Intrinsic value of Ingredion - INGR

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$117.09

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$117.09

 
Intrinsic value

$81.67

 
Up/down potential

-30%

 
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 INGR 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 8.4

 

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, %
  1.48
  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
  5,704
  5,818
  5,952
  6,105
  6,277
  6,467
  6,676
  6,903
  7,149
  7,414
  7,699
  8,003
  8,328
  8,674
  9,041
  9,431
  9,845
  10,282
  10,745
  11,234
  11,750
  12,295
  12,869
  13,474
  14,112
  14,784
  15,491
  16,236
  17,019
  17,844
  18,711
Variable operating expenses, $m
 
  5,136
  5,252
  5,385
  5,534
  5,700
  5,881
  6,079
  6,293
  6,523
  6,771
  6,957
  7,239
  7,540
  7,859
  8,198
  8,558
  8,938
  9,340
  9,765
  10,214
  10,687
  11,186
  11,713
  12,267
  12,851
  13,466
  14,113
  14,794
  15,511
  16,264
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
  4,896
  5,136
  5,252
  5,385
  5,534
  5,700
  5,881
  6,079
  6,293
  6,523
  6,771
  6,957
  7,239
  7,540
  7,859
  8,198
  8,558
  8,938
  9,340
  9,765
  10,214
  10,687
  11,186
  11,713
  12,267
  12,851
  13,466
  14,113
  14,794
  15,511
  16,264
Operating income, $m
  808
  682
  700
  720
  742
  767
  794
  824
  856
  891
  928
  1,046
  1,089
  1,134
  1,182
  1,233
  1,287
  1,344
  1,405
  1,469
  1,536
  1,607
  1,683
  1,762
  1,845
  1,933
  2,025
  2,123
  2,225
  2,333
  2,446
EBITDA, $m
  1,004
  918
  939
  963
  990
  1,020
  1,053
  1,089
  1,128
  1,170
  1,214
  1,262
  1,314
  1,368
  1,426
  1,488
  1,553
  1,622
  1,695
  1,772
  1,853
  1,939
  2,030
  2,125
  2,226
  2,332
  2,444
  2,561
  2,685
  2,815
  2,951
Interest expense (income), $m
  59
  65
  67
  70
  72
  76
  79
  83
  88
  92
  97
  103
  109
  115
  122
  129
  136
  144
  152
  161
  170
  180
  191
  202
  213
  225
  238
  252
  266
  281
  297
Earnings before tax, $m
  742
  618
  633
  650
  670
  691
  715
  741
  769
  799
  831
  943
  980
  1,019
  1,061
  1,105
  1,151
  1,200
  1,253
  1,308
  1,366
  1,427
  1,492
  1,560
  1,632
  1,708
  1,787
  1,871
  1,959
  2,052
  2,150
Tax expense, $m
  246
  167
  171
  176
  181
  187
  193
  200
  208
  216
  224
  255
  265
  275
  286
  298
  311
  324
  338
  353
  369
  385
  403
  421
  441
  461
  483
  505
  529
  554
  580
Net income, $m
  485
  451
  462
  475
  489
  505
  522
  541
  561
  583
  606
  689
  715
  744
  774
  806
  840
  876
  914
  955
  997
  1,042
  1,089
  1,139
  1,191
  1,247
  1,305
  1,366
  1,430
  1,498
  1,569

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  516
  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
  5,782
  5,372
  5,496
  5,637
  5,796
  5,971
  6,164
  6,374
  6,601
  6,846
  7,109
  7,390
  7,690
  8,009
  8,348
  8,709
  9,090
  9,494
  9,921
  10,373
  10,849
  11,352
  11,883
  12,442
  13,031
  13,651
  14,304
  14,992
  15,715
  16,476
  17,277
Adjusted assets (=assets-cash), $m
  5,266
  5,372
  5,496
  5,637
  5,796
  5,971
  6,164
  6,374
  6,601
  6,846
  7,109
  7,390
  7,690
  8,009
  8,348
  8,709
  9,090
  9,494
  9,921
  10,373
  10,849
  11,352
  11,883
  12,442
  13,031
  13,651
  14,304
  14,992
  15,715
  16,476
  17,277
Revenue / Adjusted assets
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
Average production assets, $m
  2,509
  2,560
  2,619
  2,686
  2,762
  2,845
  2,937
  3,037
  3,146
  3,262
  3,387
  3,521
  3,664
  3,816
  3,978
  4,150
  4,332
  4,524
  4,728
  4,943
  5,170
  5,410
  5,662
  5,929
  6,209
  6,505
  6,816
  7,144
  7,489
  7,851
  8,233
Working capital, $m
  1,274
  879
  899
  922
  948
  976
  1,008
  1,042
  1,080
  1,120
  1,163
  1,208
  1,258
  1,310
  1,365
  1,424
  1,487
  1,553
  1,622
  1,696
  1,774
  1,856
  1,943
  2,035
  2,131
  2,232
  2,339
  2,452
  2,570
  2,694
  2,825
Total debt, $m
  1,956
  1,914
  1,987
  2,070
  2,164
  2,268
  2,382
  2,506
  2,640
  2,785
  2,940
  3,106
  3,284
  3,472
  3,673
  3,886
  4,111
  4,350
  4,603
  4,869
  5,151
  5,448
  5,762
  6,092
  6,440
  6,807
  7,193
  7,599
  8,027
  8,476
  8,950
Total liabilities, $m
  3,217
  3,175
  3,248
  3,331
  3,425
  3,529
  3,643
  3,767
  3,901
  4,046
  4,201
  4,367
  4,545
  4,733
  4,934
  5,147
  5,372
  5,611
  5,864
  6,130
  6,412
  6,709
  7,023
  7,353
  7,701
  8,068
  8,454
  8,860
  9,288
  9,737
  10,211
Total equity, $m
  2,565
  2,197
  2,248
  2,306
  2,370
  2,442
  2,521
  2,607
  2,700
  2,800
  2,907
  3,022
  3,145
  3,276
  3,415
  3,562
  3,718
  3,883
  4,058
  4,242
  4,437
  4,643
  4,860
  5,089
  5,330
  5,583
  5,850
  6,132
  6,427
  6,739
  7,066
Total liabilities and equity, $m
  5,782
  5,372
  5,496
  5,637
  5,795
  5,971
  6,164
  6,374
  6,601
  6,846
  7,108
  7,389
  7,690
  8,009
  8,349
  8,709
  9,090
  9,494
  9,922
  10,372
  10,849
  11,352
  11,883
  12,442
  13,031
  13,651
  14,304
  14,992
  15,715
  16,476
  17,277
Debt-to-equity ratio
  0.763
  0.870
  0.880
  0.900
  0.910
  0.930
  0.940
  0.960
  0.980
  0.990
  1.010
  1.030
  1.040
  1.060
  1.080
  1.090
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
Adjusted equity ratio
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  485
  451
  462
  475
  489
  505
  522
  541
  561
  583
  606
  689
  715
  744
  774
  806
  840
  876
  914
  955
  997
  1,042
  1,089
  1,139
  1,191
  1,247
  1,305
  1,366
  1,430
  1,498
  1,569
Depreciation, amort., depletion, $m
  196
  235
  239
  243
  248
  253
  259
  265
  271
  279
  286
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  347
  364
  381
  399
  418
  438
  459
  482
  505
Funds from operations, $m
  864
  686
  701
  718
  737
  758
  781
  805
  832
  861
  893
  905
  940
  978
  1,018
  1,061
  1,106
  1,154
  1,204
  1,258
  1,314
  1,374
  1,436
  1,503
  1,572
  1,646
  1,723
  1,804
  1,890
  1,980
  2,074
Change in working capital, $m
  93
  17
  20
  23
  26
  29
  32
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
Cash from operations, $m
  771
  779
  681
  695
  711
  729
  749
  771
  795
  821
  850
  859
  891
  926
  963
  1,002
  1,044
  1,088
  1,135
  1,184
  1,236
  1,291
  1,350
  1,411
  1,476
  1,544
  1,616
  1,692
  1,771
  1,855
  1,943
Maintenance CAPEX, $m
  0
  -154
  -157
  -161
  -165
  -169
  -175
  -180
  -186
  -193
  -200
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
  -364
  -381
  -399
  -418
  -438
  -459
  -482
New CAPEX, $m
  -284
  -51
  -59
  -67
  -76
  -84
  -92
  -100
  -108
  -117
  -125
  -134
  -143
  -152
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -266
  -281
  -296
  -311
  -328
  -345
  -363
  -381
Cash from investing activities, $m
  -689
  -205
  -216
  -228
  -241
  -253
  -267
  -280
  -294
  -310
  -325
  -342
  -359
  -377
  -396
  -416
  -437
  -459
  -482
  -505
  -530
  -557
  -585
  -613
  -645
  -677
  -710
  -746
  -783
  -822
  -863
Free cash flow, $m
  82
  573
  465
  467
  470
  476
  483
  491
  501
  512
  524
  517
  532
  549
  567
  586
  607
  630
  653
  679
  706
  735
  765
  797
  831
  868
  906
  946
  988
  1,033
  1,080
Issuance/(repayment) of debt, $m
  126
  64
  73
  83
  94
  104
  114
  124
  134
  145
  155
  166
  177
  189
  201
  213
  226
  239
  252
  267
  282
  297
  313
  330
  348
  367
  386
  406
  428
  450
  473
Issuance/(repurchase) of shares, $m
  21
  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  
  141
  64
  73
  83
  94
  104
  114
  124
  134
  145
  155
  166
  177
  189
  201
  213
  226
  239
  252
  267
  282
  297
  313
  330
  348
  367
  386
  406
  428
  450
  473
Total cash flow (excl. dividends), $m
  219
  637
  538
  550
  564
  580
  597
  615
  635
  656
  680
  683
  710
  738
  767
  799
  833
  868
  906
  946
  988
  1,032
  1,079
  1,128
  1,180
  1,234
  1,292
  1,352
  1,416
  1,483
  1,553
Retained Cash Flow (-), $m
  -421
  -42
  -51
  -58
  -65
  -72
  -79
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -139
  -147
  -156
  -165
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
  -327
Prev. year cash balance distribution, $m
 
  410
  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
 
  1,005
  487
  493
  499
  508
  518
  529
  542
  556
  572
  568
  587
  607
  629
  652
  677
  703
  731
  761
  793
  826
  862
  899
  939
  980
  1,025
  1,071
  1,120
  1,172
  1,226
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
 
  956
  439
  418
  397
  376
  355
  333
  311
  289
  267
  236
  215
  194
  174
  154
  135
  117
  100
  84
  70
  57
  46
  37
  29
  22
  16
  12
  9
  6
  4
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

Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. The company operates through four segments: North America, South America, Asia Pacific and Europe, and Middle East and Africa. It offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins and glucose, and syrup solids, as well as food-grade and industrial starches, and biomaterials. The company also provides animal feed products; edible corn oil; refined corn oil to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise, and other foods; and corn gluten feed used as protein feed for chickens, pet food, and aquaculture. Its products are derived primarily from processing corn and other starch-based materials, such as tapioca, potato, and rice. The company serves food, beverage, paper and corrugating products, brewing, pharmaceutical, textile, and personal care industries, as well as animal feed and corn oil markets. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012. Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois.

FINANCIAL RATIOS  of  Ingredion (INGR)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 1.5
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.4%
Cap. Spend. - 3 Yr. Gr. Rate -1%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 72.1%
Total Debt to Equity 76.3%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.7%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 18.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 22.1%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 13%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 33.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 29.1%

INGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INGR stock intrinsic value calculation we used $5704 million for the last fiscal year's total revenue generated by Ingredion. The default revenue input number comes from 2016 income statement of Ingredion. 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 INGR 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 5.1%, whose default value for INGR is calculated based on our internal credit rating of Ingredion, 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 Ingredion.
    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 INGR stock the variable cost ratio is equal to 88.3%.

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 INGR 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 3.5% for Ingredion.

Corporate tax rate of 27% is the nominal tax rate for Ingredion. 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 INGR 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 INGR are equal to 44%.

Life of production assets of 16.3 years is the average useful life of capital assets used in Ingredion 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 INGR is equal to 15.1%. 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 - $2565 million for Ingredion - 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 71.826 million for Ingredion 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 Ingredion at the current share price and the inputted number of shares is $8.4 billion.


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COMPANY NEWS

▶ Ingredion Is Running out of Room to Grow. What's Next?   [May-24-17 08:09AM  Motley Fool]
▶ [$$] In Falling Markets, Payout Stocks Play Defense   [May-20-17 01:22AM  Barrons.com]
▶ Post Earnings Coverage as Kellogg's EPS Surged 51%   [May-18-17 08:15AM  Accesswire]
▶ Ingredion posts 1Q profit   [May-03-17 07:42AM  Associated Press]
▶ INGREDION RELEASES SIXTH ANNUAL SUSTAINABILITY UPDATE   [Apr-21-17 12:10PM  GlobeNewswire]
▶ Ingredion Has the Recipe for Growth   [Feb-10-17 07:00AM  at Morningstar]
▶ INGREDION COMPLETES ACQUISITION OF TIC GUMS   [08:02AM  GlobeNewswire]
Stock chart of INGR Financial statements of INGR Annual reports of INGR
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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