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.
Owns shares and would recommend buying. Global consumer goods powerhouse. Strong brand names with sticky adoption rates. Ability to generate profits despite higher chocolate prices. Would recommend holding for the long term. Ability to pass on rising costs to consumers.