Trimming Our Ingredion FVE to $128 on Continued Near-Term Headwinds; Long-Term Thesis Remains Intact
On Oct. 23, Ingredion issued a preliminary third-quarter earnings release in which management lowered its adjusted EPS guidance range for 2018 for the third time this year. Management cited foreign exchange headwinds in Argentina and Pakistan as well as an unexpected outage at its largest sweetener plant in North America as the primary reasons. Accordingly, we've reduced our near-term revenue and margin forecasts for the narrow-moat firm in 2018 and 2019 and lowered our fair value estimate to $1...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.
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.
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