Intrinsic value of International Flavors&Fragrances - IFF

Previous Close

$128.94

  Intrinsic Value

$85.28

stock screener

  Rating & Target

sell

-34%

Previous close

$128.94

 
Intrinsic value

$85.28

 
Up/down potential

-34%

 
Rating

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  3,116
  3,708
  4,031
  4,366
  4,715
  5,077
  5,454
  5,846
  6,253
  6,676
  7,115
  7,573
  8,049
  8,545
  9,061
  9,599
  10,160
  10,745
  11,356
  11,993
  12,659
  13,356
  14,083
  14,844
  15,640
  16,474
  17,346
  18,259
  19,215
  20,217
  21,267
Variable operating expenses, $m
 
  3,019
  3,268
  3,527
  3,796
  4,076
  4,366
  4,669
  4,983
  5,309
  5,648
  5,844
  6,212
  6,594
  6,993
  7,408
  7,841
  8,292
  8,764
  9,256
  9,770
  10,307
  10,869
  11,456
  12,071
  12,714
  13,387
  14,091
  14,830
  15,603
  16,413
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
  3,019
  3,268
  3,527
  3,796
  4,076
  4,366
  4,669
  4,983
  5,309
  5,648
  5,844
  6,212
  6,594
  6,993
  7,408
  7,841
  8,292
  8,764
  9,256
  9,770
  10,307
  10,869
  11,456
  12,071
  12,714
  13,387
  14,091
  14,830
  15,603
  16,413
Operating income, $m
  567
  689
  763
  839
  919
  1,002
  1,088
  1,177
  1,270
  1,366
  1,467
  1,728
  1,837
  1,950
  2,068
  2,191
  2,319
  2,453
  2,592
  2,737
  2,890
  3,048
  3,214
  3,388
  3,570
  3,760
  3,959
  4,168
  4,386
  4,615
  4,854
EBITDA, $m
  669
  1,097
  1,192
  1,292
  1,395
  1,502
  1,614
  1,729
  1,850
  1,975
  2,105
  2,240
  2,381
  2,528
  2,681
  2,840
  3,006
  3,179
  3,360
  3,548
  3,745
  3,951
  4,167
  4,392
  4,627
  4,874
  5,132
  5,402
  5,685
  5,981
  6,292
Interest expense (income), $m
  51
  89
  103
  118
  133
  150
  166
  184
  202
  221
  240
  261
  282
  304
  327
  351
  376
  402
  429
  457
  487
  518
  550
  584
  619
  656
  694
  735
  777
  821
  868
Earnings before tax, $m
  524
  601
  660
  721
  786
  852
  921
  993
  1,068
  1,146
  1,226
  1,468
  1,555
  1,646
  1,741
  1,840
  1,943
  2,051
  2,163
  2,280
  2,403
  2,531
  2,665
  2,805
  2,951
  3,104
  3,265
  3,433
  3,609
  3,793
  3,987
Tax expense, $m
  119
  162
  178
  195
  212
  230
  249
  268
  288
  309
  331
  396
  420
  444
  470
  497
  525
  554
  584
  616
  649
  683
  719
  757
  797
  838
  882
  927
  974
  1,024
  1,076
Net income, $m
  405
  439
  482
  527
  573
  622
  673
  725
  780
  836
  895
  1,071
  1,135
  1,202
  1,271
  1,343
  1,419
  1,497
  1,579
  1,665
  1,754
  1,847
  1,945
  2,047
  2,154
  2,266
  2,383
  2,506
  2,635
  2,769
  2,910

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
  5,018
  5,454
  5,908
  6,380
  6,870
  7,380
  7,910
  8,461
  9,033
  9,628
  10,247
  10,892
  11,562
  12,261
  12,989
  13,748
  14,540
  15,366
  16,229
  17,131
  18,072
  19,057
  20,087
  21,164
  22,292
  23,472
  24,708
  26,002
  27,358
  28,779
Adjusted assets (=assets-cash), $m
  3,693
  5,018
  5,454
  5,908
  6,380
  6,870
  7,380
  7,910
  8,461
  9,033
  9,628
  10,247
  10,892
  11,562
  12,261
  12,989
  13,748
  14,540
  15,366
  16,229
  17,131
  18,072
  19,057
  20,087
  21,164
  22,292
  23,472
  24,708
  26,002
  27,358
  28,779
Revenue / Adjusted assets
  0.844
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
Average production assets, $m
  1,090
  2,507
  2,725
  2,951
  3,187
  3,432
  3,687
  3,952
  4,227
  4,513
  4,810
  5,119
  5,441
  5,776
  6,125
  6,489
  6,868
  7,264
  7,676
  8,108
  8,558
  9,028
  9,520
  10,035
  10,573
  11,136
  11,726
  12,343
  12,990
  13,667
  14,377
Working capital, $m
  711
  341
  371
  402
  434
  467
  502
  538
  575
  614
  655
  697
  740
  786
  834
  883
  935
  989
  1,045
  1,103
  1,165
  1,229
  1,296
  1,366
  1,439
  1,516
  1,596
  1,680
  1,768
  1,860
  1,957
Total debt, $m
  1,325
  1,906
  2,182
  2,470
  2,769
  3,080
  3,403
  3,739
  4,088
  4,451
  4,829
  5,221
  5,630
  6,055
  6,498
  6,959
  7,440
  7,943
  8,466
  9,014
  9,585
  10,182
  10,806
  11,459
  12,142
  12,857
  13,605
  14,389
  15,210
  16,069
  16,970
Total liabilities, $m
  2,391
  3,181
  3,458
  3,746
  4,045
  4,356
  4,679
  5,015
  5,364
  5,727
  6,104
  6,497
  6,905
  7,331
  7,773
  8,235
  8,716
  9,218
  9,742
  10,289
  10,861
  11,458
  12,082
  12,735
  13,418
  14,133
  14,881
  15,665
  16,485
  17,345
  18,246
Total equity, $m
  1,626
  1,837
  1,996
  2,162
  2,335
  2,515
  2,701
  2,895
  3,097
  3,306
  3,524
  3,751
  3,986
  4,232
  4,487
  4,754
  5,032
  5,322
  5,624
  5,940
  6,270
  6,615
  6,975
  7,352
  7,746
  8,159
  8,591
  9,043
  9,517
  10,013
  10,533
Total liabilities and equity, $m
  4,017
  5,018
  5,454
  5,908
  6,380
  6,871
  7,380
  7,910
  8,461
  9,033
  9,628
  10,248
  10,891
  11,563
  12,260
  12,989
  13,748
  14,540
  15,366
  16,229
  17,131
  18,073
  19,057
  20,087
  21,164
  22,292
  23,472
  24,708
  26,002
  27,358
  28,779
Debt-to-equity ratio
  0.815
  1.040
  1.090
  1.140
  1.190
  1.220
  1.260
  1.290
  1.320
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.580
  1.590
  1.600
  1.600
  1.610
Adjusted equity ratio
  0.353
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  405
  439
  482
  527
  573
  622
  673
  725
  780
  836
  895
  1,071
  1,135
  1,202
  1,271
  1,343
  1,419
  1,497
  1,579
  1,665
  1,754
  1,847
  1,945
  2,047
  2,154
  2,266
  2,383
  2,506
  2,635
  2,769
  2,910
Depreciation, amort., depletion, $m
  102
  408
  430
  452
  476
  500
  526
  552
  580
  608
  638
  512
  544
  578
  613
  649
  687
  726
  768
  811
  856
  903
  952
  1,003
  1,057
  1,114
  1,173
  1,234
  1,299
  1,367
  1,438
Funds from operations, $m
  581
  846
  911
  979
  1,049
  1,123
  1,198
  1,277
  1,360
  1,445
  1,534
  1,583
  1,679
  1,779
  1,884
  1,992
  2,105
  2,223
  2,347
  2,475
  2,610
  2,750
  2,897
  3,051
  3,212
  3,380
  3,556
  3,740
  3,933
  4,136
  4,348
Change in working capital, $m
  46
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
Cash from operations, $m
  535
  818
  882
  948
  1,017
  1,089
  1,164
  1,241
  1,322
  1,406
  1,493
  1,541
  1,636
  1,734
  1,836
  1,943
  2,054
  2,170
  2,290
  2,417
  2,549
  2,686
  2,830
  2,981
  3,138
  3,303
  3,476
  3,656
  3,845
  4,044
  4,251
Maintenance CAPEX, $m
  0
  -230
  -251
  -272
  -295
  -319
  -343
  -369
  -395
  -423
  -451
  -481
  -512
  -544
  -578
  -613
  -649
  -687
  -726
  -768
  -811
  -856
  -903
  -952
  -1,003
  -1,057
  -1,114
  -1,173
  -1,234
  -1,299
  -1,367
New CAPEX, $m
  -126
  -210
  -218
  -227
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -322
  -335
  -349
  -364
  -379
  -396
  -413
  -431
  -450
  -471
  -492
  -514
  -538
  -563
  -590
  -617
  -647
  -677
  -710
Cash from investing activities, $m
  -355
  -440
  -469
  -499
  -531
  -564
  -598
  -634
  -670
  -709
  -748
  -790
  -834
  -879
  -927
  -977
  -1,028
  -1,083
  -1,139
  -1,199
  -1,261
  -1,327
  -1,395
  -1,466
  -1,541
  -1,620
  -1,704
  -1,790
  -1,881
  -1,976
  -2,077
Free cash flow, $m
  180
  379
  413
  449
  486
  525
  566
  608
  652
  697
  745
  751
  802
  855
  909
  966
  1,026
  1,087
  1,151
  1,218
  1,287
  1,360
  1,436
  1,514
  1,597
  1,683
  1,772
  1,866
  1,965
  2,067
  2,175
Issuance/(repayment) of debt, $m
  296
  266
  276
  288
  299
  311
  323
  336
  349
  363
  377
  392
  408
  425
  443
  462
  481
  502
  524
  547
  571
  597
  624
  653
  683
  715
  748
  783
  821
  860
  901
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
  266
  276
  288
  299
  311
  323
  336
  349
  363
  377
  392
  408
  425
  443
  462
  481
  502
  524
  547
  571
  597
  624
  653
  683
  715
  748
  783
  821
  860
  901
Total cash flow (excl. dividends), $m
  327
  645
  690
  737
  786
  836
  889
  944
  1,001
  1,060
  1,122
  1,144
  1,210
  1,280
  1,352
  1,428
  1,507
  1,589
  1,675
  1,765
  1,859
  1,957
  2,060
  2,167
  2,280
  2,397
  2,521
  2,650
  2,785
  2,927
  3,076
Retained Cash Flow (-), $m
  -36
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -209
  -218
  -227
  -236
  -245
  -256
  -266
  -278
  -290
  -302
  -316
  -330
  -345
  -360
  -377
  -394
  -413
  -432
  -452
  -474
  -496
  -520
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  27
  30
  32
  35
  38
  41
  44
  47
  50
  53
  57
  61
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
Cash available for distribution, $m
 
  492
  530
  571
  613
  657
  703
  750
  799
  851
  904
  917
  975
  1,034
  1,097
  1,162
  1,229
  1,299
  1,373
  1,449
  1,529
  1,612
  1,699
  1,790
  1,885
  1,985
  2,089
  2,198
  2,311
  2,431
  2,556
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  465
  469
  471
  468
  462
  451
  436
  418
  396
  371
  329
  302
  273
  245
  216
  187
  160
  135
  112
  91
  72
  57
  43
  33
  24
  17
  12
  8
  5
  3
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 25.2
Price to Sales 3.3
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 19.1
Price to Free Cash Flow 25
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 $3399 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 9.1% 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 6%, 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 81.8%.

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 5.4% 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 0.8%.

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 67.6%.

Life of production assets of 10 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 9.2%. 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 - $1684 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 79 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 $10.2 billion.

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COMPANY NEWS

▶ Insider Buys Of The Week: Kellogg, Itron And More   [May-28-18 09:38AM  Benzinga]
▶ International Flavors & Fragrances Is Still In a Downtrend   [May-23-18 09:26AM  TheStreet.com]
▶ [$$] Flavor Giant IFF Goes Natural in $6.4 Billion Deal   [May-07-18 07:39PM  The Wall Street Journal]
▶ Closing Bell: LIVE MARKETS BLOG   [04:02PM  TheStreet.com]
▶ [$$] Flavors Giant Adds Israeli Spice in $6.4 Billion Deal   [08:35AM  The Wall Street Journal]
▶ International Flavors: 1Q Earnings Snapshot   [05:02AM  Associated Press]
▶ IFF Reports First Quarter 2018 Results   [01:55AM  Business Wire]
▶ IFF Declares Dividend for Second Quarter 2018   [May-02-18 04:15PM  Business Wire]
▶ IFF to Release First Quarter 2018 Results May 7   [Apr-30-18 04:21PM  Business Wire]
▶ [$$] Security Chiefs Reckon With Blockchain, Privacy and AI   [Apr-12-18 05:36PM  The Wall Street Journal]
▶ IFF Declares Dividend for First Quarter 2018   [Mar-06-18 04:17PM  Business Wire]
▶ Jim Cramer: I Remember Earnings   [Feb-14-18 05:38PM  TheStreet.com]
▶ International Flavors reports 4Q loss   [04:35PM  Associated Press]
▶ IFF to Present at CAGNY Conference February 22   [Feb-12-18 04:15PM  Business Wire]
▶ Flavors & Fragrance Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ What Analysts Think about International Flavors & Fragrances   [Jan-03-18 12:15PM  Market Realist]
▶ 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]
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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