Although Sensient's Growth Has Stalled in Recent Years, We Forecast Modest Margin Expansion Ahead
Having updated Sensient Technologies' valuation model after the company's fourth-quarter earnings release, our $74 fair value estimate and narrow-moat rating are unchanged.With Sensient's sizable restructuring program having ended in mid-2017, we were disappointed by the company's 2018 performance. Revenue and profits had decreased in recent years as management pruned the company's asset base. However, we had anticipated that 2018 would represent a return to more robust growth. In the end, sale...
Sensient Technologies is a manufacturer and marketer of colors, flavors and fragrances. The company's three reportable segments are: Flavors & Fragrances Group, which develops, manufactures, and supplies flavor and fragrance systems for the food, beverage, personal care, and household-products industries; Color Group, which provides natural and synthetic color systems for use in foods, beverages, pharmaceuticals, and nutraceuticals, colors and other ingredients for cosmetics; and Asia Pacific Group, which provides a range of products from its Flavors & Fragrances Group and Color Group, as well as products developed by regional technical teams to appeal to local preferences.
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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