Mondelez International, Inc. ( MDLZ ) has gone through a period of its wide moat demonstration by passing along severe cost inflation to the end customer over the last couple of years. But every moat hasThere are many ways sell-side analysts try to find a company’s “fair” value — some useful, others pure illusion. The DCF method is like a massive LEGO set: every tiny assumption has to fit just right, and it opens the door to bias — overconfidence, hindsight, and anchoring. The multiples approach seems easie ...