Intrinsic value of Ingredion - INGR

Previous Close

$101.74

  Intrinsic Value

$105.65

stock screener

  Rating & Target

hold

+4%

Previous close

$101.74

 
Intrinsic value

$105.65

 
Up/down potential

+4%

 
Rating

hold

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 2017), $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 7.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  5,960
  6,108
  6,275
  6,461
  6,665
  6,888
  7,130
  7,391
  7,671
  7,972
  8,293
  8,634
  8,998
  9,384
  9,793
  10,226
  10,684
  11,168
  11,680
  12,220
  12,789
  13,389
  14,022
  14,688
  15,390
  16,128
  16,906
  17,723
  18,584
  19,488
Variable operating expenses, $m
  5,034
  5,155
  5,293
  5,445
  5,613
  5,797
  5,996
  6,211
  6,441
  6,689
  6,823
  7,104
  7,403
  7,721
  8,057
  8,414
  8,791
  9,189
  9,610
  10,054
  10,523
  11,016
  11,537
  12,085
  12,662
  13,270
  13,910
  14,582
  15,290
  16,034
Fixed operating expenses, $m
  83
  85
  86
  88
  90
  92
  94
  96
  99
  101
  103
  105
  107
  110
  112
  115
  117
  120
  122
  125
  128
  131
  134
  137
  140
  143
  146
  149
  152
  156
Total operating expenses, $m
  5,117
  5,240
  5,379
  5,533
  5,703
  5,889
  6,090
  6,307
  6,540
  6,790
  6,926
  7,209
  7,510
  7,831
  8,169
  8,529
  8,908
  9,309
  9,732
  10,179
  10,651
  11,147
  11,671
  12,222
  12,802
  13,413
  14,056
  14,731
  15,442
  16,190
Operating income, $m
  844
  868
  896
  927
  961
  999
  1,040
  1,084
  1,131
  1,182
  1,367
  1,425
  1,487
  1,553
  1,623
  1,698
  1,776
  1,859
  1,947
  2,040
  2,139
  2,242
  2,351
  2,467
  2,588
  2,716
  2,850
  2,992
  3,141
  3,298
EBITDA, $m
  1,327
  1,360
  1,398
  1,440
  1,486
  1,537
  1,592
  1,652
  1,716
  1,785
  1,858
  1,937
  2,021
  2,110
  2,204
  2,304
  2,410
  2,522
  2,640
  2,765
  2,897
  3,036
  3,183
  3,338
  3,500
  3,672
  3,853
  4,043
  4,243
  4,454
Interest expense (income), $m
  59
  101
  105
  109
  114
  119
  125
  132
  139
  147
  155
  164
  174
  184
  194
  206
  218
  231
  244
  259
  274
  290
  307
  324
  343
  363
  383
  405
  428
  452
  478
Earnings before tax, $m
  743
  764
  787
  813
  842
  873
  908
  945
  984
  1,027
  1,203
  1,251
  1,303
  1,359
  1,417
  1,480
  1,545
  1,615
  1,689
  1,767
  1,849
  1,936
  2,027
  2,124
  2,225
  2,332
  2,445
  2,564
  2,689
  2,820
Tax expense, $m
  201
  206
  212
  220
  227
  236
  245
  255
  266
  277
  325
  338
  352
  367
  383
  399
  417
  436
  456
  477
  499
  523
  547
  573
  601
  630
  660
  692
  726
  761
Net income, $m
  543
  557
  574
  594
  615
  638
  663
  690
  719
  750
  878
  914
  951
  992
  1,035
  1,080
  1,128
  1,179
  1,233
  1,290
  1,350
  1,413
  1,480
  1,550
  1,624
  1,703
  1,785
  1,872
  1,963
  2,059

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,215
  6,369
  6,543
  6,737
  6,950
  7,183
  7,435
  7,707
  7,999
  8,313
  8,647
  9,003
  9,382
  9,785
  10,211
  10,663
  11,141
  11,646
  12,179
  12,742
  13,336
  13,962
  14,621
  15,316
  16,048
  16,818
  17,628
  18,481
  19,378
  20,321
Adjusted assets (=assets-cash), $m
  6,215
  6,369
  6,543
  6,737
  6,950
  7,183
  7,435
  7,707
  7,999
  8,313
  8,647
  9,003
  9,382
  9,785
  10,211
  10,663
  11,141
  11,646
  12,179
  12,742
  13,336
  13,962
  14,621
  15,316
  16,048
  16,818
  17,628
  18,481
  19,378
  20,321
Revenue / Adjusted assets
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
Average production assets, $m
  3,534
  3,622
  3,721
  3,831
  3,952
  4,085
  4,228
  4,383
  4,549
  4,727
  4,917
  5,120
  5,336
  5,564
  5,807
  6,064
  6,336
  6,623
  6,926
  7,246
  7,584
  7,940
  8,315
  8,710
  9,126
  9,564
  10,025
  10,510
  11,020
  11,557
Working capital, $m
  340
  348
  358
  368
  380
  393
  406
  421
  437
  454
  473
  492
  513
  535
  558
  583
  609
  637
  666
  697
  729
  763
  799
  837
  877
  919
  964
  1,010
  1,059
  1,111
Total debt, $m
  1,938
  2,019
  2,110
  2,212
  2,324
  2,446
  2,578
  2,721
  2,875
  3,039
  3,215
  3,402
  3,601
  3,812
  4,036
  4,273
  4,524
  4,789
  5,069
  5,365
  5,676
  6,005
  6,351
  6,716
  7,100
  7,504
  7,930
  8,378
  8,848
  9,344
Total liabilities, $m
  3,263
  3,344
  3,435
  3,537
  3,649
  3,771
  3,903
  4,046
  4,200
  4,364
  4,540
  4,727
  4,926
  5,137
  5,361
  5,598
  5,849
  6,114
  6,394
  6,690
  7,001
  7,330
  7,676
  8,041
  8,425
  8,829
  9,255
  9,703
  10,173
  10,669
Total equity, $m
  2,952
  3,025
  3,108
  3,200
  3,301
  3,412
  3,532
  3,661
  3,800
  3,948
  4,107
  4,277
  4,457
  4,648
  4,850
  5,065
  5,292
  5,532
  5,785
  6,053
  6,335
  6,632
  6,945
  7,275
  7,623
  7,989
  8,373
  8,779
  9,205
  9,653
Total liabilities and equity, $m
  6,215
  6,369
  6,543
  6,737
  6,950
  7,183
  7,435
  7,707
  8,000
  8,312
  8,647
  9,004
  9,383
  9,785
  10,211
  10,663
  11,141
  11,646
  12,179
  12,743
  13,336
  13,962
  14,621
  15,316
  16,048
  16,818
  17,628
  18,482
  19,378
  20,322
Debt-to-equity ratio
  0.660
  0.670
  0.680
  0.690
  0.700
  0.720
  0.730
  0.740
  0.760
  0.770
  0.780
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
Adjusted equity ratio
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  543
  557
  574
  594
  615
  638
  663
  690
  719
  750
  878
  914
  951
  992
  1,035
  1,080
  1,128
  1,179
  1,233
  1,290
  1,350
  1,413
  1,480
  1,550
  1,624
  1,703
  1,785
  1,872
  1,963
  2,059
Depreciation, amort., depletion, $m
  483
  492
  502
  513
  525
  538
  552
  568
  585
  602
  492
  512
  534
  556
  581
  606
  634
  662
  693
  725
  758
  794
  831
  871
  913
  956
  1,003
  1,051
  1,102
  1,156
Funds from operations, $m
  1,026
  1,049
  1,076
  1,106
  1,139
  1,176
  1,215
  1,257
  1,303
  1,352
  1,370
  1,426
  1,485
  1,548
  1,615
  1,686
  1,762
  1,841
  1,925
  2,014
  2,108
  2,207
  2,311
  2,421
  2,537
  2,659
  2,787
  2,923
  3,065
  3,214
Change in working capital, $m
  7
  8
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Cash from operations, $m
  1,018
  1,041
  1,067
  1,096
  1,128
  1,163
  1,201
  1,243
  1,287
  1,335
  1,351
  1,406
  1,464
  1,526
  1,592
  1,662
  1,736
  1,814
  1,896
  1,984
  2,076
  2,173
  2,275
  2,383
  2,497
  2,617
  2,743
  2,876
  3,016
  3,163
Maintenance CAPEX, $m
  -346
  -353
  -362
  -372
  -383
  -395
  -408
  -423
  -438
  -455
  -473
  -492
  -512
  -534
  -556
  -581
  -606
  -634
  -662
  -693
  -725
  -758
  -794
  -831
  -871
  -913
  -956
  -1,003
  -1,051
  -1,102
New CAPEX, $m
  -77
  -88
  -99
  -110
  -121
  -132
  -143
  -155
  -166
  -178
  -190
  -203
  -216
  -229
  -243
  -257
  -272
  -287
  -303
  -320
  -338
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -510
  -536
Cash from investing activities, $m
  -423
  -441
  -461
  -482
  -504
  -527
  -551
  -578
  -604
  -633
  -663
  -695
  -728
  -763
  -799
  -838
  -878
  -921
  -965
  -1,013
  -1,063
  -1,114
  -1,169
  -1,226
  -1,287
  -1,351
  -1,417
  -1,488
  -1,561
  -1,638
Free cash flow, $m
  596
  600
  606
  613
  623
  635
  649
  665
  683
  702
  688
  712
  737
  764
  793
  824
  857
  893
  931
  971
  1,013
  1,058
  1,106
  1,157
  1,210
  1,266
  1,326
  1,389
  1,455
  1,524
Issuance/(repayment) of debt, $m
  74
  81
  91
  102
  112
  122
  132
  143
  154
  164
  176
  187
  199
  211
  224
  237
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  425
  448
  471
  495
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  74
  81
  91
  102
  112
  122
  132
  143
  154
  164
  176
  187
  199
  211
  224
  237
  251
  265
  280
  296
  312
  329
  346
  365
  384
  404
  425
  448
  471
  495
Total cash flow (excl. dividends), $m
  670
  681
  697
  715
  735
  757
  782
  808
  836
  867
  864
  899
  936
  975
  1,017
  1,061
  1,108
  1,158
  1,211
  1,266
  1,325
  1,387
  1,452
  1,521
  1,594
  1,671
  1,751
  1,836
  1,926
  2,020
Retained Cash Flow (-), $m
  -61
  -73
  -83
  -92
  -101
  -110
  -120
  -129
  -139
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -227
  -240
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -366
  -385
  -405
  -426
  -448
Prev. year cash balance distribution, $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 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
  608
  607
  614
  623
  634
  647
  662
  679
  697
  718
  705
  729
  756
  784
  814
  847
  881
  918
  957
  999
  1,043
  1,090
  1,139
  1,191
  1,247
  1,305
  1,366
  1,431
  1,500
  1,572
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  583
  556
  535
  513
  491
  470
  447
  424
  401
  376
  335
  311
  287
  263
  239
  215
  192
  169
  147
  127
  108
  90
  75
  61
  48
  38
  29
  22
  16
  12
Current shareholders' claim on cash, %
  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 is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally. It operates through four segments: North America, South America, Asia Pacific, and Europe, Middle East and Africa (EMEA). It turns corn, tapioca, potatoes, and other vegetables and fruits into ingredients and biomaterials for the food, beverage, paper and corrugating, brewing and other industries. Its product line includes animal feed products and edible corn oil. Its sweetener products include glucose syrups, high maltose syrup, high fructose corn syrup (HFCS), caramel color, dextrose, polyols, maltodextrins and glucose and syrup solids. Its starch-based products include both food-grade and industrial starches, and biomaterials. It also offers specialty ingredients.

FINANCIAL RATIOS  of  Ingredion (INGR)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 1.3
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 15.1
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 $5832 million for the last fiscal year's total revenue generated by Ingredion. The default revenue input number comes from 2017 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 2.2% 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 4.3%, 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 84.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $81 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 5.4% 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 59.3%.

Life of production assets of 10 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 5.7%. 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 - $2891 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 72 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 $7.3 billion.

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COMPANY NEWS

▶ Ingredion (INGR) Q2 Earnings Match Estimates   [Aug-02-18 11:10AM  Zacks]
▶ Ingredion: 2Q Earnings Snapshot   [10:05AM  Associated Press]
▶ Ingredion Benefits From Improving Product Mix   [Jun-18-18 07:00AM  Morningstar]
▶ SweeGen and Ingredion bring non-GMO Reb M to Colombia   [May-30-18 08:00AM  PR Newswire]
▶ 5 tasty food stocks to buy, and 5 stale ones to sell   [May-22-18 05:39PM  MarketWatch]
▶ A Look At The Fair Value Of Ingredion Incorporated (NYSE:INGR)   [May-11-18 11:07AM  Simply Wall St.]
▶ Ingredion: 1Q Earnings Snapshot   [May-03-18 09:49AM  Associated Press]
▶ Ingredion posts 4Q profit   [Feb-01-18 08:59AM  Associated Press]
▶ INGREDION INCLUDED IN BLOOMBERG GENDER-EQUALITY INDEX   [Jan-22-18 04:33PM  GlobeNewswire]
▶ 3 Top Corn Stocks to Consider Buying Now   [Jan-09-18 09:04AM  Motley Fool]
▶ ETFs with exposure to Ingredion, Inc. : December 14, 2017   [Dec-14-17 01:34PM  Capital Cube]
▶ Free Research Report as Ingredions EPS Advanced 16%   [Dec-12-17 07:10AM  ACCESSWIRE]
▶ INGREDION ANNOUNCES EXECUTIVE LEADERSHIP CHANGES   [Dec-05-17 01:00AM  GlobeNewswire]
▶ Ingredion posts 3Q profit   [06:40AM  Associated Press]
▶ Ingredion May Be Setting Up for a Breakout   [Oct-09-17 08:14AM  TheStreet.com]
▶ Ingredion names new CEO   [Sep-18-17 10:42AM  American City Business Journals]
▶ [$$] Ingredion Names James Zallie Next CEO   [09:06AM  The Wall Street Journal]
▶ Ingredion names James Zallie CEO   [09:03AM  MarketWatch]
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