Shares of Mondelez (MDLZ) - Get Report are under pressure Wednesday, down 1.2%, putting the stock below its 50-day moving average and trending lower. But it's not time to panic.

The company's second-quarter revenue miss might have spooked current investors into selling, but new investors should consider Wednesday's decline a sweet buying opportunity for the maker of some familiar cookies and other snacks.

A cheap stock, which pays a decent dividend yield, has just become more attractive. With the company on the hunt for M&A as evidenced by the $23 billion rejected bid for Hershey (HSY) - Get Report , Mondelez is looking everywhere for growth. Its earnings beat Wednesday suggests it's creating value at the same time.

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With its shares trading at around $44.40, Modelez' price to earnings multiple of under 10 compares favorably to the likes of other packaged food stocks including General Mills (GIS) - Get Report and Kellogg (K) - Get Report , which are priced at respective P/Es of 25 and 51. For that matter, even Hershey, which rebuffed its M&A offer, is priced at 47.

This means if Mondelez commanded the average P/E of these three companies, MDLZ would trade today at around $68, or more than 50% higher. The company is projected to grow earnings at an average annual rate of 12% in the next five years. By contrast General Mills, Kellogg and Hershey will average just 7% earnings growth when combined. At some point, the market should realize this disconnect.

On a technical basis, thestock, which met resistance at around $46 per share, is not pretty. But the stock's future results will be, thanks to the company's international expansion plans in areas such as China, where it plans to enter in September. Entering the world's most populous country should drive sales higher. From current levels, the stock should not only regain its 52-week high of $48.58, or 9% gains, the shares should reach $50 by year's end, returning premiums of 12%.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.