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.
Buying Hershey's will be a large purchase for them. MDLZ is attractively priced, but he wouldn't buy. He prefers Lindt, which has outperformed. But he likes staples at this part of the cycle.