Mondelez International, Inc. (MDLZ)

The portfolio holds Oreo, Cadbury, Milka, Toblerone and dozens of local brands. The purchase is impulsive and inexpensive, so consumers absorb price increases more easily than in large categories. That is the revenue growth mechanism: volumes barely grow, prices do.

A substantial share of sales sits in emerging markets, where confectionery consumption per person is lower and rises with incomes. The flip side is currency risk: revenue is international, and a strong dollar directly reduces it in the accounts.

The dominant cost is cocoa, whose price went through a historic spike after poor West African harvests. Passing it fully to the consumer is impossible without losing volume, and the balance between price and demand is the central question in results. The company pays a dividend and raises it.