IFF Reports Weak Third-Quarter Results, but Trend to Improve
IFF, the global flavours and fragrances company, reported weak third-quarter results. Organic growth was a meagre 2%, unchanged on the first-half pace, but underlying operating margins in each of the flavour and fragrance divisions advanced by only 10 basis points. IFF also passed a USD 23.5 million provision for litigation, which we see as an exceptional charge. We are barely changing our earnings estimates, while our USD 138 fair value estimate and narrow moat rating are both unchanged.The we...
International Flavors & Fragrances is a creator and manufacturer of taste, scent and complementary adjacent products, including cosmetic active and natural health ingredients. The company's operating segments are Taste and Scent. The Taste segment develops a range of different flavors and taste offerings for its customers, most of which are tailor-made. The company's Taste business is comprised of various portfolios across flavor compounds, savory solutions, inclusions and nutrition and specialty ingredients. The Scent segment creates fragrance compounds and fragrance ingredients for the household and personal care products. The company also produces cosmetic active and functional ingredients for use in cosmetics.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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