IFF Reports Middling 4Q Earnings But Our FVE Rises To $144 On Tax Reform and Time Value of Money
International Flavors & Fragrances' fourth-quarter results fell shy of our expectations, although 2017 was a solid year overall. We've increased our fair value estimate to $144 per share from $138 as the benefits of tax reform and time value of money effects more than offset a slight reduction in our near-term profit outlook. Shares are trading in line with our updated fair value estimate. Our wide-moat rating is unchanged, as the firm continues to operate with firmly-entrenched moat sources...
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