251
  2,359
  2,473

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  297
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,524
  5,396
  5,578
  5,776
  5,989
  6,217
  6,462
  6,723
  7,002
  7,298
  7,612
  7,944
  8,297
  8,669
  9,063
  9,479
  9,918
  10,381
  10,868
  11,383
  11,924
  12,494
  13,094
  13,726
  14,390
  15,089
  15,824
  16,597
  17,409
  18,263
  19,161
Adjusted assets (=assets-cash), $m
  5,227
  5,396
  5,578
  5,776
  5,989
  6,217
  6,462
  6,723
  7,002
  7,298
  7,612
  7,944
  8,297
  8,669
  9,063
  9,479
  9,918
  10,381
  10,868
  11,383
  11,924
  12,494
  13,094
  13,726
  14,390
  15,089
  15,824
  16,597
  17,409
  18,263
  19,161
Revenue / Adjusted assets
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
Average production assets, $m
  2,726
  2,810
  2,905
  3,008
  3,119
  3,238
  3,366
  3,502
  3,647
  3,801
  3,964
  4,138
  4,321
  4,515
  4,720
  4,937
  5,165
  5,406
  5,660
  5,928
  6,210
  6,507
  6,820
  7,149
  7,495
  7,859
  8,241
  8,644
  9,067
  9,512
  9,979
Working capital, $m
  -92
  253
  262
  271
  281
  292
  303
  316
  329
  343
  357
  373
  390
  407
  426
  445
  466
  487
  510
  535
  560
  587
  615
  645
  676
  709
  743
  779
  818
  858
  900
Total debt, $m
  2,980
  2,828
  2,983
  3,151
  3,332
  3,527
  3,735
  3,957
  4,193
  4,445
  4,712
  4,995
  5,294
  5,611
  5,946
  6,299
  6,672
  7,066
  7,480
  7,917
  8,377
  8,862
  9,372
  9,909
  10,474
  11,068
  11,692
  12,349
  13,040
  13,766
  14,529
Total liabilities, $m
  4,738
  4,586
  4,741
  4,909
  5,090
  5,285
  5,493
  5,715
  5,951
  6,203
  6,470
  6,753
  7,052
  7,369
  7,704
  8,057
  8,430
  8,824
  9,238
  9,675
  10,135
  10,620
  11,130
  11,667
  12,232
  12,826
  13,450
  14,107
  14,798
  15,524
  16,287
Total equity, $m
  786
  809
  837
  866
  898
  933
  969
  1,009
  1,050
  1,095
  1,142
  1,192
  1,245
  1,300
  1,359
  1,422
  1,488
  1,557
  1,630
  1,707
  1,789
  1,874
  1,964
  2,059
  2,159
  2,263
  2,374
  2,489
  2,611
  2,739
  2,874
Total liabilities and equity, $m
  5,524
  5,395
  5,578
  5,775
  5,988
  6,218
  6,462
  6,724
  7,001
  7,298
  7,612
  7,945
  8,297
  8,669
  9,063
  9,479
  9,918
  10,381
  10,868
  11,382
  11,924
  12,494
  13,094
  13,726
  14,391
  15,089
  15,824
  16,596
  17,409
  18,263
  19,161
Debt-to-equity ratio
  3.791
  3.490
  3.570
  3.640
  3.710
  3.780
  3.850
  3.920
  3.990
  4.060
  4.130
  4.190
  4.250
  4.310
  4.370
  4.430
  4.480
  4.540
  4.590
  4.640
  4.680
  4.730
  4.770
  4.810
  4.850
  4.890
  4.930
  4.960
  4.990
  5.020
  5.060
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  720
  668
  691
  716
  743
  772
  803
  836
  872
  909
  949
  1,051
  1,095
  1,143
  1,193
  1,245
  1,301
  1,360
  1,422
  1,487
  1,556
  1,628
  1,704
  1,784
  1,868
  1,957
  2,050
  2,148
  2,251
  2,359
  2,473
Depreciation, amort., depletion, $m
  302
  326
  334
  343
  352
  363
  374
  386
  398
  412
  426
  360
  376
  393
  410
  429
  449
  470
  492
  515
  540
  566
  593
  622
  652
  683
  717
  752
  788
  827
  868
Funds from operations, $m
  919
  993
  1,025
  1,059
  1,095
  1,135
  1,177
  1,222
  1,270
  1,321
  1,375
  1,411
  1,471
  1,535
  1,603
  1,675
  1,750
  1,830
  1,914
  2,002
  2,096
  2,194
  2,297
  2,406
  2,520
  2,640
  2,767
  2,900
  3,039
  3,186
  3,341
Change in working capital, $m
  -64
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
Cash from operations, $m
  983
  1,024
  1,016
  1,049
  1,085
  1,124
  1,166
  1,210
  1,257
  1,307
  1,360
  1,395
  1,455
  1,518
  1,585
  1,655
  1,730
  1,808
  1,891
  1,978
  2,070
  2,167
  2,269
  2,376
  2,489
  2,607
  2,732
  2,863
  3,001
  3,146
  3,299
Maintenance CAPEX, $m
  0
  -237
  -244
  -253
  -262
  -271
  -282
  -293
  -304
  -317
  -330
  -345
  -360
  -376
  -393
  -410
  -429
  -449
  -470
  -492
  -515
  -540
  -566
  -593
  -622
  -652
  -683
  -717
  -752
  -788
  -827
New CAPEX, $m
  -269
  -84
  -95
  -103
  -111
  -119
  -127
  -136
  -145
  -154
  -164
  -173
  -184
  -194
  -205
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -313
  -329
  -346
  -364
  -383
  -402
  -423
  -445
  -468
Cash from investing activities, $m
  -595
  -321
  -339
  -356
  -373
  -390
  -409
  -429
  -449
  -471
  -494
  -518
  -544
  -570
  -598
  -627
  -658
  -690
  -724
  -760
  -797
  -837
  -879
  -922
  -968
  -1,016
  -1,066
  -1,119
  -1,175
  -1,233
  -1,295
Free cash flow, $m
  388
  703
  677
  694
  713
  734
  757
  781
  808
  836
  866
  877
  911
  948
  987
  1,028
  1,072
  1,118
  1,167
  1,218
  1,273
  1,330
  1,390
  1,454
  1,521
  1,592
  1,666
  1,744
  1,826
  1,913
  2,004
Issuance/(repayment) of debt, $m
  569
  145
  155
  168
  181
  194
  208
  222
  237
  251
  267
  283
  299
  317
  335
  353
  373
  393
  415
  437
  460
  485
  510
  537
  565
  594
  625
  657
  691
  726
  763
Issuance/(repurchase) of shares, $m
  -490
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  65
  145
  155
  168
  181
  194
  208
  222
  237
  251
  267
  283
  299
  317
  335
  353
  373
  393
  415
  437
  460
  485
  510
  537
  565
  594
  625
  657
  691
  726
  763
Total cash flow (excl. dividends), $m
  449
  848
  832
  862
  894
  928
  965
  1,003
  1,044
  1,087
  1,133
  1,160
  1,211
  1,265
  1,322
  1,382
  1,445
  1,511
  1,581
  1,655
  1,733
  1,815
  1,900
  1,991
  2,086
  2,186
  2,291
  2,401
  2,517
  2,639
  2,767
Retained Cash Flow (-), $m
  212
  -23
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  825
  804
  832
  862
  894
  928
  964
  1,002
  1,043
  1,086
  1,110
  1,158
  1,209
  1,263
  1,319
  1,379
  1,442
  1,508
  1,578
  1,652
  1,729
  1,810
  1,896
  1,986
  2,081
  2,180
  2,285
  2,395
  2,511
  2,632
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  763
  682
  642
  600
  556
  511
  465
  418
  373
  328
  279
  240
  203
  169
  138
  111
  88
  68
  52
  38
  28
  20
  13
  9
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Hershey Company, together with its subsidiaries, manufactures and sells confectionery products. The company operates through two segments, North America, and International and Other. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products comprising chewing gums and bubble gums; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items, including spreads, meat snacks, bars and snack bites, and mixes. The company provides its products primarily under the Hershey’s, Reese’s, Kisses, Jolly Rancher, Almond Joy, Brookside, Cadbury, Good & Plenty, Heath, Kit Kat, Lancaster, Payday, Rolo, Twizzlers, Whoppers, York, Scharffen Berger, Dagoba, Ice Breakers, Breathsavers, Bubble Yum, and Heath brands, as well as under the Golden Monkey, Pelon Pelo Rico, IO-IO, Nutrine, Maha Lacto, Jumpin, and Sofit brands. It markets and sells its products to wholesale distributors, chain grocery stores, mass merchandisers, chain drug stores, vending companies, wholesale clubs, convenience stores, dollar stores, concessionaires, and department stores. The Hershey Company was founded in 1894 and is headquartered in Hershey, Pennsylvania.

FINANCIAL RATIOS  of  Hershey (HSY)

Valuation Ratios
P/E Ratio 32.4
Price to Sales 3.1
Price to Book 29.7
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 32.6
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.6%
Cap. Spend. - 3 Yr. Gr. Rate -5.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 298.7%
Total Debt to Equity 379.1%
Interest Coverage 13
Management Effectiveness
Return On Assets 14.3%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 20%
Ret/ On T. Cap. - 3 Yr. Avg. 19.4%
Return On Equity 80.7%
Return On Equity - 3 Yr. Avg. 59.3%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 42.4%
Gross Margin - 3 Yr. Avg. 44.4%
EBITDA Margin 20.1%
EBITDA Margin - 3 Yr. Avg. 19.5%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 16%
Pre-Tax Margin 14.8%
Pre-Tax Margin - 3 Yr. Avg. 14.9%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 34.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 69.3%

HSY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HSY stock intrinsic value calculation we used $7440 million for the last fiscal year's total revenue generated by Hershey. The default revenue input number comes from 2016 income statement of Hershey. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HSY stock valuation model: a) initial revenue growth rate of 3.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for HSY is calculated based on our internal credit rating of Hershey, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hershey.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HSY stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HSY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Hershey.

Corporate tax rate of 27% is the nominal tax rate for Hershey. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HSY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HSY are equal to 36.6%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Hershey operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HSY is equal to 3.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $786 million for Hershey - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 213.528 million for Hershey is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hershey at the current share price and the inputted number of shares is $23.4 billion.


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▶ Hersheys Pledges to Cut Calories in its Sweets   [Apr-24-17 04:04PM  Investopedia]
▶ Credit Suisse: Hershey a Buy on Earnings Pullback   [Apr-21-17 01:58PM  Investopedia]
▶ [$$] Ferrero Goes Outside Family for CEO   [Mar-30-17 10:31AM  at The Wall Street Journal]
▶ Trading Five Volatility Squeeze Plays   [11:31AM  TheStreet.com]
▶ Hershey and its Trust Bring on New Board Members   [Mar-25-17 03:23PM  Investopedia]
▶ A major candy maker plans to open a factory in Wisconsin   [Mar-24-17 03:56PM  Business Insider]
▶ Hershey and its trust tap new board members   [Mar-23-17 07:18PM  Reuters]
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Stock chart of HSY Financial statements of HSY Annual reports of HSY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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