Price to Book Value (P/BV)
since 2005
Calculation
Hershey Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | The Hershey Company stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2023 | 14.88 | = | 240.69 | ÷ | 16.17 | 16.17 | = | 3,299,544 | ÷ | 204,035,956 | |
| Feb 18, 2022 | 15.08 | = | 202.59 | ÷ | 13.43 | 13.43 | = | 2,757,229 | ÷ | 205,241,853 | |
| Feb 17, 2021 | 14.03 | = | 151.29 | ÷ | 10.79 | 10.79 | = | 2,234,352 | ÷ | 207,165,543 | |
| Feb 20, 2020 | 19.31 | = | 160.11 | ÷ | 8.29 | 8.29 | = | 1,739,222 | ÷ | 209,749,611 | |
| Feb 22, 2019 | 16.43 | = | 110.22 | ÷ | 6.71 | 6.71 | = | 1,398,721 | ÷ | 208,519,794 | |
| Feb 27, 2018 | 22.58 | = | 98.19 | ÷ | 4.35 | 4.35 | = | 915,338 | ÷ | 210,483,774 | |
| Feb 21, 2017 | 29.32 | = | 108.48 | ÷ | 3.70 | 3.70 | = | 785,856 | ÷ | 212,414,672 | |
| Feb 26, 2016 | 19.66 | = | 90.62 | ÷ | 4.61 | 4.61 | = | 997,997 | ÷ | 216,519,701 | |
| Feb 20, 2015 | 16.28 | = | 107.24 | ÷ | 6.59 | 6.59 | = | 1,455,062 | ÷ | 220,828,040 | |
| Feb 21, 2014 | 15.02 | = | 107.70 | ÷ | 7.17 | 7.17 | = | 1,604,834 | ÷ | 223,805,223 | |
| Feb 22, 2013 | 17.56 | = | 81.23 | ÷ | 4.63 | 4.63 | = | 1,036,749 | ÷ | 224,087,596 | |
| Feb 17, 2012 | 16.17 | = | 60.86 | ÷ | 3.76 | 3.76 | = | 849,022 | ÷ | 225,520,177 | |
| Feb 18, 2011 | 12.68 | = | 50.33 | ÷ | 3.97 | 3.97 | = | 902,316 | ÷ | 227,301,799 | |
| Feb 19, 2010 | 12.64 | = | 39.97 | ÷ | 3.16 | 3.16 | = | 720,459 | ÷ | 227,922,429 | |
| Feb 20, 2009 | 24.71 | = | 34.64 | ÷ | 1.40 | 1.40 | = | 318,199 | ÷ | 226,993,240 | |
| Feb 19, 2008 | 14.20 | = | 37.05 | ÷ | 2.61 | 2.61 | = | 592,922 | ÷ | 227,314,176 | |
| Feb 23, 2007 | 17.93 | = | 53.09 | ÷ | 2.96 | 2.96 | = | 683,423 | ÷ | 230,758,373 | |
| Feb 28, 2006 | 11.97 | = | 51.15 | ÷ | 4.27 | 4.27 | = | 1,021,076 | ÷ | 238,949,667 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Hershey Co. Annual Report.
The Price to Book Value (P/BV) ratio exhibits substantial volatility over the analyzed period, characterized by a consistent and significant premium over the accounting book value. While the share price demonstrated a long-term upward trajectory, the P/BV ratio did not follow a linear path, instead reacting to shifts in both market valuation and the underlying book value per share.
- Early Volatility and Book Value Contraction (2006–2010)
- An initial period of fluctuation is observed, with the P/BV ratio peaking at 24.71 in February 2009. This spike was primarily driven by a sharp contraction in the book value per share, which fell to a period low of 1.40, rather than a proportional increase in the share price.
- Valuation Expansion (2011–2017)
- A sustained upward trend in the valuation multiple occurred between 2011 and 2017. The P/BV ratio climbed from 12.68 to a peak of 29.32 in 2017. This expansion suggests a period where market pricing increased at a rate far exceeding the growth of the company's equity base.
- Normalization and Stability (2018–2023)
- The final period is marked by a stabilization of the P/BV ratio, which fluctuated within a narrower range between 14.03 and 19.31. Despite the share price reaching its highest point of 240.69 by February 2023, the ratio remained relatively stable due to a steady and significant increase in the book value per share, which rose from 4.35 in 2018 to 16.17 in 2023.
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Comparison to Competitors
Hershey Co., P/BV, long-term trends, comparison to competitors
| Hershey Co. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 17, 2023 | 14.88 | 10.73 | 3.34 | 13.88 | — |
| Feb 18, 2022 | 15.08 | 11.74 | 3.29 | 14.52 | — |
| Feb 17, 2021 | 14.03 | 11.20 | 2.88 | 13.84 | — |
| Feb 20, 2020 | 19.31 | 13.26 | 3.08 | 13.76 | — |
| Feb 22, 2019 | 16.43 | 11.55 | 2.64 | 11.21 | — |
| Feb 27, 2018 | 22.58 | 11.00 | 2.40 | 14.62 | — |
| Feb 21, 2017 | 29.32 | 7.78 | 2.75 | 13.73 | — |
| Feb 26, 2016 | 19.66 | 7.48 | 2.23 | 11.75 | — |
| Feb 20, 2015 | 16.28 | 6.06 | 2.20 | 8.52 | — |
| Feb 21, 2014 | 15.02 | 5.06 | 1.78 | 4.90 | — |
| Feb 22, 2013 | 17.56 | 5.23 | 1.46 | 5.22 | — |
| Feb 17, 2012 | 16.17 | 4.95 | 1.90 | 4.83 | 624.24 |
| Feb 18, 2011 | 12.68 | 4.73 | 1.55 | 4.75 | 31.91 |
| Feb 19, 2010 | 12.64 | 4.90 | 1.65 | 5.83 | 16.12 |
| Feb 20, 2009 | 24.71 | 4.64 | 1.51 | 6.71 | 9.14 |
| Feb 19, 2008 | 14.20 | 6.36 | 1.77 | 6.67 | — |
| Feb 23, 2007 | 17.93 | 6.51 | 1.86 | 6.89 | — |
| Feb 28, 2006 | 11.97 | 6.08 | 1.72 | 6.92 | — |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Hershey Co., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Hershey Co. | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 17, 2023 | 14.88 | 12.59 |
| Feb 18, 2022 | 15.08 | 13.34 |
| Feb 17, 2021 | 14.03 | 12.88 |
| Feb 20, 2020 | 19.31 | 13.65 |
| Feb 22, 2019 | 16.43 | 12.22 |
| Feb 27, 2018 | 22.58 | 13.57 |
| Feb 21, 2017 | 29.32 | 12.01 |
| Feb 26, 2016 | 19.66 | 10.24 |
| Feb 20, 2015 | 16.28 | 8.30 |
| Feb 21, 2014 | 15.02 | 5.72 |
| Feb 22, 2013 | 17.56 | 5.83 |
| Feb 17, 2012 | 16.17 | 5.32 |
| Feb 18, 2011 | 12.68 | 4.53 |
| Feb 19, 2010 | 12.64 | 4.84 |
| Feb 20, 2009 | 24.71 | 4.47 |
| Feb 19, 2008 | 14.20 | 4.55 |
| Feb 23, 2007 | 17.93 | 4.42 |
| Feb 28, 2006 | 11.97 | 4.14 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Hershey Co., P/BV, long-term trends, comparison to industry (consumer staples)
| Hershey Co. | Consumer Staples | |
|---|---|---|
| Feb 17, 2023 | 14.88 | 8.11 |
| Feb 18, 2022 | 15.08 | 8.15 |
| Feb 17, 2021 | 14.03 | 7.44 |
| Feb 20, 2020 | 19.31 | 7.21 |
| Feb 22, 2019 | 16.43 | 5.76 |
| Feb 27, 2018 | 22.58 | 5.70 |
| Feb 21, 2017 | 29.32 | 5.35 |
| Feb 26, 2016 | 19.66 | 5.06 |
| Feb 20, 2015 | 16.28 | 4.55 |
| Feb 21, 2014 | 15.02 | 4.08 |
| Feb 22, 2013 | 17.56 | 3.89 |
| Feb 17, 2012 | 16.17 | 3.50 |
| Feb 18, 2011 | 12.68 | 3.45 |
| Feb 19, 2010 | 12.64 | 3.38 |
| Feb 20, 2009 | 24.71 | 3.48 |
| Feb 19, 2008 | 14.20 | 3.56 |
| Feb 23, 2007 | 17.93 | 3.66 |
| Feb 28, 2006 | 11.97 | 4.47 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).