Stock price when the opinion was issued
Down YOY, but has actually held up well during recent market uncertainty. 40% of revenue from EMs, which tend to have stronger long-term, secular growth. Cocoa prices spiked, and chocolate is 30% of its business, so they guided earnings down. Long-term outlook still attractive, expanding into adjacent categories.
Good company, but now up against weight-loss drugs. Makes the core thesis tough. High cocoa prices increased input prices. Lots of international sales, so a strong USD is not constructive.