Financials The Hershey Company Sao Paulo

Equities

HSHY34

BRHSHYBDR001

Food Processing

Delayed Sao Paulo Other stock markets 09:03:54 2024-07-12 am EDT			5-day change	1st Jan Change
203 ^BRL	+5.94%		0.00%	+14.26%

Jul. 08	That's not so bad, is it?
Jul. 08	RBC Cuts Price Target on Hershey to $209 From $213, Keeps Sector Perform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,707	31,707	39,856	47,491	38,127	37,774	-	-
Enterprise Value (EV) ¹	34,480	35,165	44,555	51,818	42,539	42,233	42,148	41,772
P/E ratio	26.9 x	24.9 x	27.2 x	29.1 x	20.6 x	19.1 x	19.1 x	17.7 x
Yield	2.03%	2.07%	1.76%	1.67%	2.39%	2.9%	3.06%	3.22%
Capitalization / Revenue	3.85 x	3.89 x	4.44 x	4.56 x	3.41 x	3.3 x	3.18 x	3.06 x
EV / Revenue	4.32 x	4.31 x	4.97 x	4.97 x	3.81 x	3.69 x	3.55 x	3.38 x
EV / EBITDA	17.4 x	16.5 x	18.8 x	18.6 x	13.6 x	13.8 x	13.4 x	12.7 x
EV / FCF	23.9 x	28 x	28.1 x	28.7 x	27.4 x	22.1 x	21.5 x	18.6 x
FCF Yield	4.19%	3.58%	3.56%	3.49%	3.65%	4.53%	4.65%	5.38%
Price to Book	17.7 x	14.3 x	14.6 x	14.5 x	9.34 x	8.2 x	7.74 x	6.77 x
Nbr of stocks (in thousands)	208,921	208,144	206,004	205,083	204,498	202,229	-	-
Reference price ²	147.0	152.3	193.5	231.6	186.4	186.8	186.8	186.8
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,986	8,150	8,971	10,419	11,165	11,454	11,878	12,347
EBITDA ¹	1,979	2,125	2,369	2,784	3,119	3,065	3,147	3,295
EBIT ¹	1,688	1,830	2,054	2,405	2,699	2,636	2,681	2,824
Operating Margin	21.14%	22.46%	22.89%	23.09%	24.17%	23.02%	22.57%	22.88%
Earnings before Tax (EBT) ¹	1,381	1,495	1,797	1,917	2,172	2,311	2,334	2,461
Net income ¹	1,150	1,279	1,478	1,645	1,862	1,994	1,984	2,077
Net margin	14.4%	15.69%	16.47%	15.79%	16.68%	17.41%	16.7%	16.82%
EPS ²	5.460	6.110	7.110	7.960	9.060	9.784	9.797	10.54
Free Cash Flow ¹	1,446	1,258	1,587	1,808	1,552	1,913	1,961	2,247
FCF margin	18.1%	15.44%	17.69%	17.36%	13.9%	16.7%	16.51%	18.2%
FCF Conversion (EBITDA)	73.03%	59.2%	66.99%	64.95%	49.76%	62.42%	62.32%	68.19%
FCF Conversion (Net income)	125.75%	98.38%	107.41%	109.94%	83.37%	95.94%	98.85%	108.18%
Dividend per Share ²	2.990	3.154	3.410	3.874	4.456	5.415	5.717	6.011
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,326	2,666	2,373	2,728	2,652	2,988	2,490	3,030	2,657	3,253	2,333	3,062	2,817	3,246	2,493
EBITDA ¹	558.8	798.9	620.8	709.5	655.2	928.8	672.4	856.7	660.9	968.7	539	854.5	709.4	938.8	590
EBIT ¹	475.7	707.9	526.9	615.3	555.3	830.6	570.9	753.4	544.2	861	438.8	741.7	599.2	821.7	480.1
Operating Margin	20.45%	26.55%	22.21%	22.55%	20.94%	27.8%	22.92%	24.86%	20.48%	26.47%	18.81%	24.23%	21.27%	25.31%	19.26%
Earnings before Tax (EBT) ¹	342.9	677.4	403.5	473.1	363.1	759.3	439.5	653.4	319.7	986.3	348.5	649.2	471.6	759.4	399
Net income ¹	335.6	533.5	315.6	399.5	396.3	587.2	407	518.6	349	797.5	308.6	552.2	468.6	618.8	352.8
Net margin	14.43%	20.01%	13.3%	14.64%	14.94%	19.65%	16.34%	17.11%	13.14%	24.52%	13.23%	18.04%	16.63%	19.06%	14.15%
EPS ²	1.620	2.570	1.530	1.940	1.920	2.850	1.980	2.520	1.700	3.890	1.334	2.706	2.329	3.054	1.578
Dividend per Share ²	0.9010	0.9010	0.9010	1.036	1.036	1.036	1.036	1.192	1.192	1.370	1.356	1.407	1.407	1.434	1.328
Announcement Date	2/3/22	4/28/22	7/28/22	11/4/22	2/2/23	4/27/23	7/27/23	10/26/23	2/8/24	5/3/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,773	3,459	4,700	4,327	4,412	4,458	4,373	3,998
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.906 x	1.628 x	1.984 x	1.554 x	1.415 x	1.455 x	1.39 x	1.213 x
Free Cash Flow ¹	1,446	1,258	1,587	1,808	1,552	1,913	1,961	2,247
ROE (net income / shareholders' equity)	77.3%	66.1%	59.8%	58.1%	53.3%	44.8%	43.2%	42.9%
ROA (Net income/ Total Assets)	15.4%	15.2%	15.3%	16.5%	17.2%	15.4%	15.1%	15.6%
Assets ¹	7,475	8,390	9,672	9,981	10,794	12,952	13,144	13,313
Book Value Per Share ²	8.280	10.70	13.30	16.00	20.00	22.80	24.10	27.60
Cash Flow per Share ²	8.370	8.120	10.00	11.30	11.30	13.50	13.80	14.70
Capex ¹	318	442	496	519	771	658	527	515
Capex / Sales	3.98%	5.42%	5.53%	4.99%	6.91%	5.75%	4.44%	4.17%
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Hershey Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

186.8 USD

Average target price

205.8 USD

Spread / Average Target

+10.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
NESTLÉ S.A.	-3.42%	275B
MONDELEZ INTERNATIONAL, INC.	-9.82%	87.62B
DANONE	+0.20%	41B
KRAFT HEINZ	-12.98%	39.08B
GENERAL MILLS, INC.	-3.02%	35.26B
ARCHER-DANIELS-MIDLAND COMPANY	-11.04%	31.77B
NESTLÉ INDIA LIMITED	-1.89%	29.94B
ASSOCIATED BRITISH FOODS PLC	+4.69%	23.63B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-20.28%	19.88B

Other Food Processing