Mondelez is the global #1 in biscuits and #2 in chocolate, with a portfolio of iconic brands (Oreo, Cadbury, Milka, Toblerone, Ritz) that generate durable pricing power across 150+ countries. FY2025 was an abnormal trough year: cocoa costs surged 161% YoY, compressing GAAP operating margins from 17.4% to 9.2% and cutting EPS from $3.42 to $1.89. However, this is a transient commodity headwind, not structural impairment — cocoa spot prices have fallen 50%+ from peak, and hedging roll-off in 2027 should restore margins toward the historical 16-18% operating margin range. At $59 (~18x CY2027E EPS), the stock prices in permanent margin destruction that is inconsistent with the company's 3-5% organic growth algorithm, $3B+ annual FCF generation, and wide-moat brand portfolio.