Report
Adam Kindreich, CFA
EUR 147.86 For Business Accounts Only

Ingredion provides exposure to global ingredients growth.

Ingredion chalked up another strong performance in the third quarter, with the EBIT margin up 170 basis points year on year to 15.0%, driven by a combination of synergies, network optimization, favorable mix, and strong pricing in North and South America. This brings the nine-month EBIT margin performance to a 220-basis-point increase to 14.8%. We are increasing our 2016 earnings estimates by 5%-6%, and our fair value estimate jumps to $139 (up 12%), of which around two thirds is due to higher f...
Underlying
Ingredion Incorporated

Ingredion provides ingredients solutions. The company turns corn, tapioca, potatoes, grains, fruits, and vegetables into ingredients and biomaterials for the food, beverage, brewing and other industries. The company's product lines include starches and sweeteners, animal feed products and edible corn oil. The company's starch-based products include both food-grade and industrial starches, and biomaterials. The company's sweetener products include glucose syrups, maltose syrups, fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, and glucose and syrup solids. The company's products are derived from the processing of corn and other starch-based materials, such as tapioca, potato, and rice.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Adam Kindreich, CFA

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