Intrinsic value of Ingredion - INGR

Previous Close

$123.64

  Intrinsic Value

$88.62

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

+43%

Previous close

$123.64

 
Intrinsic value

$88.62

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

+43%

*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 8.9

 

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, %
  1.48
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  5,704
  6,092
  6,495
  6,915
  7,351
  7,805
  8,279
  8,772
  9,286
  9,822
  10,382
  10,966
  11,576
  12,214
  12,880
  13,578
  14,307
  15,070
  15,869
  16,705
  17,581
  18,498
  19,460
  20,467
  21,523
  22,630
  23,791
  25,008
  26,285
  27,624
  29,028
Variable operating expenses, $m
 
  5,374
  5,724
  6,089
  6,468
  6,863
  7,275
  7,703
  8,150
  8,616
  9,103
  9,532
  10,063
  10,617
  11,196
  11,802
  12,436
  13,100
  13,794
  14,521
  15,282
  16,080
  16,915
  17,791
  18,709
  19,671
  20,680
  21,738
  22,848
  24,012
  25,233
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
  5,374
  5,724
  6,089
  6,468
  6,863
  7,275
  7,703
  8,150
  8,616
  9,103
  9,532
  10,063
  10,617
  11,196
  11,802
  12,436
  13,100
  13,794
  14,521
  15,282
  16,080
  16,915
  17,791
  18,709
  19,671
  20,680
  21,738
  22,848
  24,012
  25,233
Operating income, $m
  808
  718
  771
  826
  883
  942
  1,004
  1,068
  1,136
  1,206
  1,279
  1,434
  1,514
  1,597
  1,684
  1,775
  1,871
  1,970
  2,075
  2,184
  2,299
  2,419
  2,544
  2,676
  2,814
  2,959
  3,111
  3,270
  3,437
  3,612
  3,795
EBITDA, $m
  1,004
  961
  1,025
  1,091
  1,160
  1,231
  1,306
  1,384
  1,465
  1,549
  1,638
  1,730
  1,826
  1,927
  2,032
  2,142
  2,257
  2,377
  2,503
  2,635
  2,773
  2,918
  3,070
  3,228
  3,395
  3,570
  3,753
  3,945
  4,146
  4,357
  4,579
Interest expense (income), $m
  59
  65
  72
  80
  88
  96
  105
  114
  123
  133
  143
  154
  165
  177
  189
  202
  215
  229
  244
  259
  275
  292
  309
  328
  347
  367
  388
  410
  434
  458
  483
Earnings before tax, $m
  742
  653
  699
  746
  795
  846
  899
  954
  1,012
  1,073
  1,135
  1,280
  1,348
  1,420
  1,495
  1,573
  1,655
  1,741
  1,831
  1,925
  2,024
  2,127
  2,235
  2,348
  2,467
  2,592
  2,722
  2,859
  3,003
  3,154
  3,312
Tax expense, $m
  246
  176
  189
  201
  215
  228
  243
  258
  273
  290
  307
  345
  364
  383
  404
  425
  447
  470
  494
  520
  546
  574
  603
  634
  666
  700
  735
  772
  811
  852
  894
Net income, $m
  485
  477
  510
  544
  580
  617
  656
  697
  739
  783
  829
  934
  984
  1,037
  1,091
  1,149
  1,208
  1,271
  1,337
  1,405
  1,477
  1,553
  1,632
  1,714
  1,801
  1,892
  1,987
  2,087
  2,192
  2,302
  2,418

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
  5,625
  5,997
  6,385
  6,788
  7,207
  7,644
  8,100
  8,574
  9,069
  9,586
  10,126
  10,689
  11,278
  11,893
  12,537
  13,210
  13,915
  14,652
  15,425
  16,233
  17,081
  17,968
  18,898
  19,874
  20,896
  21,968
  23,091
  24,270
  25,507
  26,804
Adjusted assets (=assets-cash), $m
  5,266
  5,625
  5,997
  6,385
  6,788
  7,207
  7,644
  8,100
  8,574
  9,069
  9,586
  10,126
  10,689
  11,278
  11,893
  12,537
  13,210
  13,915
  14,652
  15,425
  16,233
  17,081
  17,968
  18,898
  19,874
  20,896
  21,968
  23,091
  24,270
  25,507
  26,804
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
  2,680
  2,858
  3,042
  3,234
  3,434
  3,643
  3,860
  4,086
  4,322
  4,568
  4,825
  5,094
  5,374
  5,667
  5,974
  6,295
  6,631
  6,982
  7,350
  7,736
  8,139
  8,562
  9,005
  9,470
  9,957
  10,468
  11,004
  11,565
  12,154
  12,772
Working capital, $m
  1,274
  920
  981
  1,044
  1,110
  1,179
  1,250
  1,325
  1,402
  1,483
  1,568
  1,656
  1,748
  1,844
  1,945
  2,050
  2,160
  2,276
  2,396
  2,522
  2,655
  2,793
  2,938
  3,091
  3,250
  3,417
  3,592
  3,776
  3,969
  4,171
  4,383
Total debt, $m
  1,956
  2,063
  2,283
  2,512
  2,751
  2,998
  3,257
  3,526
  3,806
  4,099
  4,404
  4,723
  5,056
  5,404
  5,768
  6,148
  6,546
  6,963
  7,399
  7,855
  8,333
  8,834
  9,358
  9,908
  10,484
  11,088
  11,722
  12,386
  13,083
  13,813
  14,580
Total liabilities, $m
  3,217
  3,324
  3,544
  3,773
  4,012
  4,259
  4,518
  4,787
  5,067
  5,360
  5,665
  5,984
  6,317
  6,665
  7,029
  7,409
  7,807
  8,224
  8,660
  9,116
  9,594
  10,095
  10,619
  11,169
  11,745
  12,349
  12,983
  13,647
  14,344
  15,074
  15,841
Total equity, $m
  2,565
  2,301
  2,453
  2,611
  2,776
  2,948
  3,126
  3,313
  3,507
  3,709
  3,921
  4,141
  4,372
  4,613
  4,864
  5,128
  5,403
  5,691
  5,993
  6,309
  6,639
  6,986
  7,349
  7,729
  8,128
  8,546
  8,985
  9,444
  9,927
  10,432
  10,963
Total liabilities and equity, $m
  5,782
  5,625
  5,997
  6,384
  6,788
  7,207
  7,644
  8,100
  8,574
  9,069
  9,586
  10,125
  10,689
  11,278
  11,893
  12,537
  13,210
  13,915
  14,653
  15,425
  16,233
  17,081
  17,968
  18,898
  19,873
  20,895
  21,968
  23,091
  24,271
  25,506
  26,804
Debt-to-equity ratio
  0.763
  0.900
  0.930
  0.960
  0.990
  1.020
  1.040
  1.060
  1.090
  1.110
  1.120
  1.140
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.230
  1.250
  1.260
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.320
  1.330
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
  477
  510
  544
  580
  617
  656
  697
  739
  783
  829
  934
  984
  1,037
  1,091
  1,149
  1,208
  1,271
  1,337
  1,405
  1,477
  1,553
  1,632
  1,714
  1,801
  1,892
  1,987
  2,087
  2,192
  2,302
  2,418
Depreciation, amort., depletion, $m
  196
  243
  254
  265
  277
  289
  302
  315
  329
  344
  359
  296
  312
  330
  348
  367
  386
  407
  428
  451
  475
  499
  525
  552
  581
  611
  642
  675
  710
  746
  784
Funds from operations, $m
  864
  720
  764
  809
  857
  907
  958
  1,012
  1,068
  1,127
  1,188
  1,230
  1,297
  1,366
  1,439
  1,515
  1,595
  1,678
  1,765
  1,856
  1,952
  2,052
  2,157
  2,267
  2,382
  2,503
  2,630
  2,762
  2,902
  3,048
  3,201
Change in working capital, $m
  93
  59
  61
  63
  66
  69
  71
  74
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  145
  152
  159
  167
  175
  184
  193
  202
  212
Cash from operations, $m
  771
  661
  703
  746
  791
  838
  887
  937
  990
  1,046
  1,103
  1,142
  1,205
  1,270
  1,338
  1,410
  1,484
  1,563
  1,644
  1,730
  1,820
  1,913
  2,012
  2,115
  2,223
  2,336
  2,454
  2,579
  2,709
  2,846
  2,989
Maintenance CAPEX, $m
  0
  -154
  -164
  -175
  -187
  -198
  -211
  -223
  -237
  -251
  -265
  -280
  -296
  -312
  -330
  -348
  -367
  -386
  -407
  -428
  -451
  -475
  -499
  -525
  -552
  -581
  -611
  -642
  -675
  -710
  -746
New CAPEX, $m
  -284
  -172
  -177
  -185
  -192
  -200
  -208
  -217
  -226
  -236
  -246
  -257
  -269
  -281
  -293
  -307
  -321
  -336
  -351
  -368
  -385
  -404
  -423
  -443
  -465
  -487
  -511
  -536
  -562
  -589
  -618
Cash from investing activities, $m
  -689
  -326
  -341
  -360
  -379
  -398
  -419
  -440
  -463
  -487
  -511
  -537
  -565
  -593
  -623
  -655
  -688
  -722
  -758
  -796
  -836
  -879
  -922
  -968
  -1,017
  -1,068
  -1,122
  -1,178
  -1,237
  -1,299
  -1,364
Free cash flow, $m
  82
  335
  361
  386
  412
  440
  468
  497
  527
  559
  592
  605
  640
  677
  715
  755
  797
  841
  886
  934
  983
  1,035
  1,089
  1,146
  1,205
  1,268
  1,333
  1,401
  1,472
  1,547
  1,625
Issuance/(repayment) of debt, $m
  126
  213
  220
  229
  238
  248
  258
  269
  281
  293
  305
  319
  333
  348
  364
  380
  398
  416
  436
  456
  478
  501
  525
  550
  576
  604
  633
  664
  697
  731
  766
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
  213
  220
  229
  238
  248
  258
  269
  281
  293
  305
  319
  333
  348
  364
  380
  398
  416
  436
  456
  478
  501
  525
  550
  576
  604
  633
  664
  697
  731
  766
Total cash flow (excl. dividends), $m
  219
  549
  581
  615
  651
  688
  726
  766
  808
  852
  897
  923
  973
  1,025
  1,079
  1,136
  1,195
  1,257
  1,322
  1,390
  1,461
  1,536
  1,614
  1,696
  1,782
  1,872
  1,966
  2,065
  2,169
  2,278
  2,392
Retained Cash Flow (-), $m
  -421
  -146
  -152
  -158
  -165
  -172
  -179
  -186
  -194
  -203
  -211
  -221
  -230
  -241
  -252
  -263
  -275
  -288
  -302
  -316
  -331
  -347
  -363
  -380
  -399
  -418
  -438
  -460
  -482
  -506
  -530
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
 
  813
  429
  457
  486
  516
  547
  580
  614
  649
  686
  703
  743
  784
  827
  873
  920
  969
  1,020
  1,074
  1,130
  1,189
  1,251
  1,315
  1,383
  1,454
  1,528
  1,605
  1,687
  1,772
  1,861
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
 
  774
  386
  388
  386
  382
  375
  365
  353
  338
  320
  292
  272
  251
  229
  206
  183
  161
  139
  119
  100
  83
  67
  54
  42
  32
  24
  18
  13
  9
  6
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 18.5
Price to Sales 1.6
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 18.4
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 6.8% 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 71.967 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 $8.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ ETFs with exposure to Ingredion, Inc. : August 18, 2017   [Aug-18-17 05:15PM  Capital Cube]
▶ Consumer Sector: Post-Earnings Coverage for July 31August 4   [Aug-09-17 09:31AM  Market Realist]
▶ Ingredion posts 2Q profit   [Aug-01-17 09:31PM  Associated Press]
▶ ETFs with exposure to Ingredion, Inc. : July 24, 2017   [Jul-24-17 04:42PM  Capital Cube]
▶ ETFs with exposure to Ingredion, Inc. : July 14, 2017   [Jul-14-17 03:04PM  Capital Cube]
▶ Ingredion, Inc. Value Analysis (NYSE:INGR) : July 4, 2017   [Jul-04-17 04:08PM  Capital Cube]
▶ ETFs with exposure to Ingredion, Inc. : June 16, 2017   [Jun-16-17 03:55PM  Capital Cube]
▶ INGREDION APPLAUDS NEW SUGAR SUSPENSION AGREEMENT   [Jun-06-17 03:20PM  GlobeNewswire]
▶ ETFs with exposure to Ingredion, Inc. : June 2, 2017   [Jun-02-17 02:13PM  Capital Cube]
▶ 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]
Financial statements 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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