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Intrinsic value of Hershey Company (The) (HSY)

Previous Close$206.98
Intrinsic Value
Upside potential
Previous Close
$206.98
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
42,659

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %10.1NaN
Revenue, $8971NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m6927NaN
Operating income, $m2044NaN
EBITDA, $m2359NaN
Interest expense (income), $mNaN
Earnings before tax, $m1792NaN
Tax expense, $m314NaN
Net income, $m1478NaN

BALANCE SHEET

Cash and short-term investments, $m329NaN
Total assets, $m10412NaN
Adjusted assets (=assets-cash), $m10083NaN
Average production assets, $m6701NaN
Working capital, $m-247NaN
Total debt, $m5377NaN
Total liabilities, $m7655NaN
Total equity, $m2757NaN
Debt-to-equity ratio1.950NaN
Adjusted equity ratio0.338NaN

CASH FLOW

Net income, $m1478NaN
Depreciation, amort., depletion, $m315NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m2083NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-496NaN
Free cash flow, $m2579NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-247
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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