Price to Book Value (P/BV)
since 2005
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Hershey Co. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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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 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
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.
- Share Price Trend
- The share price exhibited considerable volatility throughout the period under review. Starting at $51.15 in early 2006, it experienced a decline reaching a low close to $34.64 in early 2009. Subsequently, the price followed an upward trajectory, with notable growth from 2012 onwards, peaking around $240.69 by early 2023. The increase post-2012 indicates a strong positive market sentiment or improved company performance.
- Book Value Per Share (BVPS) Trend
- BVPS showed a general increasing trend over the years. From a starting value of $4.27 in 2006, it then decreased to a low of $1.40 by 2009. After this trough, the BVPS recovered and steadily increased, reaching $16.17 in 2023. The recovery after 2009 and subsequent growth suggest improved equity value or reinvestment strategies enhancing shareholders' equity.
- Price to Book Value Ratio (P/BV) Trend
- The P/BV ratio fluctuated significantly across the years. It reached high values in the late 2000s, peaking at 29.32 in 2017, indicating the market price was highly above the book value per share during this time, reflecting either strong investor optimism or potential overvaluation. From 2017 onward, the P/BV ratio declined to more moderate levels around 15 by 2023, suggesting either stabilization of the market valuation or an increase in book value outpacing price growth.
- Combined Interpretations
- The share price rebound beginning in 2009 aligns with the increase in BVPS after its lowest point, indicating improved fundamentals. However, the high P/BV ratios in certain years like 2017 suggest that share prices may have been driven by factors beyond book value, such as growth expectations or market conditions. The correction in the P/BV ratio towards the later years could indicate a realignment of market price closer to intrinsic book value.
- Overall Insights
- The data presents a picture of initial financial strain or undervaluation evident from the low share prices and BVPS around 2009, followed by recovery and growth in intrinsic value. Market valuations reflected by P/BV ratios suggest periods of both optimism and adjustment. The trend towards higher book values per share in recent years supports a strengthening equity base, while share prices rising significantly capture increased investor confidence or growth prospects.
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 | |||||
| Feb 18, 2022 | |||||
| Feb 17, 2021 | |||||
| Feb 20, 2020 | |||||
| Feb 22, 2019 | |||||
| Feb 27, 2018 | |||||
| Feb 21, 2017 | |||||
| Feb 26, 2016 | |||||
| Feb 20, 2015 | |||||
| Feb 21, 2014 | |||||
| Feb 22, 2013 | |||||
| Feb 17, 2012 | |||||
| Feb 18, 2011 | |||||
| Feb 19, 2010 | |||||
| Feb 20, 2009 | |||||
| Feb 19, 2008 | |||||
| Feb 23, 2007 | |||||
| Feb 28, 2006 |
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 | ||
| Feb 18, 2022 | ||
| Feb 17, 2021 | ||
| Feb 20, 2020 | ||
| Feb 22, 2019 | ||
| Feb 27, 2018 | ||
| Feb 21, 2017 | ||
| Feb 26, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 17, 2012 | ||
| Feb 18, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 19, 2008 | ||
| Feb 23, 2007 | ||
| Feb 28, 2006 |
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 | ||
| Feb 18, 2022 | ||
| Feb 17, 2021 | ||
| Feb 20, 2020 | ||
| Feb 22, 2019 | ||
| Feb 27, 2018 | ||
| Feb 21, 2017 | ||
| Feb 26, 2016 | ||
| Feb 20, 2015 | ||
| Feb 21, 2014 | ||
| Feb 22, 2013 | ||
| Feb 17, 2012 | ||
| Feb 18, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 19, 2008 | ||
| Feb 23, 2007 | ||
| Feb 28, 2006 |
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).