Subject: Re: FKA: HSY
Yep, not one I'm invested in, some thoughts; free cashflow is very erratic over the last decade and currently much higher than trend due to strong results from Primark. Cyclical?

Debt levels ok, average ROE, valuation seems attractive based on latest figures, however fairish value if you average out over 3 years of cashflow and earnings. Would likely trade on a higher valuation if it was in the US vs UK.