Update on Ingredients Sector Following Earnings Reports
All nine ingredients companies we follow have now reported earnings results. These mostly ranged from in line to disappointing, with only Ingredion's results being (once again) above expectations. In terms of our fair value estimates, four stocks saw no revision (Kerry, Givaudan, International Flavors & Fragrances, Glanbia); only one saw a downgrade (Symrise, by 3%); and four saw significant upgrades (Ingredion by 12%, Christian Hansen by 13%, Tate & Lyle by 15%, and Barry Callebaut by 1...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.
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