Intrinsic value of Hershey - HSY

Previous Close

$91.92

  Intrinsic Value

$51.09

stock screener

  Rating & Target

sell

-44%

Previous close

$91.92

 
Intrinsic value

$51.09

 
Up/down potential

-44%

 
Rating

sell

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 2017), $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 19.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,665
  7,842
  8,043
  8,269
  8,520
  8,795
  9,095
  9,419
  9,768
  10,143
  10,544
  10,972
  11,428
  11,912
  12,426
  12,970
  13,547
  14,156
  14,800
  15,480
  16,198
  16,955
  17,752
  18,593
  19,478
  20,410
  21,391
  22,423
  23,509
  24,651
Variable operating expenses, $m
  1,285
  1,312
  1,343
  1,377
  1,415
  1,457
  1,503
  1,552
  1,605
  1,662
  1,604
  1,670
  1,739
  1,813
  1,891
  1,974
  2,061
  2,154
  2,252
  2,356
  2,465
  2,580
  2,701
  2,829
  2,964
  3,106
  3,255
  3,412
  3,577
  3,751
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
  6,494
  6,636
  6,784
  6,938
  7,098
  7,265
  7,439
  7,618
  7,805
  7,998
  8,080
  8,288
  8,503
  8,725
  8,955
  9,194
  9,440
  9,695
  9,959
  10,232
  10,515
  10,807
  11,109
  11,422
  11,746
  12,081
  12,428
  12,786
  13,158
  13,542
Operating income, $m
  1,171
  1,206
  1,259
  1,332
  1,422
  1,530
  1,656
  1,800
  1,963
  2,145
  2,464
  2,685
  2,925
  3,187
  3,471
  3,777
  4,107
  4,461
  4,841
  5,248
  5,684
  6,148
  6,643
  7,171
  7,732
  8,329
  8,963
  9,637
  10,351
  11,109
EBITDA, $m
  1,635
  1,678
  1,741
  1,823
  1,925
  2,046
  2,185
  2,344
  2,523
  2,721
  2,940
  3,179
  3,441
  3,724
  4,031
  4,362
  4,718
  5,100
  5,509
  5,947
  6,414
  6,913
  7,444
  8,009
  8,611
  9,250
  9,928
  10,648
  11,412
  12,221
Interest expense (income), $m
  91
  158
  163
  169
  175
  183
  191
  200
  210
  221
  233
  245
  259
  273
  288
  304
  321
  339
  359
  379
  400
  423
  447
  472
  499
  527
  556
  587
  620
  654
  691
Earnings before tax, $m
  1,013
  1,043
  1,091
  1,156
  1,239
  1,339
  1,456
  1,590
  1,742
  1,912
  2,219
  2,426
  2,652
  2,899
  3,166
  3,456
  3,767
  4,103
  4,462
  4,848
  5,260
  5,701
  6,171
  6,672
  7,205
  7,773
  8,376
  9,017
  9,697
  10,418
Tax expense, $m
  274
  282
  295
  312
  335
  361
  393
  429
  470
  516
  599
  655
  716
  783
  855
  933
  1,017
  1,108
  1,205
  1,309
  1,420
  1,539
  1,666
  1,801
  1,945
  2,099
  2,262
  2,435
  2,618
  2,813
Net income, $m
  740
  761
  796
  844
  904
  977
  1,063
  1,161
  1,272
  1,396
  1,620
  1,771
  1,936
  2,116
  2,311
  2,523
  2,750
  2,995
  3,258
  3,539
  3,840
  4,162
  4,505
  4,871
  5,260
  5,674
  6,115
  6,582
  7,079
  7,605

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
  5,665
  5,796
  5,945
  6,112
  6,297
  6,500
  6,722
  6,962
  7,220
  7,497
  7,793
  8,109
  8,446
  8,804
  9,184
  9,586
  10,012
  10,463
  10,939
  11,442
  11,972
  12,531
  13,121
  13,742
  14,396
  15,085
  15,810
  16,573
  17,376
  18,220
Adjusted assets (=assets-cash), $m
  5,665
  5,796
  5,945
  6,112
  6,297
  6,500
  6,722
  6,962
  7,220
  7,497
  7,793
  8,109
  8,446
  8,804
  9,184
  9,586
  10,012
  10,463
  10,939
  11,442
  11,972
  12,531
  13,121
  13,742
  14,396
  15,085
  15,810
  16,573
  17,376
  18,220
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
  3,457
  3,537
  3,627
  3,729
  3,843
  3,967
  4,102
  4,248
  4,405
  4,575
  4,755
  4,948
  5,154
  5,372
  5,604
  5,850
  6,110
  6,385
  6,675
  6,982
  7,305
  7,647
  8,006
  8,385
  8,785
  9,205
  9,647
  10,113
  10,603
  11,118
Working capital, $m
  238
  243
  249
  256
  264
  273
  282
  292
  303
  314
  327
  340
  354
  369
  385
  402
  420
  439
  459
  480
  502
  526
  550
  576
  604
  633
  663
  695
  729
  764
Total debt, $m
  3,012
  3,121
  3,246
  3,385
  3,540
  3,710
  3,895
  4,095
  4,310
  4,542
  4,789
  5,053
  5,334
  5,633
  5,950
  6,286
  6,642
  7,018
  7,416
  7,835
  8,278
  8,745
  9,238
  9,756
  10,303
  10,878
  11,483
  12,120
  12,790
  13,495
Total liabilities, $m
  4,731
  4,839
  4,964
  5,103
  5,258
  5,428
  5,613
  5,813
  6,028
  6,260
  6,507
  6,771
  7,053
  7,351
  7,669
  8,005
  8,360
  8,737
  9,134
  9,554
  9,997
  10,464
  10,956
  11,475
  12,021
  12,596
  13,201
  13,838
  14,509
  15,213
Total equity, $m
  935
  956
  981
  1,008
  1,039
  1,073
  1,109
  1,149
  1,191
  1,237
  1,286
  1,338
  1,394
  1,453
  1,515
  1,582
  1,652
  1,726
  1,805
  1,888
  1,975
  2,068
  2,165
  2,267
  2,375
  2,489
  2,609
  2,735
  2,867
  3,006
Total liabilities and equity, $m
  5,666
  5,795
  5,945
  6,111
  6,297
  6,501
  6,722
  6,962
  7,219
  7,497
  7,793
  8,109
  8,447
  8,804
  9,184
  9,587
  10,012
  10,463
  10,939
  11,442
  11,972
  12,532
  13,121
  13,742
  14,396
  15,085
  15,810
  16,573
  17,376
  18,219
Debt-to-equity ratio
  3.220
  3.260
  3.310
  3.360
  3.410
  3.460
  3.510
  3.560
  3.620
  3.670
  3.720
  3.780
  3.830
  3.880
  3.930
  3.970
  4.020
  4.070
  4.110
  4.150
  4.190
  4.230
  4.270
  4.300
  4.340
  4.370
  4.400
  4.430
  4.460
  4.490
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
  740
  761
  796
  844
  904
  977
  1,063
  1,161
  1,272
  1,396
  1,620
  1,771
  1,936
  2,116
  2,311
  2,523
  2,750
  2,995
  3,258
  3,539
  3,840
  4,162
  4,505
  4,871
  5,260
  5,674
  6,115
  6,582
  7,079
  7,605
Depreciation, amort., depletion, $m
  465
  473
  482
  492
  503
  516
  529
  544
  560
  576
  476
  495
  515
  537
  560
  585
  611
  638
  668
  698
  731
  765
  801
  839
  878
  920
  965
  1,011
  1,060
  1,112
Funds from operations, $m
  1,204
  1,234
  1,278
  1,336
  1,408
  1,493
  1,592
  1,705
  1,831
  1,972
  2,095
  2,266
  2,452
  2,653
  2,872
  3,108
  3,361
  3,633
  3,925
  4,237
  4,571
  4,926
  5,305
  5,709
  6,138
  6,595
  7,079
  7,593
  8,139
  8,717
Change in working capital, $m
  5
  5
  6
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
Cash from operations, $m
  1,200
  1,229
  1,272
  1,329
  1,400
  1,484
  1,583
  1,695
  1,820
  1,960
  2,083
  2,253
  2,438
  2,638
  2,856
  3,091
  3,343
  3,614
  3,905
  4,216
  4,548
  4,903
  5,281
  5,683
  6,111
  6,566
  7,049
  7,561
  8,105
  8,682
Maintenance CAPEX, $m
  -339
  -346
  -354
  -363
  -373
  -384
  -397
  -410
  -425
  -441
  -457
  -476
  -495
  -515
  -537
  -560
  -585
  -611
  -638
  -668
  -698
  -731
  -765
  -801
  -839
  -878
  -920
  -965
  -1,011
  -1,060
New CAPEX, $m
  -67
  -80
  -91
  -102
  -113
  -124
  -135
  -146
  -158
  -169
  -181
  -193
  -205
  -218
  -232
  -246
  -260
  -275
  -290
  -307
  -324
  -341
  -360
  -379
  -399
  -420
  -442
  -466
  -490
  -515
Cash from investing activities, $m
  -406
  -426
  -445
  -465
  -486
  -508
  -532
  -556
  -583
  -610
  -638
  -669
  -700
  -733
  -769
  -806
  -845
  -886
  -928
  -975
  -1,022
  -1,072
  -1,125
  -1,180
  -1,238
  -1,298
  -1,362
  -1,431
  -1,501
  -1,575
Free cash flow, $m
  793
  803
  827
  864
  914
  976
  1,051
  1,138
  1,238
  1,351
  1,445
  1,584
  1,737
  1,905
  2,087
  2,285
  2,498
  2,729
  2,976
  3,242
  3,527
  3,831
  4,156
  4,503
  4,873
  5,267
  5,686
  6,131
  6,604
  7,106
Issuance/(repayment) of debt, $m
  92
  109
  124
  140
  155
  170
  185
  200
  216
  231
  248
  264
  281
  299
  317
  336
  356
  376
  397
  420
  443
  467
  492
  519
  546
  575
  605
  637
  670
  705
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  
  92
  109
  124
  140
  155
  170
  185
  200
  216
  231
  248
  264
  281
  299
  317
  336
  356
  376
  397
  420
  443
  467
  492
  519
  546
  575
  605
  637
  670
  705
Total cash flow (excl. dividends), $m
  885
  912
  952
  1,004
  1,069
  1,146
  1,236
  1,338
  1,454
  1,582
  1,692
  1,848
  2,018
  2,204
  2,404
  2,621
  2,854
  3,105
  3,374
  3,662
  3,969
  4,298
  4,649
  5,022
  5,420
  5,842
  6,291
  6,768
  7,274
  7,811
Retained Cash Flow (-), $m
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -132
  -139
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
  53
  54
  55
  56
  58
  60
  62
  64
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  150
  157
  165
Cash available for distribution, $m
  865
  891
  927
  976
  1,038
  1,112
  1,199
  1,299
  1,411
  1,536
  1,643
  1,796
  1,963
  2,144
  2,341
  2,554
  2,784
  3,030
  3,295
  3,579
  3,882
  4,206
  4,551
  4,920
  5,312
  5,729
  6,172
  6,642
  7,142
  7,672
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
  811
  777
  749
  724
  702
  680
  657
  632
  603
  572
  526
  489
  448
  405
  361
  317
  273
  232
  192
  157
  125
  97
  74
  55
  40
  28
  19
  13
  8
  5
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 27.1
Price to Sales 2.6
Price to Book 24.8
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 27.3
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 million for the last fiscal year's total revenue generated by Hershey. The default revenue input number comes from 2017 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% 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 0.7%.

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 45.1%.

Life of production assets of 10 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 3.1%. 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 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 211 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 $19.4 billion.

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COMPANY NEWS

▶ Hershey to Webcast Second-Quarter Conference Call   [Jul-10-18 11:56AM  GlobeNewswire]
▶ 3 Second-Derivative Pot Stocks for Conservative Investors   [Jul-02-18 02:59PM  InvestorPlace]
▶ 2 Top Dividend Stocks for Savvy Investors   [06:04AM  Motley Fool]
▶ 10 Consumer Stocks on the Clearance Rack   [Jun-18-18 03:06PM  InvestorPlace]
▶ Why Hershey is uprooting this Bay Area food business for a headquarters move to Austin   [May-31-18 04:49PM  American City Business Journals]
▶ Customer Satisfaction ETF Tops $50 Million in Assets   [May-18-18 11:31AM  ETF Trends]
▶ Hershey Releases Shoppers World Retail Report   [May-17-18 08:30AM  GlobeNewswire]
▶ How to Calculate Cost of Goods Sold for Your Business   [May-16-18 03:38PM  TheStreet.com]
▶ Why Competitive Moats Are Here to Stay   [May-15-18 09:20AM  Motley Fool]
▶ REESES Goes All Out for Most Outrageous Fans   [May-14-18 08:00AM  GlobeNewswire]
▶ 5 Consumer Stocks Ready for Big Rebounds   [03:00PM  Investopedia]
▶ Heres the 411 on Elon Musks sweet, new business   [May-07-18 10:44AM  Yahoo Finance Video]
▶ Hershey Declares Quarterly Dividends   [May-04-18 10:00AM  GlobeNewswire]
▶ 5 Large Cap Stocks You Should Sell   [12:21PM  Investopedia]
▶ [$$] Hershey's Brand Investments Boost Sales   [09:17AM  The Wall Street Journal]
▶ Hershey: 1Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Hershey Co. Cl B to Host Earnings Call   [06:55AM  ACCESSWIRE]
▶ Campbell, Hershey among most reputable U.S. companies. Why that matters.   [Apr-17-18 11:36AM  American City Business Journals]
▶ Heres how you can invest to promote social change   [Apr-06-18 11:01AM  Yahoo Finance Video]
▶ Shine On: Ice Breakers Brand Debuts Glitter Gum   [Apr-05-18 09:00AM  GlobeNewswire]
▶ Hershey to Webcast First-Quarter Conference Call   [Apr-04-18 10:00AM  GlobeNewswire]
▶ Discussing Easter stock picks   [Mar-28-18 11:57PM  CNBC Videos]
▶ [$$] In Chocolate We Trust Review: A Man, a Brand, a School, a Town   [Mar-25-18 10:51PM  The Wall Street Journal]
▶ The Bizarre, Innovative World of Japanese Kit Kats   [Mar-22-18 02:17PM  Fortune]
▶ Comcast, Intel picked the right athlete endorsers at Winter Olympics   [Mar-10-18 12:30PM  American City Business Journals]
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