IFF Trades Lower After 1Q Earnings Release, but Our Outlook Is Unchanged; Maintaining $143 FVE
International Flavors & Fragrances reported mixed first-quarter results as flavors sales and profits grew nicely but fragrances profits fell, despite higher sales than in the year-ago period. Management maintained its full-year guidance. Having updated our valuation model, our outlook is effectively unchanged. We maintain our $143 per share fair value estimate and narrow moat rating for IFF.For the flavors business unit, sales grew an impressive 10% to $400 million, while profits increased ...
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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