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Morningstar•January 05, 2022
Morningstar•January 05, 2022The Hershey Company: COVID-19-Related Growth Led to Soaring U.S. Packaged Food Valuations; We Still See Pockets of Value
Summary
Hershey is a leading confectionery manufacturer in the U.S. (nearly a $25 billion market), controlling around 46% of the domestic chocolate space (per IRI). Beyond its namesake label, the firm's mix has expanded over the last 85 years and now consists of 90 brands, including Reese's, Kit Kat, Kisses, and Ice Breakers. Hershey's products are sold in about 85 countries, with just 10% of total sales coming from markets outside the U.S., including Brazil, China, India, and Mexico. The firm has sought inorganic opportunities to extend its reach beyond its core confection business,
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Analyst Profile
Erin Lash
Sector DirectorErin Lash, CFA, is director of consumer sector equity research for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. In addition to leading the sector team, Lash covers packaged food and household and personal care companies.Before joining Morningstar in 2006, she spent four years as an investment analyst covering retail, transportation, and technology firms for State Farm Insurance.Lash holds a bachelor's degree in finance from Bradley University and a master's degree in business administration, with concentrations in accounting and finance, from the University of Chicago Booth School of Business. She also holds the Chartered Financial Analyst® designation. She ranked second in the food and tobacco industry in The Wall Street Journal's annual “Best on the Street” analysts survey in 2013, the last year the survey was conducted.