TIVP012: Hershey (HSY): A Deliciously Beaten Down Stock? w/ Shawn O'Malley & Daniel Mahncke

In today’s episode, Shawn O’Malley and Daniel Mahnke break down Hershey (ticker: HSY), a company about so much more than chocolate. From Hershey’s Kisses to Reese’s, Skinny Pop, and Dot’s Pretzels, Hershey’s is home to a number of iconic brands and is turning into an increasingly diversified snacking company.

In this episode, you’ll learn how Hershey’s was founded, why chocolate brands are hard to scale internationally, why Hershey’s is diversifying into salty snacks, what Hershey’s is doing about a global cocoa shortage, plus so much more!

Prefer to watch? Click here to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

04:41 - Hershey’s unique origin story

16:09 - How the company is responding to global cocoa shortages

22:19 - Why Hershey is unlikely to be acquired and its plans for growth

23:36 - The origins of Hershey’s unconventional ownership structure

29:27 - Why Hershey’s isn’t as popular outside North America

39:53 - What made Hershey’s diversify into salty snacks

42:45 - Why the stock has been so beaten up over the last 18 months

35:12 - How Hershey’s stacks up against competitors

1:00:20 - What is Hershey’s intrinsic value per share

1:07:44 - Whether Shawn & Daniel add HSY to The Intrinsic Value Portfolio

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
• Hershey’s 2023 pitch on the Value Investors Club Forum.
• Check out Poor Charlie’s Almanack.
• The History of Hershey.
• Hershey’s