Hershey's Thirst Has Yet to Be Quenched Following Pirate Brands Tie-Up; Shares a Touch Undervalued
Building off of the deal that brought Amplify to its fold late last year, Hershey has announced its intentions to scoop up Pirate Brands (including the Pirate’s Booty, Smart Puffs, and Original Tings brands) from B&G Foods. The deal, valued at $420 million, is slated to close in the fourth quarter of calendar 2018. We estimate the acquired mix will contribute just a low-single-digit percentage to sales, and as such, it doesn’t stand to alter our $116 fair value estimate (based on 3%-4% annua...Hershey is engaged in the production of chocolate and non-chocolate confectionery. The company's segments are: North America, which is responsible for the company's chocolate and non-chocolate confectionery market position, and its grocery and snacks market positions, in the United States and Canada; and International and Other, in which the company has operations and manufactures product in China, Mexico, Brazil, India and Malaysia, and also distributes and sells confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions. The company's product offerings include chocolate and non-chocolate confectionery products, gum and mint refreshment products, snack and pantry items.
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