Intrinsic value of International Flavors&Fragrances - IFF

Previous Close

$141.83

  Intrinsic Value

$106.92

stock screener

  Rating & Target

sell

-25%

Previous close

$141.83

 
Intrinsic value

$106.92

 
Up/down potential

-25%

 
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
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  3,116
  3,502
  3,911
  4,341
  4,792
  5,264
  5,757
  6,272
  6,807
  7,364
  7,944
  8,546
  9,172
  9,822
  10,498
  11,200
  11,931
  12,691
  13,482
  14,306
  15,165
  16,059
  16,992
  17,966
  18,982
  20,043
  21,152
  22,310
  23,522
  24,789
  26,115
Variable operating expenses, $m
 
  2,811
  3,127
  3,459
  3,808
  4,174
  4,556
  4,954
  5,368
  5,799
  6,248
  6,614
  7,098
  7,601
  8,124
  8,668
  9,234
  9,822
  10,434
  11,072
  11,736
  12,428
  13,150
  13,904
  14,690
  15,511
  16,369
  17,266
  18,204
  19,184
  20,211
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
  2,811
  3,127
  3,459
  3,808
  4,174
  4,556
  4,954
  5,368
  5,799
  6,248
  6,614
  7,098
  7,601
  8,124
  8,668
  9,234
  9,822
  10,434
  11,072
  11,736
  12,428
  13,150
  13,904
  14,690
  15,511
  16,369
  17,266
  18,204
  19,184
  20,211
Operating income, $m
  567
  692
  784
  881
  983
  1,090
  1,202
  1,318
  1,439
  1,565
  1,696
  1,932
  2,074
  2,221
  2,373
  2,532
  2,698
  2,869
  3,048
  3,235
  3,429
  3,631
  3,842
  4,062
  4,292
  4,532
  4,782
  5,044
  5,318
  5,605
  5,904
EBITDA, $m
  669
  853
  952
  1,057
  1,166
  1,281
  1,401
  1,527
  1,657
  1,793
  1,934
  2,080
  2,233
  2,391
  2,555
  2,726
  2,904
  3,089
  3,282
  3,482
  3,691
  3,909
  4,136
  4,373
  4,621
  4,879
  5,149
  5,431
  5,726
  6,034
  6,357
Interest expense (income), $m
  51
  46
  57
  69
  82
  95
  109
  123
  139
  154
  171
  188
  205
  224
  243
  263
  283
  305
  327
  351
  375
  400
  426
  454
  482
  512
  543
  576
  610
  646
  683
Earnings before tax, $m
  524
  646
  727
  812
  902
  995
  1,093
  1,195
  1,301
  1,411
  1,525
  1,744
  1,868
  1,997
  2,131
  2,270
  2,414
  2,565
  2,721
  2,884
  3,054
  3,231
  3,416
  3,608
  3,809
  4,019
  4,239
  4,468
  4,708
  4,959
  5,222
Tax expense, $m
  119
  174
  196
  219
  243
  269
  295
  323
  351
  381
  412
  471
  504
  539
  575
  613
  652
  692
  735
  779
  825
  872
  922
  974
  1,029
  1,085
  1,144
  1,206
  1,271
  1,339
  1,410
Net income, $m
  405
  472
  531
  593
  658
  726
  798
  872
  949
  1,030
  1,114
  1,273
  1,364
  1,458
  1,555
  1,657
  1,762
  1,872
  1,986
  2,105
  2,229
  2,359
  2,493
  2,634
  2,781
  2,934
  3,094
  3,262
  3,437
  3,620
  3,812

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
  4,150
  4,634
  5,143
  5,678
  6,237
  6,822
  7,431
  8,065
  8,726
  9,412
  10,126
  10,867
  11,637
  12,438
  13,271
  14,136
  15,037
  15,974
  16,951
  17,968
  19,028
  20,133
  21,286
  22,490
  23,748
  25,061
  26,434
  27,870
  29,371
  30,942
Adjusted assets (=assets-cash), $m
  3,693
  4,150
  4,634
  5,143
  5,678
  6,237
  6,822
  7,431
  8,065
  8,726
  9,412
  10,126
  10,867
  11,637
  12,438
  13,271
  14,136
  15,037
  15,974
  16,951
  17,968
  19,028
  20,133
  21,286
  22,490
  23,748
  25,061
  26,434
  27,870
  29,371
  30,942
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
  1,226
  1,369
  1,519
  1,677
  1,842
  2,015
  2,195
  2,383
  2,578
  2,780
  2,991
  3,210
  3,438
  3,674
  3,920
  4,176
  4,442
  4,719
  5,007
  5,308
  5,621
  5,947
  6,288
  6,644
  7,015
  7,403
  7,809
  8,233
  8,676
  9,140
Working capital, $m
  711
  725
  810
  899
  992
  1,090
  1,192
  1,298
  1,409
  1,524
  1,644
  1,769
  1,899
  2,033
  2,173
  2,318
  2,470
  2,627
  2,791
  2,961
  3,139
  3,324
  3,517
  3,719
  3,929
  4,149
  4,378
  4,618
  4,869
  5,131
  5,406
Total debt, $m
  1,325
  1,328
  1,608
  1,902
  2,210
  2,533
  2,870
  3,222
  3,588
  3,969
  4,365
  4,776
  5,204
  5,649
  6,111
  6,591
  7,091
  7,610
  8,151
  8,715
  9,301
  9,913
  10,551
  11,216
  11,911
  12,636
  13,394
  14,186
  15,015
  15,881
  16,787
Total liabilities, $m
  2,391
  2,394
  2,674
  2,968
  3,276
  3,599
  3,936
  4,288
  4,654
  5,035
  5,431
  5,842
  6,270
  6,715
  7,177
  7,657
  8,157
  8,676
  9,217
  9,781
  10,367
  10,979
  11,617
  12,282
  12,977
  13,702
  14,460
  15,252
  16,081
  16,947
  17,853
Total equity, $m
  1,626
  1,755
  1,960
  2,175
  2,402
  2,638
  2,886
  3,143
  3,412
  3,691
  3,981
  4,283
  4,597
  4,923
  5,261
  5,613
  5,980
  6,361
  6,757
  7,170
  7,600
  8,049
  8,516
  9,004
  9,513
  10,045
  10,601
  11,182
  11,789
  12,424
  13,088
Total liabilities and equity, $m
  4,017
  4,149
  4,634
  5,143
  5,678
  6,237
  6,822
  7,431
  8,066
  8,726
  9,412
  10,125
  10,867
  11,638
  12,438
  13,270
  14,137
  15,037
  15,974
  16,951
  17,967
  19,028
  20,133
  21,286
  22,490
  23,747
  25,061
  26,434
  27,870
  29,371
  30,941
Debt-to-equity ratio
  0.815
  0.760
  0.820
  0.870
  0.920
  0.960
  0.990
  1.020
  1.050
  1.080
  1.100
  1.120
  1.130
  1.150
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.240
  1.250
  1.250
  1.260
  1.260
  1.270
  1.270
  1.280
  1.280
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
  472
  531
  593
  658
  726
  798
  872
  949
  1,030
  1,114
  1,273
  1,364
  1,458
  1,555
  1,657
  1,762
  1,872
  1,986
  2,105
  2,229
  2,359
  2,493
  2,634
  2,781
  2,934
  3,094
  3,262
  3,437
  3,620
  3,812
Depreciation, amort., depletion, $m
  102
  161
  168
  175
  183
  191
  200
  209
  218
  228
  238
  148
  159
  170
  182
  194
  207
  220
  234
  248
  263
  278
  294
  311
  329
  347
  366
  387
  408
  430
  452
Funds from operations, $m
  581
  632
  699
  768
  841
  918
  997
  1,081
  1,167
  1,257
  1,351
  1,422
  1,523
  1,628
  1,737
  1,851
  1,969
  2,092
  2,220
  2,353
  2,492
  2,637
  2,788
  2,945
  3,110
  3,281
  3,461
  3,648
  3,844
  4,050
  4,264
Change in working capital, $m
  46
  80
  85
  89
  93
  98
  102
  106
  111
  115
  120
  125
  130
  135
  140
  145
  151
  157
  164
  171
  178
  185
  193
  202
  210
  220
  229
  240
  251
  262
  274
Cash from operations, $m
  535
  552
  614
  679
  748
  820
  895
  974
  1,056
  1,142
  1,231
  1,297
  1,393
  1,493
  1,597
  1,705
  1,818
  1,935
  2,056
  2,183
  2,314
  2,452
  2,595
  2,744
  2,899
  3,062
  3,231
  3,409
  3,594
  3,787
  3,990
Maintenance CAPEX, $m
  0
  -54
  -61
  -68
  -75
  -83
  -91
  -100
  -109
  -118
  -128
  -138
  -148
  -159
  -170
  -182
  -194
  -207
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -329
  -347
  -366
  -387
  -408
  -430
New CAPEX, $m
  -126
  -136
  -143
  -150
  -158
  -165
  -173
  -180
  -187
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -277
  -288
  -300
  -313
  -327
  -341
  -356
  -371
  -388
  -406
  -424
  -444
  -464
Cash from investing activities, $m
  -355
  -190
  -204
  -218
  -233
  -248
  -264
  -280
  -296
  -313
  -331
  -349
  -367
  -387
  -407
  -428
  -450
  -473
  -497
  -522
  -548
  -576
  -605
  -635
  -667
  -700
  -735
  -772
  -811
  -852
  -894
Free cash flow, $m
  180
  363
  410
  461
  515
  572
  632
  694
  760
  829
  901
  949
  1,026
  1,107
  1,191
  1,278
  1,368
  1,462
  1,559
  1,661
  1,766
  1,876
  1,990
  2,109
  2,232
  2,361
  2,496
  2,636
  2,783
  2,936
  3,096
Issuance/(repayment) of debt, $m
  296
  262
  279
  294
  308
  323
  337
  352
  366
  381
  396
  412
  428
  445
  462
  480
  500
  520
  541
  563
  587
  612
  638
  665
  695
  725
  758
  792
  828
  866
  906
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
  262
  279
  294
  308
  323
  337
  352
  366
  381
  396
  412
  428
  445
  462
  480
  500
  520
  541
  563
  587
  612
  638
  665
  695
  725
  758
  792
  828
  866
  906
Total cash flow (excl. dividends), $m
  327
  625
  690
  755
  823
  894
  969
  1,046
  1,126
  1,210
  1,297
  1,360
  1,454
  1,551
  1,653
  1,758
  1,868
  1,982
  2,100
  2,224
  2,353
  2,487
  2,628
  2,774
  2,927
  3,087
  3,254
  3,429
  3,611
  3,803
  4,003
Retained Cash Flow (-), $m
  -36
  -194
  -205
  -215
  -226
  -237
  -247
  -258
  -268
  -279
  -290
  -302
  -314
  -326
  -339
  -352
  -366
  -381
  -397
  -413
  -430
  -448
  -468
  -488
  -509
  -532
  -556
  -581
  -607
  -635
  -664
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
 
  496
  485
  539
  597
  658
  722
  788
  858
  931
  1,007
  1,058
  1,140
  1,225
  1,314
  1,406
  1,501
  1,601
  1,704
  1,811
  1,923
  2,039
  2,160
  2,286
  2,418
  2,555
  2,698
  2,848
  3,004
  3,167
  3,338
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
 
  472
  437
  458
  475
  487
  494
  496
  493
  484
  470
  440
  418
  392
  363
  332
  299
  266
  233
  201
  170
  142
  116
  93
  74
  57
  43
  32
  23
  16
  11
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 27.7
Price to Sales 3.6
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 27.5
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 12.4% 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 79.549 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 $11.3 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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