Intrinsic value of International Flavors&Fragrances - IFF

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$134.26

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$134.26

 
Intrinsic value

$86.32

 
Up/down potential

-36%

 
Rating

sell

 
Value-price divergence* premium content

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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 10.6

 

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
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  3,116
  3,322
  3,536
  3,758
  3,990
  4,231
  4,483
  4,745
  5,019
  5,304
  5,602
  5,914
  6,239
  6,579
  6,935
  7,307
  7,696
  8,104
  8,531
  8,978
  9,446
  9,937
  10,451
  10,990
  11,555
  12,148
  12,769
  13,421
  14,104
  14,821
  15,574
Variable operating expenses, $m
 
  2,671
  2,836
  3,008
  3,188
  3,375
  3,569
  3,772
  3,984
  4,205
  4,436
  4,577
  4,828
  5,092
  5,367
  5,655
  5,956
  6,272
  6,602
  6,948
  7,310
  7,690
  8,088
  8,505
  8,943
  9,401
  9,882
  10,386
  10,915
  11,470
  12,052
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
  2,671
  2,836
  3,008
  3,188
  3,375
  3,569
  3,772
  3,984
  4,205
  4,436
  4,577
  4,828
  5,092
  5,367
  5,655
  5,956
  6,272
  6,602
  6,948
  7,310
  7,690
  8,088
  8,505
  8,943
  9,401
  9,882
  10,386
  10,915
  11,470
  12,052
Operating income, $m
  567
  651
  699
  750
  802
  857
  914
  973
  1,035
  1,099
  1,167
  1,337
  1,411
  1,487
  1,568
  1,652
  1,740
  1,832
  1,929
  2,030
  2,136
  2,247
  2,363
  2,485
  2,613
  2,747
  2,887
  3,034
  3,189
  3,351
  3,521
EBITDA, $m
  669
  809
  861
  915
  971
  1,030
  1,091
  1,155
  1,222
  1,291
  1,364
  1,439
  1,519
  1,601
  1,688
  1,779
  1,873
  1,973
  2,077
  2,185
  2,299
  2,419
  2,544
  2,675
  2,813
  2,957
  3,108
  3,267
  3,433
  3,608
  3,791
Interest expense (income), $m
  51
  46
  52
  58
  65
  71
  79
  86
  94
  102
  110
  119
  128
  138
  148
  158
  169
  180
  192
  205
  218
  232
  246
  261
  277
  294
  311
  330
  349
  369
  390
Earnings before tax, $m
  524
  605
  648
  692
  737
  785
  835
  887
  941
  998
  1,057
  1,218
  1,283
  1,350
  1,420
  1,494
  1,571
  1,652
  1,736
  1,825
  1,918
  2,015
  2,117
  2,223
  2,335
  2,453
  2,576
  2,705
  2,840
  2,982
  3,131
Tax expense, $m
  119
  163
  175
  187
  199
  212
  225
  239
  254
  269
  285
  329
  346
  364
  383
  403
  424
  446
  469
  493
  518
  544
  571
  600
  631
  662
  695
  730
  767
  805
  845
Net income, $m
  405
  442
  473
  505
  538
  573
  610
  647
  687
  728
  771
  889
  936
  985
  1,037
  1,091
  1,147
  1,206
  1,268
  1,332
  1,400
  1,471
  1,545
  1,623
  1,705
  1,790
  1,880
  1,974
  2,073
  2,177
  2,286

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
  3,936
  4,189
  4,453
  4,727
  5,013
  5,311
  5,622
  5,946
  6,285
  6,638
  7,007
  7,392
  7,795
  8,217
  8,658
  9,119
  9,602
  10,108
  10,637
  11,192
  11,774
  12,383
  13,021
  13,691
  14,393
  15,129
  15,901
  16,711
  17,561
  18,452
Adjusted assets (=assets-cash), $m
  3,693
  3,936
  4,189
  4,453
  4,727
  5,013
  5,311
  5,622
  5,946
  6,285
  6,638
  7,007
  7,392
  7,795
  8,217
  8,658
  9,119
  9,602
  10,108
  10,637
  11,192
  11,774
  12,383
  13,021
  13,691
  14,393
  15,129
  15,901
  16,711
  17,561
  18,452
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
  1,163
  1,237
  1,315
  1,396
  1,481
  1,569
  1,661
  1,757
  1,856
  1,961
  2,070
  2,184
  2,303
  2,427
  2,557
  2,694
  2,836
  2,986
  3,142
  3,306
  3,478
  3,658
  3,847
  4,044
  4,252
  4,469
  4,697
  4,936
  5,187
  5,451
Working capital, $m
  711
  688
  732
  778
  826
  876
  928
  982
  1,039
  1,098
  1,160
  1,224
  1,291
  1,362
  1,436
  1,513
  1,593
  1,678
  1,766
  1,858
  1,955
  2,057
  2,163
  2,275
  2,392
  2,515
  2,643
  2,778
  2,920
  3,068
  3,224
Total debt, $m
  1,325
  1,205
  1,351
  1,503
  1,662
  1,827
  1,999
  2,178
  2,365
  2,560
  2,764
  2,977
  3,199
  3,432
  3,675
  3,929
  4,196
  4,474
  4,766
  5,072
  5,392
  5,727
  6,079
  6,447
  6,834
  7,239
  7,664
  8,109
  8,576
  9,067
  9,581
Total liabilities, $m
  2,391
  2,271
  2,417
  2,569
  2,728
  2,893
  3,065
  3,244
  3,431
  3,626
  3,830
  4,043
  4,265
  4,498
  4,741
  4,995
  5,262
  5,540
  5,832
  6,138
  6,458
  6,793
  7,145
  7,513
  7,900
  8,305
  8,730
  9,175
  9,642
  10,133
  10,647
Total equity, $m
  1,626
  1,665
  1,772
  1,884
  2,000
  2,121
  2,247
  2,378
  2,515
  2,658
  2,808
  2,964
  3,127
  3,297
  3,476
  3,662
  3,857
  4,062
  4,276
  4,500
  4,734
  4,980
  5,238
  5,508
  5,791
  6,088
  6,400
  6,726
  7,069
  7,428
  7,805
Total liabilities and equity, $m
  4,017
  3,936
  4,189
  4,453
  4,728
  5,014
  5,312
  5,622
  5,946
  6,284
  6,638
  7,007
  7,392
  7,795
  8,217
  8,657
  9,119
  9,602
  10,108
  10,638
  11,192
  11,773
  12,383
  13,021
  13,691
  14,393
  15,130
  15,901
  16,711
  17,561
  18,452
Debt-to-equity ratio
  0.815
  0.720
  0.760
  0.800
  0.830
  0.860
  0.890
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.070
  1.090
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.210
  1.220
  1.230
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
  442
  473
  505
  538
  573
  610
  647
  687
  728
  771
  889
  936
  985
  1,037
  1,091
  1,147
  1,206
  1,268
  1,332
  1,400
  1,471
  1,545
  1,623
  1,705
  1,790
  1,880
  1,974
  2,073
  2,177
  2,286
Depreciation, amort., depletion, $m
  102
  158
  161
  165
  169
  173
  178
  182
  187
  192
  197
  102
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
  190
  200
  210
  221
  233
  244
  257
  270
Funds from operations, $m
  581
  599
  634
  670
  707
  747
  787
  830
  874
  920
  968
  992
  1,044
  1,099
  1,157
  1,217
  1,280
  1,346
  1,415
  1,488
  1,564
  1,643
  1,726
  1,813
  1,905
  2,001
  2,102
  2,207
  2,318
  2,434
  2,556
Change in working capital, $m
  46
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  106
  112
  117
  123
  129
  135
  141
  148
  156
Cash from operations, $m
  535
  608
  590
  624
  659
  697
  735
  775
  817
  861
  907
  927
  977
  1,029
  1,083
  1,140
  1,200
  1,262
  1,327
  1,395
  1,467
  1,541
  1,620
  1,702
  1,788
  1,878
  1,973
  2,072
  2,176
  2,285
  2,400
Maintenance CAPEX, $m
  0
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -233
  -244
  -257
New CAPEX, $m
  -126
  -73
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -228
  -239
  -251
  -263
Cash from investing activities, $m
  -355
  -127
  -133
  -139
  -146
  -153
  -161
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -289
  -304
  -320
  -336
  -352
  -370
  -388
  -407
  -427
  -449
  -472
  -495
  -520
Free cash flow, $m
  180
  481
  457
  485
  513
  543
  574
  606
  639
  674
  710
  721
  761
  802
  845
  890
  937
  986
  1,037
  1,091
  1,147
  1,206
  1,268
  1,332
  1,400
  1,471
  1,545
  1,623
  1,704
  1,790
  1,880
Issuance/(repayment) of debt, $m
  296
  139
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  222
  233
  243
  254
  266
  279
  292
  306
  320
  335
  352
  369
  386
  405
  425
  446
  467
  490
  514
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
  139
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  222
  233
  243
  254
  266
  279
  292
  306
  320
  335
  352
  369
  386
  405
  425
  446
  467
  490
  514
Total cash flow (excl. dividends), $m
  327
  620
  604
  637
  672
  708
  746
  785
  826
  869
  914
  934
  983
  1,034
  1,088
  1,144
  1,203
  1,265
  1,329
  1,397
  1,467
  1,541
  1,619
  1,701
  1,786
  1,876
  1,970
  2,068
  2,172
  2,280
  2,394
Retained Cash Flow (-), $m
  -36
  -104
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -187
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -297
  -311
  -327
  -343
  -359
  -377
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
 
  581
  496
  525
  556
  587
  620
  654
  689
  726
  765
  778
  820
  864
  910
  958
  1,008
  1,060
  1,115
  1,172
  1,233
  1,296
  1,361
  1,431
  1,503
  1,579
  1,658
  1,742
  1,829
  1,921
  2,017
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
 
  553
  447
  446
  442
  435
  424
  412
  396
  378
  357
  323
  301
  277
  252
  226
  201
  176
  152
  130
  109
  90
  73
  58
  46
  35
  26
  19
  14
  10
  7
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 26.3
Price to Sales 3.4
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 26
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 6.6% 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 79.076 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 $10.6 billion.


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COMPANY NEWS

▶ 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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