Intrinsic value of International Flavors&Fragrances - IFF

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$136.15

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 10.9

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,116
  3,083
  3,154
  3,235
  3,326
  3,427
  3,538
  3,658
  3,789
  3,929
  4,080
  4,242
  4,414
  4,597
  4,792
  4,998
  5,217
  5,449
  5,695
  5,954
  6,227
  6,516
  6,820
  7,141
  7,479
  7,835
  8,210
  8,605
  9,020
  9,457
  9,916
Variable operating expenses, $m
 
  2,490
  2,545
  2,608
  2,678
  2,757
  2,843
  2,936
  3,038
  3,147
  3,264
  3,295
  3,429
  3,571
  3,723
  3,883
  4,053
  4,233
  4,424
  4,625
  4,838
  5,062
  5,298
  5,548
  5,810
  6,087
  6,378
  6,685
  7,007
  7,347
  7,704
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
  2,490
  2,545
  2,608
  2,678
  2,757
  2,843
  2,936
  3,038
  3,147
  3,264
  3,295
  3,429
  3,571
  3,723
  3,883
  4,053
  4,233
  4,424
  4,625
  4,838
  5,062
  5,298
  5,548
  5,810
  6,087
  6,378
  6,685
  7,007
  7,347
  7,704
Operating income, $m
  567
  594
  610
  628
  648
  671
  695
  722
  751
  783
  816
  946
  985
  1,026
  1,069
  1,115
  1,164
  1,216
  1,271
  1,328
  1,389
  1,454
  1,522
  1,593
  1,669
  1,748
  1,832
  1,920
  2,013
  2,110
  2,213
EBITDA, $m
  669
  737
  754
  773
  795
  819
  845
  874
  905
  939
  975
  1,014
  1,055
  1,098
  1,145
  1,194
  1,247
  1,302
  1,361
  1,423
  1,488
  1,557
  1,630
  1,706
  1,787
  1,872
  1,962
  2,056
  2,155
  2,260
  2,370
Interest expense (income), $m
  51
  44
  46
  48
  50
  53
  56
  60
  63
  67
  72
  76
  81
  87
  92
  98
  105
  111
  118
  126
  134
  142
  151
  161
  171
  181
  192
  203
  216
  228
  242
Earnings before tax, $m
  524
  550
  564
  580
  598
  617
  639
  662
  688
  715
  745
  870
  903
  939
  977
  1,017
  1,060
  1,105
  1,152
  1,202
  1,255
  1,311
  1,371
  1,433
  1,498
  1,567
  1,640
  1,717
  1,797
  1,882
  1,971
Tax expense, $m
  119
  148
  152
  157
  161
  167
  173
  179
  186
  193
  201
  235
  244
  254
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
  405
  423
  443
  463
  485
  508
  532
Net income, $m
  405
  401
  412
  423
  436
  451
  466
  484
  502
  522
  544
  635
  660
  686
  713
  742
  773
  806
  841
  878
  916
  957
  1,000
  1,046
  1,094
  1,144
  1,197
  1,253
  1,312
  1,374
  1,439

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
  3,590
  3,672
  3,767
  3,872
  3,990
  4,119
  4,259
  4,411
  4,574
  4,750
  4,938
  5,138
  5,352
  5,578
  5,819
  6,074
  6,344
  6,629
  6,931
  7,249
  7,585
  7,940
  8,313
  8,707
  9,121
  9,558
  10,017
  10,501
  11,009
  11,544
Adjusted assets (=assets-cash), $m
  3,693
  3,590
  3,672
  3,767
  3,872
  3,990
  4,119
  4,259
  4,411
  4,574
  4,750
  4,938
  5,138
  5,352
  5,578
  5,819
  6,074
  6,344
  6,629
  6,931
  7,249
  7,585
  7,940
  8,313
  8,707
  9,121
  9,558
  10,017
  10,501
  11,009
  11,544
Revenue / Adjusted assets
  0.844
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
Average production assets, $m
  1,090
  937
  959
  984
  1,011
  1,042
  1,076
  1,112
  1,152
  1,195
  1,240
  1,289
  1,342
  1,397
  1,457
  1,520
  1,586
  1,657
  1,731
  1,810
  1,893
  1,981
  2,073
  2,171
  2,274
  2,382
  2,496
  2,616
  2,742
  2,875
  3,015
Working capital, $m
  711
  675
  691
  709
  728
  751
  775
  801
  830
  861
  894
  929
  967
  1,007
  1,049
  1,095
  1,143
  1,193
  1,247
  1,304
  1,364
  1,427
  1,494
  1,564
  1,638
  1,716
  1,798
  1,884
  1,975
  2,071
  2,172
Total debt, $m
  1,325
  973
  1,020
  1,073
  1,132
  1,198
  1,271
  1,350
  1,435
  1,527
  1,625
  1,731
  1,844
  1,964
  2,091
  2,226
  2,370
  2,521
  2,682
  2,851
  3,030
  3,219
  3,418
  3,628
  3,849
  4,082
  4,327
  4,586
  4,857
  5,143
  5,444
Total liabilities, $m
  2,391
  2,017
  2,064
  2,117
  2,176
  2,242
  2,315
  2,394
  2,479
  2,571
  2,669
  2,775
  2,888
  3,008
  3,135
  3,270
  3,414
  3,565
  3,726
  3,895
  4,074
  4,263
  4,462
  4,672
  4,893
  5,126
  5,371
  5,630
  5,901
  6,187
  6,488
Total equity, $m
  1,626
  1,572
  1,608
  1,650
  1,696
  1,748
  1,804
  1,865
  1,932
  2,004
  2,080
  2,163
  2,251
  2,344
  2,443
  2,549
  2,660
  2,779
  2,904
  3,036
  3,175
  3,322
  3,478
  3,641
  3,814
  3,995
  4,186
  4,388
  4,599
  4,822
  5,056
Total liabilities and equity, $m
  4,017
  3,589
  3,672
  3,767
  3,872
  3,990
  4,119
  4,259
  4,411
  4,575
  4,749
  4,938
  5,139
  5,352
  5,578
  5,819
  6,074
  6,344
  6,630
  6,931
  7,249
  7,585
  7,940
  8,313
  8,707
  9,121
  9,557
  10,018
  10,500
  11,009
  11,544
Debt-to-equity ratio
  0.815
  0.620
  0.630
  0.650
  0.670
  0.690
  0.700
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
Adjusted equity ratio
  0.353
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  405
  401
  412
  423
  436
  451
  466
  484
  502
  522
  544
  635
  660
  686
  713
  742
  773
  806
  841
  878
  916
  957
  1,000
  1,046
  1,094
  1,144
  1,197
  1,253
  1,312
  1,374
  1,439
Depreciation, amort., depletion, $m
  102
  143
  144
  145
  147
  148
  150
  152
  154
  156
  159
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
Funds from operations, $m
  581
  544
  556
  569
  583
  599
  617
  636
  656
  678
  702
  702
  729
  758
  789
  822
  856
  893
  931
  972
  1,015
  1,061
  1,108
  1,159
  1,212
  1,268
  1,327
  1,389
  1,455
  1,523
  1,596
Change in working capital, $m
  46
  13
  16
  18
  20
  22
  24
  26
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  101
Cash from operations, $m
  535
  652
  540
  551
  563
  577
  592
  609
  628
  648
  669
  667
  692
  718
  746
  776
  808
  842
  878
  915
  955
  997
  1,042
  1,089
  1,138
  1,190
  1,245
  1,303
  1,364
  1,428
  1,495
Maintenance CAPEX, $m
  0
  -48
  -49
  -50
  -51
  -53
  -54
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
New CAPEX, $m
  -126
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
Cash from investing activities, $m
  -355
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -187
  -196
  -206
  -216
  -226
  -238
  -250
  -262
  -276
  -290
Free cash flow, $m
  180
  585
  470
  476
  484
  494
  504
  517
  530
  545
  561
  553
  572
  593
  614
  638
  662
  689
  717
  746
  778
  811
  846
  883
  922
  964
  1,007
  1,053
  1,101
  1,152
  1,206
Issuance/(repayment) of debt, $m
  296
  37
  46
  53
  60
  66
  72
  79
  85
  92
  99
  106
  113
  120
  127
  135
  143
  152
  160
  170
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
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
  37
  46
  53
  60
  66
  72
  79
  85
  92
  99
  106
  113
  120
  127
  135
  143
  152
  160
  170
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
Total cash flow (excl. dividends), $m
  327
  622
  516
  529
  544
  560
  577
  595
  615
  637
  660
  659
  685
  712
  742
  773
  806
  840
  877
  916
  957
  1,000
  1,045
  1,093
  1,143
  1,197
  1,252
  1,311
  1,373
  1,438
  1,506
Retained Cash Flow (-), $m
  -36
  -32
  -36
  -41
  -46
  -51
  -56
  -61
  -67
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -164
  -172
  -182
  -191
  -201
  -212
  -223
  -234
Prev. year cash balance distribution, $m
 
  50
  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
 
  640
  480
  488
  497
  508
  520
  534
  549
  565
  583
  577
  597
  619
  642
  667
  694
  722
  752
  784
  817
  853
  890
  929
  971
  1,015
  1,061
  1,110
  1,161
  1,215
  1,272
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  610
  434
  417
  399
  381
  362
  342
  322
  301
  280
  248
  227
  207
  186
  166
  147
  128
  111
  94
  79
  65
  53
  43
  34
  26
  20
  15
  11
  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., together with its subsidiaries, creates, manufactures, and supplies flavors and fragrances for use in consumer products. It operates through two segments, Flavors and Fragrances. The Flavors segment offers flavor compounds primarily to the food and beverage industries for use in prepared foods, beverages, dairy, food, and sweet products. The Fragrances segment provides fragrance compounds, which include fine fragrances comprising perfumes and colognes, as well as consumer fragrances for personal care, household products, and beauty care; fragrance ingredients including synthetic and natural ingredients that could be combined with other materials to create fragrance and consumer compounds; and cosmetic active ingredients consisting of botanicals and delivery systems, and cosmetic and personal care product lines. This segment serves perfume and toiletries manufacturers in the cosmetics industry; and manufacturers of soaps, detergents, fabric care, household cleaners, and air fresheners in the household products industry. It has operations in Europe, Africa, the Middle East, Greater Asia, North America, and Latin America. International Flavors & Fragrances Inc. was founded in 1833 and is based in New York, New York.

FINANCIAL RATIOS  of  International Flavors&Fragrances (IFF)

Valuation Ratios
P/E Ratio 26.6
Price to Sales 3.5
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 26.4
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 $3023 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 2% 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 4.9%, 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 80.8%.

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 4.7% 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 30.4%.

Life of production assets of 19.2 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 21.9%. 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 - $1590 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 80.016 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 $10.9 billion.


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COMPANY NEWS

▶ Largest Insider Buys and Sales of the Week   [Jun-23-17 03:33PM  GuruFocus.com]
▶ Where Does IFFs Valuation Stand Compared to Its Peer?   [Jun-20-17 09:06AM  Market Realist]
▶ How Efficiently Did IFF Manage Its Dividend Yield?   [Jun-19-17 10:37AM  Market Realist]
▶ International Flavors & Fragrances to Raise $500 Million   [May-22-17 05:39PM  Market Realist]
▶ IFF Announces Pricing of $500,000,000 Senior Notes Due 2047   [May-15-17 02:49PM  Business Wire]
▶ International Flavors misses 1Q profit forecasts   [May-08-17 04:25PM  Associated Press]
▶ IFF Reports First Quarter 2017 Results   [04:15PM  Business Wire]
▶ What Are IFFs Valuations ahead of Its 1Q17 Earnings?   [May-05-17 10:36AM  Market Realist]
▶ Analysts Expect IFFs 1Q17 Revenue to Exceed $800 Million   [May-04-17 05:35PM  Market Realist]
▶ IFF Declares Dividend for Second Quarter 2017   [May-03-17 04:15PM  Business Wire]
▶ IFF Appoints Andrew S. Winston to Scientific Advisory Board   [Apr-27-17 04:15PM  Business Wire]
▶ IFF to Release First Quarter 2017 Results May 8   [Apr-19-17 04:15PM  Business Wire]
▶ International Flavors & Fragrances Acquires PowderPure   [Apr-17-17 09:49AM  Market Realist]
▶ International Flavors & Fragrances: Cramer's Top Takeaways   [Apr-13-17 06:32AM  TheStreet.com]
▶ Stock Market News for April 11, 2017   [Apr-11-17 09:51AM  Zacks]
▶ International Flavors and Fragrances: Wall Street Ratings   [Mar-24-17 06:05PM  Market Realist]
▶ IFF to Present at CAGE Conference   [Mar-13-17 04:15PM  Business Wire]
▶ IFF Declares Dividend for First Quarter 2017   [Mar-07-17 04:15PM  Business Wire]
▶ [$$] International Flavors & Fragrances to Cut Jobs as Profit and Sales Rise   [Feb-15-17 06:20PM  at The Wall Street Journal]
▶ IFF Completes Acquisition of Fragrance Resources   [Jan-17-17 10:15AM  Business Wire]
Stock chart of IFF Financial statements of IFF Annual reports 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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