Intrinsic value of Hershey - HSY

Previous Close

$109.02

  Intrinsic Value

$30.14

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-36%

Previous close

$109.02

 
Intrinsic value

$30.14

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-36%

*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 23.1

 

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
  2.00
  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
  7,440
  7,589
  7,763
  7,963
  8,187
  8,435
  8,707
  9,004
  9,325
  9,671
  10,042
  10,439
  10,863
  11,314
  11,793
  12,302
  12,841
  13,412
  14,015
  14,653
  15,326
  16,036
  16,786
  17,575
  18,407
  19,284
  20,206
  21,177
  22,199
  23,274
  24,405
Variable operating expenses, $m
 
  6,593
  6,743
  6,914
  7,106
  7,319
  7,553
  7,807
  8,083
  8,380
  8,698
  8,958
  9,321
  9,708
  10,120
  10,556
  11,019
  11,508
  12,026
  12,573
  13,151
  13,761
  14,403
  15,081
  15,795
  16,547
  17,339
  18,172
  19,049
  19,971
  20,942
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
  6,593
  6,743
  6,914
  7,106
  7,319
  7,553
  7,807
  8,083
  8,380
  8,698
  8,958
  9,321
  9,708
  10,120
  10,556
  11,019
  11,508
  12,026
  12,573
  13,151
  13,761
  14,403
  15,081
  15,795
  16,547
  17,339
  18,172
  19,049
  19,971
  20,942
Operating income, $m
  1,189
  996
  1,021
  1,049
  1,081
  1,116
  1,154
  1,197
  1,242
  1,291
  1,344
  1,481
  1,542
  1,606
  1,674
  1,746
  1,822
  1,903
  1,989
  2,079
  2,175
  2,276
  2,382
  2,494
  2,612
  2,737
  2,868
  3,005
  3,150
  3,303
  3,463
EBITDA, $m
  1,491
  1,318
  1,349
  1,383
  1,422
  1,466
  1,513
  1,564
  1,620
  1,680
  1,745
  1,814
  1,887
  1,966
  2,049
  2,137
  2,231
  2,330
  2,435
  2,546
  2,663
  2,786
  2,916
  3,054
  3,198
  3,350
  3,511
  3,679
  3,857
  4,044
  4,240
Interest expense (income), $m
  91
  94
  97
  101
  105
  110
  115
  121
  127
  133
  141
  148
  157
  166
  175
  185
  196
  207
  219
  231
  245
  259
  274
  289
  306
  323
  342
  361
  381
  403
  425
Earnings before tax, $m
  1,099
  902
  923
  948
  976
  1,006
  1,040
  1,076
  1,115
  1,158
  1,203
  1,333
  1,385
  1,440
  1,499
  1,561
  1,627
  1,696
  1,770
  1,848
  1,930
  2,017
  2,108
  2,205
  2,306
  2,413
  2,526
  2,644
  2,769
  2,900
  3,038
Tax expense, $m
  379
  243
  249
  256
  263
  272
  281
  291
  301
  313
  325
  360
  374
  389
  405
  421
  439
  458
  478
  499
  521
  545
  569
  595
  623
  652
  682
  714
  748
  783
  820
Net income, $m
  720
  658
  674
  692
  712
  735
  759
  786
  814
  845
  878
  973
  1,011
  1,051
  1,094
  1,139
  1,187
  1,238
  1,292
  1,349
  1,409
  1,472
  1,539
  1,609
  1,684
  1,762
  1,844
  1,930
  2,022
  2,117
  2,218

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
  5,333
  5,456
  5,596
  5,753
  5,928
  6,119
  6,327
  6,553
  6,796
  7,057
  7,336
  7,634
  7,951
  8,288
  8,645
  9,024
  9,425
  9,849
  10,297
  10,770
  11,269
  11,796
  12,351
  12,936
  13,551
  14,200
  14,882
  15,600
  16,356
  17,151
Adjusted assets (=assets-cash), $m
  5,227
  5,333
  5,456
  5,596
  5,753
  5,928
  6,119
  6,327
  6,553
  6,796
  7,057
  7,336
  7,634
  7,951
  8,288
  8,645
  9,024
  9,425
  9,849
  10,297
  10,770
  11,269
  11,796
  12,351
  12,936
  13,551
  14,200
  14,882
  15,600
  16,356
  17,151
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
  2,778
  2,841
  2,914
  2,996
  3,087
  3,187
  3,295
  3,413
  3,539
  3,675
  3,821
  3,976
  4,141
  4,316
  4,502
  4,700
  4,909
  5,130
  5,363
  5,609
  5,869
  6,144
  6,433
  6,737
  7,058
  7,395
  7,751
  8,125
  8,518
  8,932
Working capital, $m
  -92
  250
  256
  263
  270
  278
  287
  297
  308
  319
  331
  344
  358
  373
  389
  406
  424
  443
  462
  484
  506
  529
  554
  580
  607
  636
  667
  699
  733
  768
  805
Total debt, $m
  2,980
  2,775
  2,879
  2,998
  3,132
  3,281
  3,443
  3,620
  3,812
  4,019
  4,240
  4,477
  4,731
  5,000
  5,286
  5,590
  5,912
  6,253
  6,614
  6,995
  7,397
  7,821
  8,269
  8,740
  9,237
  9,761
  10,312
  10,892
  11,502
  12,145
  12,820
Total liabilities, $m
  4,738
  4,533
  4,637
  4,756
  4,890
  5,039
  5,201
  5,378
  5,570
  5,777
  5,998
  6,235
  6,489
  6,758
  7,044
  7,348
  7,670
  8,011
  8,372
  8,753
  9,155
  9,579
  10,027
  10,498
  10,995
  11,519
  12,070
  12,650
  13,260
  13,903
  14,578
Total equity, $m
  786
  800
  818
  839
  863
  889
  918
  949
  983
  1,019
  1,059
  1,100
  1,145
  1,193
  1,243
  1,297
  1,354
  1,414
  1,477
  1,545
  1,616
  1,690
  1,769
  1,853
  1,940
  2,033
  2,130
  2,232
  2,340
  2,453
  2,573
Total liabilities and equity, $m
  5,524
  5,333
  5,455
  5,595
  5,753
  5,928
  6,119
  6,327
  6,553
  6,796
  7,057
  7,335
  7,634
  7,951
  8,287
  8,645
  9,024
  9,425
  9,849
  10,298
  10,771
  11,269
  11,796
  12,351
  12,935
  13,552
  14,200
  14,882
  15,600
  16,356
  17,151
Debt-to-equity ratio
  3.791
  3.470
  3.520
  3.570
  3.630
  3.690
  3.750
  3.810
  3.880
  3.940
  4.010
  4.070
  4.130
  4.190
  4.250
  4.310
  4.370
  4.420
  4.480
  4.530
  4.580
  4.630
  4.670
  4.720
  4.760
  4.800
  4.840
  4.880
  4.920
  4.950
  4.980
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
  658
  674
  692
  712
  735
  759
  786
  814
  845
  878
  973
  1,011
  1,051
  1,094
  1,139
  1,187
  1,238
  1,292
  1,349
  1,409
  1,472
  1,539
  1,609
  1,684
  1,762
  1,844
  1,930
  2,022
  2,117
  2,218
Depreciation, amort., depletion, $m
  302
  323
  328
  335
  342
  350
  358
  368
  378
  389
  401
  332
  346
  360
  375
  392
  409
  427
  446
  466
  488
  510
  534
  559
  586
  614
  643
  674
  707
  741
  777
Funds from operations, $m
  919
  981
  1,002
  1,027
  1,054
  1,084
  1,117
  1,153
  1,192
  1,234
  1,279
  1,305
  1,357
  1,411
  1,469
  1,531
  1,596
  1,665
  1,738
  1,815
  1,897
  1,983
  2,073
  2,169
  2,269
  2,375
  2,487
  2,604
  2,728
  2,858
  2,995
Change in working capital, $m
  -64
  5
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
Cash from operations, $m
  983
  976
  997
  1,020
  1,047
  1,076
  1,108
  1,144
  1,182
  1,223
  1,267
  1,292
  1,343
  1,396
  1,453
  1,514
  1,578
  1,646
  1,718
  1,794
  1,875
  1,959
  2,049
  2,143
  2,242
  2,347
  2,457
  2,572
  2,694
  2,823
  2,957
Maintenance CAPEX, $m
  0
  -237
  -242
  -247
  -253
  -261
  -268
  -277
  -287
  -297
  -308
  -320
  -332
  -346
  -360
  -375
  -392
  -409
  -427
  -446
  -466
  -488
  -510
  -534
  -559
  -586
  -614
  -643
  -674
  -707
  -741
New CAPEX, $m
  -269
  -52
  -64
  -73
  -82
  -91
  -100
  -109
  -117
  -127
  -136
  -145
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -355
  -374
  -393
  -414
Cash from investing activities, $m
  -595
  -289
  -306
  -320
  -335
  -352
  -368
  -386
  -404
  -424
  -444
  -465
  -487
  -511
  -535
  -561
  -589
  -618
  -648
  -679
  -712
  -748
  -784
  -823
  -864
  -907
  -952
  -998
  -1,048
  -1,100
  -1,155
Free cash flow, $m
  388
  688
  691
  700
  711
  725
  740
  758
  778
  799
  823
  827
  855
  886
  918
  953
  990
  1,029
  1,071
  1,115
  1,162
  1,212
  1,264
  1,320
  1,378
  1,440
  1,505
  1,574
  1,646
  1,723
  1,803
Issuance/(repayment) of debt, $m
  569
  92
  104
  119
  134
  148
  163
  177
  192
  207
  222
  237
  253
  269
  286
  304
  322
  341
  360
  381
  402
  424
  448
  472
  497
  523
  551
  580
  610
  642
  675
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
  92
  104
  119
  134
  148
  163
  177
  192
  207
  222
  237
  253
  269
  286
  304
  322
  341
  360
  381
  402
  424
  448
  472
  497
  523
  551
  580
  610
  642
  675
Total cash flow (excl. dividends), $m
  449
  780
  795
  819
  845
  873
  903
  935
  969
  1,006
  1,045
  1,064
  1,108
  1,155
  1,204
  1,256
  1,312
  1,370
  1,431
  1,496
  1,564
  1,636
  1,712
  1,791
  1,875
  1,963
  2,056
  2,154
  2,257
  2,365
  2,478
Retained Cash Flow (-), $m
  212
  -14
  -18
  -21
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -113
  -119
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
 
  766
  777
  798
  821
  847
  874
  904
  936
  970
  1,006
  1,023
  1,064
  1,107
  1,154
  1,203
  1,255
  1,310
  1,367
  1,429
  1,493
  1,561
  1,633
  1,708
  1,787
  1,871
  1,959
  2,052
  2,149
  2,251
  2,359
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
 
  708
  659
  616
  571
  527
  481
  436
  391
  346
  304
  258
  220
  186
  154
  126
  101
  80
  62
  47
  35
  25
  18
  12
  8
  5
  3
  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 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 32.1
Price to Sales 3.1
Price to Book 29.4
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow 32.4
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% 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 211.677 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 $23.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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CAG Conagra Brands 33.91 13.24  str.sell
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COMPANY NEWS

▶ Hershey: Why Most Analysts Recommend a Hold   [Oct-19-17 09:08AM  Market Realist]
▶ Hersheys 3Q17 Top Line Is Expected to Remain Flat   [Oct-18-17 10:41AM  Market Realist]
▶ Hershey Preparing Bid for Nestle's U.S. Candy Unit   [Oct-16-17 01:24PM  Investopedia]
▶ Pershing Square Trims Its Stake in Mondelez   [Oct-09-17 09:33AM  Investopedia]
▶ Hershey to Webcast Third-Quarter Conference Call   [Oct-06-17 08:10AM  GlobeNewswire]
▶ Hershey Declares Quarterly Dividends   [08:00AM  GlobeNewswire]
▶ Americans to spend $9.1 billion on Halloween   [12:55PM  Yahoo Finance Video]
▶ TSN, MKC and HSY on the Street: What the Analysts Recommend   [Sep-20-17 09:05AM  Market Realist]
▶ Behind J.M. Smuckers Waning Sales   [08:07AM  Market Realist]
▶ Why Hersheys Earnings Per Share Are Expected to Grow   [Sep-19-17 09:08AM  Market Realist]
▶ [$$] Mars hopes pet food is the way to work, build and pay   [Sep-08-17 11:00PM  Financial Times]
▶ Cocoa Prices Are Plunging. Here's What It Means to Hershey   [Aug-27-17 06:20PM  TheStreet.com]
▶ [$$] Hershey Ends 12-Year Relationship With Arnold Worldwide   [Aug-25-17 02:37PM  The Wall Street Journal]
▶ Hershey Evolves Creative Agency Roster   [10:01AM  GlobeNewswire]
▶ Top Gainers in the Consumer Sector August 1418, 2017   [Aug-21-17 02:07PM  Market Realist]
▶ 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]
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.

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