HSY is undervalued at $179 vs fair value $244; strong moat supports long-term ownership interest.

Last but not least, Hershey's, the world's leading chocolate retailer. This company is sold for $179, and I have calculated a fair value for it of $244.

This is another category where the advantages of large size are difficult to overcome. For reasons similar to those that give Procter & Gamble significant and sustained competitive advantages, Hershey's has very similar competitive advantages.

Marketing , logistics , manufacturing, distribution , and collaborating with suppliers to purchase goods are all things that have evolved over decades, and it is very difficult for any new competitor to surpass them.

This is something I expect to remain so for many more decades.

You rarely hear about a new confectionery company emerging . This is not an industry that attracts many new competitors. It's not like the car industry ; It is not an attractive industry that draws many competitors.

It is not like the artificial intelligence industry, which, due to its lucrative profit margins and rapid growth rates, sees students leaving universities to establish new companies by the dozens.

Therefore, Hershey has succeeded in establishing its position in this sector and enjoys a large market share , and it is likely to continue to maintain this share for many years to come.

This is another company that I don't own yet, but I am interested in owning.