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Based on the July 31, 2009, Value Line, VL, reports for both companies, it looks like CBY is overpriced and HSY is reasonably priced.
VL values CBY at 13.0 x Cash Flow per ADR and projects that CF/ADR might be $3.05 in 2010. That implies a Fair Value of about $40/ADR. At the current price, ~$50/ADR, CBY does looks like it is 25% overvalue. VL values HSY at 13.0 x Cash Flow per share and projects that CF/s might be $3.15 in 2010. That implies a Fair Value of about $41/share. At the current price, ~38/share, it looks like the market has priced HSY correctly (within ±10% of fair value). JMHO. Rating :
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