Intrinsic value of International Flavors&Fragrances - IFF

Previous Close

$153.04

  Intrinsic Value

$75.52

stock screener

  Rating & Target

str. sell

-51%

Previous close

$153.04

 
Intrinsic value

$75.52

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of IFF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.08
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  3,116
  3,213
  3,318
  3,433
  3,557
  3,691
  3,834
  3,987
  4,150
  4,324
  4,508
  4,703
  4,911
  5,130
  5,361
  5,606
  5,865
  6,137
  6,425
  6,727
  7,047
  7,383
  7,736
  8,109
  8,501
  8,913
  9,346
  9,802
  10,281
  10,785
  11,315
Variable operating expenses, $m
 
  2,586
  2,668
  2,757
  2,853
  2,956
  3,067
  3,185
  3,312
  3,446
  3,589
  3,640
  3,800
  3,970
  4,149
  4,339
  4,539
  4,750
  4,972
  5,206
  5,453
  5,713
  5,987
  6,275
  6,579
  6,898
  7,233
  7,586
  7,957
  8,347
  8,757
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,549
  2,586
  2,668
  2,757
  2,853
  2,956
  3,067
  3,185
  3,312
  3,446
  3,589
  3,640
  3,800
  3,970
  4,149
  4,339
  4,539
  4,750
  4,972
  5,206
  5,453
  5,713
  5,987
  6,275
  6,579
  6,898
  7,233
  7,586
  7,957
  8,347
  8,757
Operating income, $m
  567
  626
  650
  676
  704
  734
  767
  801
  838
  878
  919
  1,063
  1,110
  1,160
  1,212
  1,268
  1,326
  1,388
  1,453
  1,521
  1,593
  1,669
  1,749
  1,833
  1,922
  2,015
  2,113
  2,216
  2,325
  2,438
  2,558
EBITDA, $m
  669
  782
  808
  836
  866
  898
  933
  970
  1,010
  1,052
  1,097
  1,145
  1,195
  1,249
  1,305
  1,365
  1,428
  1,494
  1,564
  1,638
  1,715
  1,797
  1,883
  1,974
  2,069
  2,170
  2,275
  2,386
  2,503
  2,625
  2,754
Interest expense (income), $m
  51
  46
  49
  52
  55
  59
  63
  67
  71
  76
  81
  87
  92
  99
  105
  112
  119
  127
  135
  143
  152
  161
  171
  182
  193
  204
  216
  229
  242
  256
  271
Earnings before tax, $m
  524
  581
  602
  624
  649
  676
  704
  735
  767
  801
  838
  977
  1,018
  1,061
  1,107
  1,156
  1,207
  1,261
  1,318
  1,378
  1,441
  1,508
  1,578
  1,652
  1,729
  1,811
  1,897
  1,987
  2,082
  2,182
  2,287
Tax expense, $m
  119
  157
  162
  169
  175
  182
  190
  198
  207
  216
  226
  264
  275
  287
  299
  312
  326
  340
  356
  372
  389
  407
  426
  446
  467
  489
  512
  537
  562
  589
  617
Net income, $m
  405
  424
  439
  456
  474
  493
  514
  536
  560
  585
  612
  713
  743
  775
  808
  844
  881
  921
  962
  1,006
  1,052
  1,101
  1,152
  1,206
  1,262
  1,322
  1,385
  1,451
  1,520
  1,593
  1,669

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  324
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,017
  3,806
  3,932
  4,068
  4,215
  4,373
  4,543
  4,724
  4,917
  5,123
  5,341
  5,573
  5,818
  6,078
  6,352
  6,642
  6,949
  7,272
  7,612
  7,971
  8,349
  8,747
  9,166
  9,608
  10,072
  10,560
  11,074
  11,614
  12,182
  12,779
  13,406
Adjusted assets (=assets-cash), $m
  3,693
  3,806
  3,932
  4,068
  4,215
  4,373
  4,543
  4,724
  4,917
  5,123
  5,341
  5,573
  5,818
  6,078
  6,352
  6,642
  6,949
  7,272
  7,612
  7,971
  8,349
  8,747
  9,166
  9,608
  10,072
  10,560
  11,074
  11,614
  12,182
  12,779
  13,406
Revenue / Adjusted assets
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
Average production assets, $m
  1,090
  1,124
  1,161
  1,202
  1,245
  1,292
  1,342
  1,395
  1,452
  1,513
  1,578
  1,646
  1,719
  1,795
  1,877
  1,962
  2,053
  2,148
  2,249
  2,355
  2,466
  2,584
  2,708
  2,838
  2,975
  3,119
  3,271
  3,431
  3,598
  3,775
  3,960
Working capital, $m
  711
  665
  687
  711
  736
  764
  794
  825
  859
  895
  933
  974
  1,016
  1,062
  1,110
  1,160
  1,214
  1,270
  1,330
  1,393
  1,459
  1,528
  1,601
  1,679
  1,760
  1,845
  1,935
  2,029
  2,128
  2,233
  2,342
Total debt, $m
  1,325
  1,130
  1,203
  1,281
  1,366
  1,457
  1,555
  1,660
  1,771
  1,890
  2,016
  2,149
  2,291
  2,441
  2,599
  2,767
  2,943
  3,130
  3,326
  3,533
  3,751
  3,981
  4,223
  4,478
  4,745
  5,027
  5,324
  5,635
  5,963
  6,307
  6,669
Total liabilities, $m
  2,391
  2,196
  2,269
  2,347
  2,432
  2,523
  2,621
  2,726
  2,837
  2,956
  3,082
  3,215
  3,357
  3,507
  3,665
  3,833
  4,009
  4,196
  4,392
  4,599
  4,817
  5,047
  5,289
  5,544
  5,811
  6,093
  6,390
  6,701
  7,029
  7,373
  7,735
Total equity, $m
  1,626
  1,610
  1,663
  1,721
  1,783
  1,850
  1,921
  1,998
  2,080
  2,167
  2,259
  2,357
  2,461
  2,571
  2,687
  2,810
  2,939
  3,076
  3,220
  3,372
  3,532
  3,700
  3,877
  4,064
  4,260
  4,467
  4,684
  4,913
  5,153
  5,405
  5,671
Total liabilities and equity, $m
  4,017
  3,806
  3,932
  4,068
  4,215
  4,373
  4,542
  4,724
  4,917
  5,123
  5,341
  5,572
  5,818
  6,078
  6,352
  6,643
  6,948
  7,272
  7,612
  7,971
  8,349
  8,747
  9,166
  9,608
  10,071
  10,560
  11,074
  11,614
  12,182
  12,778
  13,406
Debt-to-equity ratio
  0.815
  0.700
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
Adjusted equity ratio
  0.353
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  405
  424
  439
  456
  474
  493
  514
  536
  560
  585
  612
  713
  743
  775
  808
  844
  881
  921
  962
  1,006
  1,052
  1,101
  1,152
  1,206
  1,262
  1,322
  1,385
  1,451
  1,520
  1,593
  1,669
Depreciation, amort., depletion, $m
  102
  156
  157
  159
  162
  164
  166
  169
  172
  175
  178
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
Funds from operations, $m
  581
  579
  597
  615
  636
  657
  680
  705
  732
  760
  790
  795
  828
  864
  901
  941
  983
  1,027
  1,073
  1,123
  1,174
  1,229
  1,286
  1,346
  1,410
  1,476
  1,547
  1,621
  1,698
  1,780
  1,866
Change in working capital, $m
  46
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  70
  73
  77
  81
  85
  90
  94
  99
  104
  110
Cash from operations, $m
  535
  559
  575
  592
  610
  630
  651
  674
  698
  724
  752
  754
  785
  818
  853
  890
  929
  970
  1,014
  1,060
  1,108
  1,159
  1,213
  1,269
  1,329
  1,391
  1,457
  1,526
  1,599
  1,675
  1,756
Maintenance CAPEX, $m
  0
  -54
  -56
  -57
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
New CAPEX, $m
  -126
  -34
  -37
  -40
  -43
  -47
  -50
  -54
  -57
  -61
  -65
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
  -160
  -168
  -176
  -185
Cash from investing activities, $m
  -355
  -88
  -93
  -97
  -102
  -109
  -114
  -120
  -126
  -133
  -140
  -146
  -153
  -162
  -170
  -179
  -187
  -197
  -207
  -217
  -229
  -240
  -252
  -264
  -277
  -291
  -306
  -322
  -338
  -354
  -372
Free cash flow, $m
  180
  471
  482
  494
  507
  521
  537
  554
  572
  591
  612
  607
  631
  656
  683
  712
  742
  773
  807
  842
  880
  919
  961
  1,005
  1,051
  1,100
  1,151
  1,205
  1,261
  1,321
  1,384
Issuance/(repayment) of debt, $m
  296
  64
  72
  79
  85
  91
  98
  105
  112
  119
  126
  134
  142
  150
  158
  167
  177
  186
  196
  207
  218
  230
  242
  255
  268
  282
  296
  312
  328
  344
  362
Issuance/(repurchase) of shares, $m
  -127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  165
  64
  72
  79
  85
  91
  98
  105
  112
  119
  126
  134
  142
  150
  158
  167
  177
  186
  196
  207
  218
  230
  242
  255
  268
  282
  296
  312
  328
  344
  362
Total cash flow (excl. dividends), $m
  327
  535
  554
  572
  592
  612
  635
  658
  683
  710
  738
  741
  773
  806
  842
  879
  918
  960
  1,004
  1,050
  1,098
  1,149
  1,203
  1,259
  1,319
  1,381
  1,447
  1,516
  1,589
  1,665
  1,746
Retained Cash Flow (-), $m
  -36
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -129
  -137
  -144
  -152
  -160
  -168
  -177
  -187
  -196
  -207
  -217
  -228
  -240
  -253
  -265
Prev. year cash balance distribution, $m
 
  65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  551
  501
  515
  530
  546
  563
  582
  602
  623
  646
  643
  669
  696
  726
  756
  789
  823
  859
  898
  938
  981
  1,026
  1,073
  1,122
  1,175
  1,230
  1,288
  1,349
  1,413
  1,480
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  525
  452
  437
  421
  404
  386
  366
  346
  324
  302
  267
  245
  223
  201
  179
  157
  137
  117
  100
  83
  68
  55
  44
  34
  26
  20
  14
  10
  7
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

International Flavors & Fragrances Inc. creates, manufactures and supplies flavors and fragrances (including cosmetic active ingredients) used to impart or improve flavor or fragrance in a range of consumer products. The Company operates in two segments: Flavors and Fragrances. The Flavors segment offers flavor compounds that are sold to the food and beverage industries for use in consumer products, such as prepared foods, beverages, dairy, food and sweet products. The Fragrances segment offers fragrance compounds and fragrance ingredients. Its cosmetic active ingredients consist of active and functional ingredients, botanicals and delivery systems to support its customers' cosmetic and personal care product lines. Its products are sold to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, and pharmaceutical and oral care products, among others.

FINANCIAL RATIOS  of  International Flavors&Fragrances (IFF)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 3.9
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 29.6
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.8%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 65.6%
Total Debt to Equity 81.5%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 14.4%
Ret/ On T. Cap. - 3 Yr. Avg. 16%
Return On Equity 25.2%
Return On Equity - 3 Yr. Avg. 26.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 44.9%
Gross Margin - 3 Yr. Avg. 44.6%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 13%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. 23.1%
Payout Ratio 45.7%

IFF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IFF stock intrinsic value calculation we used $3116 million for the last fiscal year's total revenue generated by International Flavors&Fragrances. The default revenue input number comes from 2016 income statement of International Flavors&Fragrances. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IFF stock valuation model: a) initial revenue growth rate of 3.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for IFF is calculated based on our internal credit rating of International Flavors&Fragrances, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of International Flavors&Fragrances.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IFF stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IFF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for International Flavors&Fragrances.

Corporate tax rate of 27% is the nominal tax rate for International Flavors&Fragrances. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IFF stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IFF are equal to 35%.

Life of production assets of 20.2 years is the average useful life of capital assets used in International Flavors&Fragrances operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IFF is equal to 20.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1626 million for International Flavors&Fragrances - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 78.944 million for International Flavors&Fragrances is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of International Flavors&Fragrances at the current share price and the inputted number of shares is $12.1 billion.

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COMPANY NEWS

▶ IFF Declares Dividend for Fourth Quarter 2017   [Dec-13-17 04:15PM  Business Wire]
▶ Five Companies Hit 52-Week Highs   [Nov-29-17 10:35AM  GuruFocus.com]
▶ How Wall Street Views International Flavors and Fragrances   [Nov-10-17 09:01AM  Market Realist]
▶ How Did IFFs Flavors Segment Perform in 3Q17?   [Nov-09-17 12:25PM  Market Realist]
▶ IFFs 3Q17 Revenues Continue in Upward Trend   [10:55AM  Market Realist]
▶ Flavors & Fragrance Trying To Close In On Key Technical Measure   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ IFF Announces $300 Million Share Repurchase Program   [Nov-06-17 04:20PM  Market Realist]
▶ International Flavors beats 3Q profit forecasts   [04:13PM  Associated Press]
▶ IFF Reports Third Quarter 2017 Results   [04:05PM  Business Wire]
▶ Flavors & Fragrance Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ IFF Announces $300 Million Share Repurchase Authorization   [Nov-01-17 04:15PM  Business Wire]
▶ IFF Commissions a Fragrance Ingredient Plant in China   [Oct-30-17 05:02PM  Market Realist]
▶ IFF to Release Third Quarter 2017 Results November 6   [Oct-11-17 04:15PM  Business Wire]
▶ Flavors & Fragrance Gets RS Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Buy, Hold, or SellHow Do Analysts View IFF?   [09:14AM  Market Realist]
▶ Chart in Focus: IFFs Debt Trend in 2017   [Sep-28-17 05:36PM  Market Realist]
▶ International Flavors & Fragrances Expands Cairo Facility   [Sep-25-17 10:03AM  Market Realist]
▶ IFF Expands Flavors Site in Cairo   [Sep-18-17 04:15PM  Business Wire]
▶ Cramer's lightning round: Don't run for Finish Line   [Sep-14-17 07:07PM  CNBC Videos]
▶ This Moat Passes the Sniff Test   [Aug-28-17 07:00AM  Morningstar]
▶ What IFFs Valuations Suggest about the Stock   [07:37AM  Market Realist]
▶ Why Most Wall Street Analysts Recommend a Hold for IFF   [Aug-18-17 11:35AM  Market Realist]
▶ How IFFs Flavors Segment Performed in 2Q17   [02:56PM  Market Realist]
▶ International Flavors beats 2Q profit forecasts   [Aug-08-17 09:48PM  Associated Press]
▶ IFF Reports Second Quarter 2017 Results   [04:10PM  Business Wire]
▶ IFF Increases Quarterly Dividend 8% to $0.69 per share   [Aug-02-17 04:15PM  Business Wire]
Financial statements of IFF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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