Intrinsic value of Hershey - HSY

Previous Close

$107.14

  Intrinsic Value

$126.64

stock screener

  Rating & Target

hold

+18%

Previous close

$107.14

 
Intrinsic value

$126.64

 
Up/down potential

+18%

 
Rating

hold

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 0001), $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 15.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  7,914
  8,331
  8,768
  9,225
  9,705
  10,207
  10,734
  11,286
  11,865
  12,472
  13,108
  13,776
  14,476
  15,211
  15,982
  16,791
  17,640
  18,531
  19,466
  20,447
  21,477
  22,558
  23,692
  24,883
  26,133
  27,446
  28,823
  30,269
  31,788
  33,381
Variable operating expenses, $m
  1,323
  1,387
  1,453
  1,523
  1,596
  1,672
  1,752
  1,836
  1,924
  2,017
  1,995
  2,096
  2,203
  2,315
  2,432
  2,555
  2,684
  2,820
  2,962
  3,111
  3,268
  3,432
  3,605
  3,786
  3,977
  4,176
  4,386
  4,606
  4,837
  5,079
Fixed operating expenses, $m
  5,209
  5,324
  5,441
  5,561
  5,683
  5,808
  5,936
  6,066
  6,200
  6,336
  6,476
  6,618
  6,764
  6,912
  7,064
  7,220
  7,379
  7,541
  7,707
  7,876
  8,050
  8,227
  8,408
  8,593
  8,782
  8,975
  9,173
  9,374
  9,581
  9,791
Total operating expenses, $m
  6,532
  6,711
  6,894
  7,084
  7,279
  7,480
  7,688
  7,902
  8,124
  8,353
  8,471
  8,714
  8,967
  9,227
  9,496
  9,775
  10,063
  10,361
  10,669
  10,987
  11,318
  11,659
  12,013
  12,379
  12,759
  13,151
  13,559
  13,980
  14,418
  14,870
Operating income, $m
  1,381
  1,620
  1,874
  2,142
  2,426
  2,727
  3,046
  3,383
  3,740
  4,119
  4,638
  5,062
  5,510
  5,984
  6,486
  7,016
  7,577
  8,170
  8,797
  9,459
  10,159
  10,898
  11,679
  12,504
  13,375
  14,294
  15,265
  16,289
  17,370
  18,511
EBITDA, $m
  1,726
  1,977
  2,243
  2,524
  2,822
  3,137
  3,471
  3,824
  4,198
  4,593
  5,012
  5,455
  5,923
  6,418
  6,942
  7,495
  8,080
  8,699
  9,352
  10,043
  10,772
  11,542
  12,355
  13,214
  14,120
  15,077
  16,087
  17,153
  18,277
  19,463
Interest expense (income), $m
  91
  158
  171
  185
  199
  215
  231
  247
  265
  283
  303
  323
  344
  366
  390
  414
  440
  467
  495
  525
  556
  589
  623
  659
  697
  736
  778
  822
  868
  916
  967
Earnings before tax, $m
  1,224
  1,449
  1,689
  1,942
  2,211
  2,496
  2,798
  3,118
  3,457
  3,816
  4,315
  4,718
  5,144
  5,595
  6,072
  6,577
  7,110
  7,675
  8,272
  8,903
  9,570
  10,275
  11,020
  11,807
  12,638
  13,516
  14,443
  15,421
  16,454
  17,544
Tax expense, $m
  330
  391
  456
  524
  597
  674
  756
  842
  933
  1,030
  1,165
  1,274
  1,389
  1,511
  1,639
  1,776
  1,920
  2,072
  2,233
  2,404
  2,584
  2,774
  2,975
  3,188
  3,412
  3,649
  3,900
  4,164
  4,443
  4,737
Net income, $m
  893
  1,058
  1,233
  1,418
  1,614
  1,822
  2,043
  2,276
  2,524
  2,786
  3,150
  3,444
  3,755
  4,084
  4,432
  4,801
  5,191
  5,603
  6,039
  6,499
  6,986
  7,501
  8,045
  8,619
  9,226
  9,867
  10,543
  11,258
  12,012
  12,807

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,849
  6,157
  6,480
  6,818
  7,173
  7,544
  7,933
  8,341
  8,769
  9,218
  9,688
  10,182
  10,699
  11,243
  11,812
  12,410
  13,038
  13,696
  14,387
  15,112
  15,873
  16,672
  17,511
  18,391
  19,315
  20,285
  21,303
  22,372
  23,494
  24,672
Adjusted assets (=assets-cash), $m
  5,849
  6,157
  6,480
  6,818
  7,173
  7,544
  7,933
  8,341
  8,769
  9,218
  9,688
  10,182
  10,699
  11,243
  11,812
  12,410
  13,038
  13,696
  14,387
  15,112
  15,873
  16,672
  17,511
  18,391
  19,315
  20,285
  21,303
  22,372
  23,494
  24,672
Revenue / Adjusted assets
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
  1.353
Average production assets, $m
  2,912
  3,066
  3,226
  3,395
  3,571
  3,756
  3,950
  4,153
  4,366
  4,590
  4,824
  5,070
  5,327
  5,598
  5,881
  6,179
  6,492
  6,819
  7,163
  7,525
  7,903
  8,301
  8,719
  9,157
  9,617
  10,100
  10,607
  11,139
  11,698
  12,284
Working capital, $m
  427
  450
  473
  498
  524
  551
  580
  609
  641
  673
  708
  744
  782
  821
  863
  907
  953
  1,001
  1,051
  1,104
  1,160
  1,218
  1,279
  1,344
  1,411
  1,482
  1,556
  1,635
  1,717
  1,803
Total debt, $m
  3,166
  3,423
  3,693
  3,975
  4,271
  4,581
  4,906
  5,247
  5,604
  5,979
  6,372
  6,784
  7,216
  7,670
  8,145
  8,645
  9,169
  9,718
  10,295
  10,901
  11,536
  12,204
  12,904
  13,639
  14,410
  15,220
  16,070
  16,963
  17,900
  18,883
Total liabilities, $m
  4,884
  5,141
  5,411
  5,693
  5,989
  6,299
  6,624
  6,965
  7,322
  7,697
  8,090
  8,502
  8,934
  9,388
  9,863
  10,363
  10,887
  11,436
  12,013
  12,619
  13,254
  13,921
  14,622
  15,357
  16,128
  16,938
  17,788
  18,681
  19,618
  20,601
Total equity, $m
  965
  1,016
  1,069
  1,125
  1,183
  1,245
  1,309
  1,376
  1,447
  1,521
  1,599
  1,680
  1,765
  1,855
  1,949
  2,048
  2,151
  2,260
  2,374
  2,494
  2,619
  2,751
  2,889
  3,035
  3,187
  3,347
  3,515
  3,691
  3,877
  4,071
Total liabilities and equity, $m
  5,849
  6,157
  6,480
  6,818
  7,172
  7,544
  7,933
  8,341
  8,769
  9,218
  9,689
  10,182
  10,699
  11,243
  11,812
  12,411
  13,038
  13,696
  14,387
  15,113
  15,873
  16,672
  17,511
  18,392
  19,315
  20,285
  21,303
  22,372
  23,495
  24,672
Debt-to-equity ratio
  3.280
  3.370
  3.450
  3.530
  3.610
  3.680
  3.750
  3.810
  3.870
  3.930
  3.990
  4.040
  4.090
  4.130
  4.180
  4.220
  4.260
  4.300
  4.340
  4.370
  4.400
  4.440
  4.470
  4.490
  4.520
  4.550
  4.570
  4.600
  4.620
  4.640
Adjusted equity ratio
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  893
  1,058
  1,233
  1,418
  1,614
  1,822
  2,043
  2,276
  2,524
  2,786
  3,150
  3,444
  3,755
  4,084
  4,432
  4,801
  5,191
  5,603
  6,039
  6,499
  6,986
  7,501
  8,045
  8,619
  9,226
  9,867
  10,543
  11,258
  12,012
  12,807
Depreciation, amort., depletion, $m
  345
  357
  369
  382
  396
  410
  425
  441
  457
  475
  374
  393
  413
  434
  456
  479
  503
  529
  555
  583
  613
  644
  676
  710
  746
  783
  822
  863
  907
  952
Funds from operations, $m
  1,238
  1,415
  1,602
  1,800
  2,010
  2,232
  2,468
  2,717
  2,981
  3,261
  3,524
  3,837
  4,168
  4,518
  4,888
  5,280
  5,694
  6,131
  6,594
  7,083
  7,599
  8,145
  8,721
  9,329
  9,972
  10,650
  11,366
  12,121
  12,918
  13,760
Change in working capital, $m
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  56
  58
  61
  64
  68
  71
  74
  78
  82
  86
Cash from operations, $m
  1,217
  1,392
  1,578
  1,775
  1,984
  2,205
  2,439
  2,687
  2,950
  3,228
  3,490
  3,801
  4,130
  4,478
  4,847
  5,236
  5,648
  6,083
  6,543
  7,030
  7,543
  8,086
  8,659
  9,265
  9,904
  10,579
  11,291
  12,043
  12,836
  13,673
Maintenance CAPEX, $m
  -214
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -322
  -338
  -356
  -374
  -393
  -413
  -434
  -456
  -479
  -503
  -529
  -555
  -583
  -613
  -644
  -676
  -710
  -746
  -783
  -822
  -863
  -907
New CAPEX, $m
  -146
  -153
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -223
  -234
  -246
  -258
  -270
  -284
  -298
  -312
  -328
  -344
  -361
  -379
  -398
  -418
  -438
  -460
  -483
  -507
  -532
  -559
  -587
Cash from investing activities, $m
  -360
  -379
  -399
  -418
  -439
  -462
  -485
  -509
  -535
  -561
  -590
  -620
  -651
  -683
  -718
  -754
  -791
  -831
  -873
  -916
  -962
  -1,011
  -1,062
  -1,114
  -1,170
  -1,229
  -1,290
  -1,354
  -1,422
  -1,494
Free cash flow, $m
  856
  1,013
  1,180
  1,357
  1,545
  1,744
  1,955
  2,178
  2,415
  2,666
  2,900
  3,181
  3,479
  3,795
  4,129
  4,483
  4,857
  5,252
  5,671
  6,113
  6,581
  7,076
  7,598
  8,151
  8,734
  9,350
  10,001
  10,689
  11,414
  12,180
Issuance/(repayment) of debt, $m
  246
  257
  270
  282
  296
  310
  325
  341
  357
  375
  393
  412
  432
  454
  476
  499
  524
  550
  577
  606
  636
  667
  700
  735
  772
  810
  850
  893
  937
  984
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  246
  257
  270
  282
  296
  310
  325
  341
  357
  375
  393
  412
  432
  454
  476
  499
  524
  550
  577
  606
  636
  667
  700
  735
  772
  810
  850
  893
  937
  984
Total cash flow (excl. dividends), $m
  1,101
  1,270
  1,449
  1,639
  1,841
  2,054
  2,280
  2,519
  2,772
  3,041
  3,293
  3,593
  3,912
  4,248
  4,605
  4,982
  5,380
  5,802
  6,248
  6,719
  7,217
  7,743
  8,299
  8,886
  9,506
  10,160
  10,852
  11,581
  12,351
  13,164
Retained Cash Flow (-), $m
  -50
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
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
  1,052
  1,220
  1,396
  1,584
  1,782
  1,992
  2,215
  2,451
  2,702
  2,966
  3,215
  3,512
  3,826
  4,159
  4,511
  4,883
  5,277
  5,693
  6,134
  6,599
  7,091
  7,611
  8,160
  8,740
  9,353
  10,000
  10,684
  11,405
  12,166
  12,969
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  985
  1,064
  1,127
  1,175
  1,205
  1,218
  1,214
  1,192
  1,155
  1,104
  1,029
  955
  874
  786
  696
  606
  518
  435
  358
  289
  228
  176
  133
  98
  70
  49
  33
  22
  14
  9
Current shareholders' claim on cash, %
  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 is a producer of chocolate in North America. The Company's principal product offerings include chocolate and non-chocolate confectionery products; gum and mint refreshment products; pantry items, such as baking ingredients and beverages, and snack items, such as spreads, meat snacks, bars and snack bites and mixes. Its segments include North America, and International and Other. The North America segment includes its chocolate and non-chocolate confectionery business, as well as its grocery and snacks business. This includes developing and growing its business in chocolate and non-chocolate confectionery, pantry, food service and other snacking product lines. The Company distributes and sells confectionery products in export markets of Asia, Latin America, the Middle East, Europe, Africa and other regions. As of December 31, 2016, the Company marketed, sold and distributed its products under more than 80 brand names in approximately 70 countries across the world.

FINANCIAL RATIOS  of  Hershey (HSY)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 3.1
Price to Book 28.9
Price to Tangible Book
Price to Cash Flow 23.1
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 $7515.426 million for the last fiscal year's total revenue generated by Hershey. The default revenue input number comes from 0001 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 5.3% 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 6.7%, 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 16.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5097 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 5.4% 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 36.8%.

Life of production assets of 12.9 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 5.4%. 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 - $915.338 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 148.693 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 $15.9 billion.

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COMPANY NEWS

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▶ 4 Candy Companies to Consider Ahead of Halloween   [Oct-30-18 01:13PM  GuruFocus.com]
▶ Hershey had game-changing year   [Oct-26-18 10:52AM  Yahoo Finance Video]
▶ [$$] Hershey Fights Higher Costs by Charging More for Chocolate   [Oct-25-18 07:52PM  The Wall Street Journal]
▶ Why Hershey Co. Stock Dropped Today   [01:08PM  Motley Fool]
▶ Hershey shares melt on 3Q miss   [12:43PM  Associated Press]
▶ 8 Greenlight Stocks to Buy in a Sea of Red   [12:09PM  InvestorPlace]
▶ Hershey Declares Quarterly Dividends   [07:05AM  GlobeNewswire]
▶ A Preview Of Hershey's Q3 Earnings   [Oct-24-18 02:50PM  Benzinga]
▶ HERSHEYS Partners With Ninja and DrLupo at TwitchCon 2018   [Oct-22-18 08:00AM  GlobeNewswire]
▶ Hershey Completes Acquisition of Pirate Brands   [Oct-17-18 04:05PM  GlobeNewswire]
▶ 7 Consumer Staples Stocks to Buy   [Oct-10-18 11:35AM  InvestorPlace]
▶ Hershey to Webcast Third-Quarter Conference Call   [Oct-03-18 11:15AM  GlobeNewswire]
▶ [$$] Hersheys Strategy for a Healthy-Snack World   [Oct-02-18 11:00PM  The Wall Street Journal]
▶ [$$] Hershey's Strategy for a Healthy-Snack World   [10:02PM  The Wall Street Journal]
▶ [$$] Food Executives Look to Better Integrate Smaller Brands   [Sep-30-18 08:26PM  The Wall Street Journal]
▶ [$$] Food Executives Look to Better Integrate Startups   [Sep-29-18 07:00AM  The Wall Street Journal]
▶ Today's Top Supply Chain and Logistics News From WSJ   [Sep-28-18 11:09AM  The Wall Street Journal]
▶ [$$] Hershey Steps Up E-Commerce Efforts   [Sep-27-18 11:48AM  The Wall Street Journal]
▶ The Hershey Company Launches The Heartwarming Project   [Sep-24-18 03:56PM  GlobeNewswire]
▶ M&M might release three new internationally inspired, nutty flavors   [Sep-14-18 10:41AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Sep 14th, 2018   [06:55AM  Yahoo Finance Video]
▶ What Happened in the Stock Market Today   [05:00PM  Motley Fool]
▶ [$$] Hershey to Buy Pirate's Booty Maker for $420 Million   [07:39PM  The Wall Street Journal]
▶ Hershey Gets Into Online Shoppers Heads   [Sep-10-18 07:30AM  Bloomberg]
▶ The Hershey Company Announces Details of 2018 Analyst Event   [Aug-16-18 04:22PM  GlobeNewswire]
▶ [$$] Hershey CFO to Retire in 2019   [12:50PM  The Wall Street Journal]
▶ Socially responsible chocolate adds four flavors   [Aug-10-18 07:56AM  American City Business Journals]
▶ Company News For Jul 27, 2018   [Jul-27-18 09:48AM  Zacks]
▶ What Happened in the Stock Market Today   [Jul-26-18 04:49PM  Motley Fool]
▶ Why Hershey Co Stock Popped Today   [01:44PM  Motley Fool]
▶ [$$] Hershey Hikes Prices as Costs Climb   [11:29AM  The Wall Street Journal]
▶ Hershey: 2Q Earnings Snapshot   [07:55AM  Associated Press]

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