Intrinsic value of Hershey - HSY

Previous Close

$107.34

  Intrinsic Value

$31.20

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

-79%

Previous close

$107.34

 
Intrinsic value

$31.20

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

-79%

*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 22.9

 

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
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  7,440
  7,648
  7,879
  8,133
  8,409
  8,708
  9,030
  9,376
  9,747
  10,142
  10,562
  11,009
  11,484
  11,987
  12,519
  13,082
  13,677
  14,305
  14,967
  15,666
  16,403
  17,179
  17,997
  18,858
  19,764
  20,718
  21,721
  22,776
  23,886
  25,052
  26,279
Variable operating expenses, $m
 
  6,644
  6,842
  7,060
  7,297
  7,554
  7,830
  8,127
  8,445
  8,784
  9,144
  9,447
  9,854
  10,285
  10,742
  11,225
  11,736
  12,275
  12,843
  13,443
  14,075
  14,741
  15,443
  16,182
  16,959
  17,777
  18,638
  19,544
  20,496
  21,497
  22,550
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
  6,644
  6,842
  7,060
  7,297
  7,554
  7,830
  8,127
  8,445
  8,784
  9,144
  9,447
  9,854
  10,285
  10,742
  11,225
  11,736
  12,275
  12,843
  13,443
  14,075
  14,741
  15,443
  16,182
  16,959
  17,777
  18,638
  19,544
  20,496
  21,497
  22,550
Operating income, $m
  1,189
  1,004
  1,037
  1,073
  1,112
  1,155
  1,200
  1,249
  1,302
  1,358
  1,418
  1,562
  1,630
  1,701
  1,777
  1,856
  1,941
  2,030
  2,124
  2,223
  2,328
  2,438
  2,554
  2,676
  2,805
  2,940
  3,082
  3,232
  3,390
  3,555
  3,729
EBITDA, $m
  1,491
  1,329
  1,369
  1,413
  1,461
  1,513
  1,569
  1,629
  1,693
  1,762
  1,835
  1,913
  1,995
  2,083
  2,175
  2,273
  2,376
  2,485
  2,600
  2,722
  2,850
  2,985
  3,127
  3,276
  3,434
  3,599
  3,774
  3,957
  4,150
  4,353
  4,566
Interest expense (income), $m
  91
  103
  108
  113
  118
  124
  131
  138
  146
  154
  163
  172
  182
  192
  203
  215
  228
  241
  255
  269
  285
  301
  318
  336
  355
  375
  396
  419
  442
  466
  492
Earnings before tax, $m
  1,099
  901
  929
  960
  994
  1,030
  1,069
  1,111
  1,156
  1,204
  1,255
  1,390
  1,448
  1,509
  1,573
  1,641
  1,713
  1,789
  1,869
  1,954
  2,043
  2,137
  2,236
  2,340
  2,449
  2,565
  2,686
  2,814
  2,948
  3,089
  3,237
Tax expense, $m
  379
  243
  251
  259
  268
  278
  289
  300
  312
  325
  339
  375
  391
  407
  425
  443
  463
  483
  505
  528
  552
  577
  604
  632
  661
  692
  725
  760
  796
  834
  874
Net income, $m
  720
  658
  679
  701
  726
  752
  781
  811
  844
  879
  916
  1,015
  1,057
  1,101
  1,148
  1,198
  1,251
  1,306
  1,365
  1,426
  1,491
  1,560
  1,632
  1,708
  1,788
  1,872
  1,961
  2,054
  2,152
  2,255
  2,363

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
  5,636
  5,806
  5,993
  6,197
  6,417
  6,655
  6,910
  7,182
  7,473
  7,783
  8,113
  8,463
  8,833
  9,225
  9,640
  10,079
  10,541
  11,030
  11,545
  12,088
  12,660
  13,262
  13,897
  14,565
  15,267
  16,006
  16,784
  17,602
  18,462
  19,365
Adjusted assets (=assets-cash), $m
  5,227
  5,636
  5,806
  5,993
  6,197
  6,417
  6,655
  6,910
  7,182
  7,473
  7,783
  8,113
  8,463
  8,833
  9,225
  9,640
  10,079
  10,541
  11,030
  11,545
  12,088
  12,660
  13,262
  13,897
  14,565
  15,267
  16,006
  16,784
  17,602
  18,462
  19,365
Revenue / Adjusted assets
  1.423
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
Average production assets, $m
  2,726
  2,799
  2,884
  2,977
  3,078
  3,187
  3,305
  3,432
  3,567
  3,712
  3,866
  4,029
  4,203
  4,387
  4,582
  4,788
  5,006
  5,236
  5,478
  5,734
  6,004
  6,288
  6,587
  6,902
  7,234
  7,583
  7,950
  8,336
  8,742
  9,169
  9,618
Working capital, $m
  -92
  252
  260
  268
  277
  287
  298
  309
  322
  335
  349
  363
  379
  396
  413
  432
  451
  472
  494
  517
  541
  567
  594
  622
  652
  684
  717
  752
  788
  827
  867
Total debt, $m
  2,980
  3,072
  3,218
  3,378
  3,553
  3,742
  3,945
  4,164
  4,397
  4,647
  4,912
  5,195
  5,494
  5,812
  6,148
  6,504
  6,879
  7,276
  7,695
  8,136
  8,601
  9,092
  9,608
  10,152
  10,724
  11,326
  11,960
  12,626
  13,327
  14,064
  14,838
Total liabilities, $m
  4,738
  4,830
  4,976
  5,136
  5,311
  5,500
  5,703
  5,922
  6,155
  6,405
  6,670
  6,953
  7,252
  7,570
  7,906
  8,262
  8,637
  9,034
  9,453
  9,894
  10,359
  10,850
  11,366
  11,910
  12,482
  13,084
  13,718
  14,384
  15,085
  15,822
  16,596
Total equity, $m
  786
  806
  830
  857
  886
  918
  952
  988
  1,027
  1,069
  1,113
  1,160
  1,210
  1,263
  1,319
  1,379
  1,441
  1,507
  1,577
  1,651
  1,729
  1,810
  1,897
  1,987
  2,083
  2,183
  2,289
  2,400
  2,517
  2,640
  2,769
Total liabilities and equity, $m
  5,524
  5,636
  5,806
  5,993
  6,197
  6,418
  6,655
  6,910
  7,182
  7,474
  7,783
  8,113
  8,462
  8,833
  9,225
  9,641
  10,078
  10,541
  11,030
  11,545
  12,088
  12,660
  13,263
  13,897
  14,565
  15,267
  16,007
  16,784
  17,602
  18,462
  19,365
Debt-to-equity ratio
  3.791
  3.810
  3.880
  3.940
  4.010
  4.080
  4.150
  4.210
  4.280
  4.350
  4.410
  4.480
  4.540
  4.600
  4.660
  4.720
  4.770
  4.830
  4.880
  4.930
  4.980
  5.020
  5.070
  5.110
  5.150
  5.190
  5.220
  5.260
  5.290
  5.330
  5.360
Adjusted equity ratio
  0.150
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  720
  658
  679
  701
  726
  752
  781
  811
  844
  879
  916
  1,015
  1,057
  1,101
  1,148
  1,198
  1,251
  1,306
  1,365
  1,426
  1,491
  1,560
  1,632
  1,708
  1,788
  1,872
  1,961
  2,054
  2,152
  2,255
  2,363
Depreciation, amort., depletion, $m
  302
  325
  332
  340
  349
  358
  369
  380
  391
  404
  417
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
  760
  797
  836
Funds from operations, $m
  919
  983
  1,010
  1,041
  1,074
  1,110
  1,149
  1,191
  1,235
  1,283
  1,334
  1,365
  1,422
  1,483
  1,547
  1,614
  1,686
  1,761
  1,841
  1,925
  2,013
  2,107
  2,205
  2,308
  2,417
  2,532
  2,652
  2,779
  2,912
  3,052
  3,199
Change in working capital, $m
  -64
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  39
  40
Cash from operations, $m
  983
  976
  1,003
  1,033
  1,065
  1,101
  1,139
  1,179
  1,223
  1,270
  1,320
  1,351
  1,407
  1,466
  1,529
  1,596
  1,666
  1,741
  1,819
  1,902
  1,989
  2,081
  2,178
  2,280
  2,387
  2,500
  2,619
  2,744
  2,875
  3,014
  3,159
Maintenance CAPEX, $m
  0
  -237
  -243
  -251
  -259
  -268
  -277
  -287
  -298
  -310
  -323
  -336
  -350
  -365
  -381
  -398
  -416
  -435
  -455
  -476
  -499
  -522
  -547
  -573
  -600
  -629
  -659
  -691
  -725
  -760
  -797
New CAPEX, $m
  -269
  -73
  -85
  -93
  -101
  -109
  -118
  -127
  -135
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -332
  -349
  -367
  -386
  -406
  -427
  -449
Cash from investing activities, $m
  -595
  -310
  -328
  -344
  -360
  -377
  -395
  -414
  -433
  -455
  -477
  -500
  -524
  -549
  -576
  -604
  -634
  -665
  -698
  -732
  -769
  -806
  -846
  -888
  -932
  -978
  -1,026
  -1,077
  -1,131
  -1,187
  -1,246
Free cash flow, $m
  388
  665
  675
  689
  705
  723
  744
  765
  789
  815
  843
  851
  883
  917
  953
  991
  1,032
  1,076
  1,121
  1,170
  1,221
  1,275
  1,332
  1,392
  1,455
  1,522
  1,592
  1,667
  1,744
  1,826
  1,913
Issuance/(repayment) of debt, $m
  569
  133
  146
  160
  174
  189
  204
  218
  234
  249
  266
  282
  300
  318
  336
  356
  376
  397
  419
  441
  465
  490
  516
  544
  572
  602
  634
  666
  701
  737
  775
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
  133
  146
  160
  174
  189
  204
  218
  234
  249
  266
  282
  300
  318
  336
  356
  376
  397
  419
  441
  465
  490
  516
  544
  572
  602
  634
  666
  701
  737
  775
Total cash flow (excl. dividends), $m
  449
  799
  821
  849
  880
  912
  947
  984
  1,023
  1,065
  1,109
  1,133
  1,182
  1,234
  1,289
  1,347
  1,408
  1,472
  1,540
  1,611
  1,686
  1,765
  1,848
  1,936
  2,028
  2,124
  2,226
  2,333
  2,445
  2,563
  2,687
Retained Cash Flow (-), $m
  212
  -20
  -24
  -27
  -29
  -32
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
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
 
  779
  796
  823
  851
  881
  913
  947
  984
  1,023
  1,064
  1,086
  1,132
  1,181
  1,233
  1,288
  1,345
  1,406
  1,470
  1,538
  1,609
  1,683
  1,762
  1,845
  1,932
  2,024
  2,120
  2,222
  2,328
  2,440
  2,558
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
 
  720
  675
  634
  592
  548
  503
  457
  411
  366
  321
  273
  234
  198
  165
  135
  108
  86
  66
  50
  37
  27
  19
  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 31.6
Price to Sales 3.1
Price to Book 29
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 31.9
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 2.8% 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 $22.9 billion.

RELATED COMPANIES Price Int.Val. Rating
MDLZ Mondelez Inter 42.94 42.25  hold
GIS General Mills 57.14 33.04  sell
CAG Conagra Brands 34.46 32.21  hold
TR Tootsie Roll I 36.00 12.94  str.sell

COMPANY NEWS

▶ Cocoa Prices Are Plunging. Here's What It Means to Hershey   [Aug-19-17 12:40PM  TheStreet.com]
▶ The Hot Stock: Tractor Supply Gains 2.7%   [Aug-17-17 05:03PM  Barrons.com]
▶ ETFs with exposure to The Hershey Co. : August 14, 2017   [Aug-14-17 04:43PM  Capital Cube]
▶ Is Mondelez International Overvalued?   [Aug-13-17 07:31PM  Motley Fool]
▶ Berkshire Hathaway Has Almost $100B in Cash   [Aug-09-17 08:46AM  Investopedia]
▶ Kellogg: How Were Its Sales in International Markets?   [Aug-08-17 08:09AM  Market Realist]
▶ Analysts Ratings on Mondelz Stock after Its 2Q17 Earnings   [Aug-07-17 10:37AM  Market Realist]
▶ How Mondelzs Margins Fared in 2Q17   [09:07AM  Market Realist]
▶ MDLZs 2Q17 Top Line Beats Estimates despite Challenges   [Aug-04-17 10:38AM  Market Realist]
▶ Analyzing Mondelzs Bottom Line Beat in 2Q17   [09:11AM  Market Realist]
▶ [$$] Mondelez CEO Rosenfeld to Exit Amid Big Food Woes   [Aug-02-17 09:06PM  The Wall Street Journal]
▶ Hershey Co (HSY) Leads 8 Dividend Increases This Week   [Jul-28-17 02:37PM  InvestorPlace]
▶ Why Analysts Are Positive about Mondelz Stock   [09:07AM  Market Realist]
▶ How Hersheys Segments Performed in 2Q17   [07:39AM  Market Realist]
▶ Hersheys 2Q17 Sales Beat Estimates, Outlook Lowered   [Jul-27-17 05:06PM  Market Realist]
▶ Whats behind Hersheys 2Q17 Earnings Beat?   [03:36PM  Market Realist]
▶ [$$] SWEET! Hershey Profit, Dividend Get Fatter   [01:09AM  The Wall Street Journal]
▶ Hershey beats Street 2Q forecasts   [Jul-26-17 09:58PM  Associated Press]
▶ Hershey Declares Quarterly Dividends   [07:32AM  GlobeNewswire]
▶ Hershey's profit jumps 39 pct   [07:08AM  Reuters]
▶ [$$] Lindt: shrink rap   [Jul-25-17 11:01AM  Financial Times]
▶ Will Hershey Stock Continue to Outperform Its Peers?   [Jul-21-17 12:23PM  Market Realist]
▶ Few Food Stocks Look Appetizing Ahead Of Earnings   [Jul-18-17 01:43PM  Barrons.com]
▶ How Cocoa Prices Are Trading This Week   [Jul-13-17 12:05PM  Market Realist]
▶ Cyberattack Might Drag Down Mondelz Stock   [Jul-07-17 09:36AM  Market Realist]
▶ Why Campbell Soup Stock Has Grown Cold   [Jul-06-17 05:35PM  Market Realist]
▶ How Cocoa Prices Performed in the Week Ended June 30   [Jul-05-17 05:36PM  Market Realist]
▶ Sugar Reverses Gains for Week Ending June 30   [03:52PM  Market Realist]
▶ How Cocoa Prices Traded during the Week Ended June 23   [Jun-27-17 09:09AM  Market Realist]
▶ The Hershey Co. Value Analysis (NYSE:HSY) : June 26, 2017   [Jun-26-17 05:52PM  Capital Cube]
▶ Activist investor Dan Loeb bets on Nestle   [11:21AM  Yahoo Finance Video]
▶ Will Pfizer Reexamine a Sale of its Consumer Division?   [Jun-21-17 02:29PM  TheStreet.com]
▶ Pfizer: Time to Sell the Consumer Biz?   [01:08PM  Barrons.com]
▶ Can GIS Beat Analysts EPS Expectation in Fiscal 4Q17?   [Jun-20-17 05:05PM  Market Realist]
▶ 3 Dividend Stocks for Long-Term Investors   [03:31PM  Motley Fool]
▶ Nestle may sell U.S. confectionery business   [Jun-15-17 02:45PM  Reuters]
Stock chart of HSY Financial statements 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.