Intrinsic value of Ingredion - INGR

Previous Close

$99.83

  Intrinsic Value

$107.07

stock screener

  Rating & Target

hold

+7%

Previous close

$99.83

 
Intrinsic value

$107.07

 
Up/down potential

+7%

 
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 0001), $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 7.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  5,989
  6,165
  6,358
  6,570
  6,799
  7,047
  7,313
  7,598
  7,903
  8,227
  8,573
  8,940
  9,328
  9,740
  10,176
  10,637
  11,123
  11,637
  12,178
  12,749
  13,351
  13,985
  14,653
  15,356
  16,095
  16,873
  17,692
  18,553
  19,458
  20,410
Variable operating expenses, $m
  5,052
  5,196
  5,355
  5,528
  5,717
  5,920
  6,139
  6,373
  6,624
  6,891
  7,045
  7,346
  7,666
  8,004
  8,362
  8,741
  9,141
  9,563
  10,008
  10,477
  10,972
  11,493
  12,041
  12,619
  13,227
  13,866
  14,539
  15,246
  15,990
  16,773
Fixed operating expenses, $m
  91
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  116
  118
  121
  123
  126
  129
  132
  135
  138
  141
  144
  147
  150
  153
  157
  160
  164
  167
  171
Total operating expenses, $m
  5,143
  5,289
  5,450
  5,625
  5,816
  6,021
  6,243
  6,479
  6,732
  7,002
  7,158
  7,462
  7,784
  8,125
  8,485
  8,867
  9,270
  9,695
  10,143
  10,615
  11,113
  11,637
  12,188
  12,769
  13,380
  14,023
  14,699
  15,410
  16,157
  16,944
Operating income, $m
  847
  876
  909
  944
  983
  1,025
  1,070
  1,119
  1,171
  1,226
  1,415
  1,478
  1,544
  1,615
  1,690
  1,770
  1,854
  1,942
  2,036
  2,135
  2,239
  2,349
  2,465
  2,587
  2,715
  2,851
  2,993
  3,143
  3,301
  3,467
EBITDA, $m
  1,151
  1,186
  1,224
  1,266
  1,311
  1,360
  1,413
  1,470
  1,531
  1,596
  1,665
  1,739
  1,817
  1,900
  1,988
  2,080
  2,178
  2,282
  2,392
  2,507
  2,629
  2,757
  2,893
  3,035
  3,185
  3,343
  3,510
  3,685
  3,869
  4,063
Interest expense (income), $m
  59
  101
  106
  111
  116
  123
  129
  137
  145
  153
  162
  172
  182
  193
  204
  216
  229
  243
  257
  272
  288
  305
  323
  342
  362
  382
  404
  427
  451
  477
  504
Earnings before tax, $m
  746
  771
  798
  828
  860
  895
  933
  974
  1,018
  1,064
  1,243
  1,296
  1,352
  1,411
  1,474
  1,540
  1,611
  1,685
  1,763
  1,846
  1,934
  2,026
  2,123
  2,225
  2,333
  2,446
  2,566
  2,691
  2,824
  2,963
Tax expense, $m
  201
  208
  215
  223
  232
  242
  252
  263
  275
  287
  336
  350
  365
  381
  398
  416
  435
  455
  476
  498
  522
  547
  573
  601
  630
  660
  693
  727
  762
  800
Net income, $m
  545
  563
  582
  604
  628
  654
  681
  711
  743
  777
  907
  946
  987
  1,030
  1,076
  1,124
  1,176
  1,230
  1,287
  1,348
  1,412
  1,479
  1,550
  1,624
  1,703
  1,786
  1,873
  1,965
  2,061
  2,163

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
  6,246
  6,429
  6,630
  6,851
  7,090
  7,348
  7,625
  7,923
  8,241
  8,579
  8,939
  9,322
  9,727
  10,157
  10,611
  11,091
  11,599
  12,134
  12,699
  13,295
  13,922
  14,583
  15,279
  16,012
  16,783
  17,595
  18,448
  19,346
  20,290
  21,283
Adjusted assets (=assets-cash), $m
  6,246
  6,429
  6,630
  6,851
  7,090
  7,348
  7,625
  7,923
  8,241
  8,579
  8,939
  9,322
  9,727
  10,157
  10,611
  11,091
  11,599
  12,134
  12,699
  13,295
  13,922
  14,583
  15,279
  16,012
  16,783
  17,595
  18,448
  19,346
  20,290
  21,283
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
  2,887
  2,972
  3,065
  3,167
  3,277
  3,396
  3,525
  3,662
  3,809
  3,966
  4,132
  4,309
  4,496
  4,695
  4,905
  5,127
  5,361
  5,609
  5,870
  6,145
  6,435
  6,741
  7,063
  7,401
  7,758
  8,133
  8,528
  8,943
  9,379
  9,838
Working capital, $m
  1,000
  1,030
  1,062
  1,097
  1,135
  1,177
  1,221
  1,269
  1,320
  1,374
  1,432
  1,493
  1,558
  1,627
  1,699
  1,776
  1,858
  1,943
  2,034
  2,129
  2,230
  2,336
  2,447
  2,564
  2,688
  2,818
  2,955
  3,098
  3,250
  3,408
Total debt, $m
  1,954
  2,050
  2,156
  2,272
  2,397
  2,533
  2,678
  2,834
  3,001
  3,179
  3,368
  3,569
  3,782
  4,007
  4,246
  4,498
  4,764
  5,045
  5,342
  5,655
  5,984
  6,331
  6,697
  7,081
  7,486
  7,912
  8,360
  8,832
  9,327
  9,848
Total liabilities, $m
  3,279
  3,375
  3,481
  3,597
  3,722
  3,858
  4,003
  4,159
  4,326
  4,504
  4,693
  4,894
  5,107
  5,332
  5,571
  5,823
  6,089
  6,370
  6,667
  6,980
  7,309
  7,656
  8,022
  8,406
  8,811
  9,237
  9,685
  10,157
  10,652
  11,173
Total equity, $m
  2,967
  3,054
  3,149
  3,254
  3,368
  3,490
  3,622
  3,763
  3,914
  4,075
  4,246
  4,428
  4,620
  4,824
  5,040
  5,268
  5,509
  5,764
  6,032
  6,315
  6,613
  6,927
  7,258
  7,606
  7,972
  8,358
  8,763
  9,189
  9,638
  10,109
Total liabilities and equity, $m
  6,246
  6,429
  6,630
  6,851
  7,090
  7,348
  7,625
  7,922
  8,240
  8,579
  8,939
  9,322
  9,727
  10,156
  10,611
  11,091
  11,598
  12,134
  12,699
  13,295
  13,922
  14,583
  15,280
  16,012
  16,783
  17,595
  18,448
  19,346
  20,290
  21,282
Debt-to-equity ratio
  0.660
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  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
  545
  563
  582
  604
  628
  654
  681
  711
  743
  777
  907
  946
  987
  1,030
  1,076
  1,124
  1,176
  1,230
  1,287
  1,348
  1,412
  1,479
  1,550
  1,624
  1,703
  1,786
  1,873
  1,965
  2,061
  2,163
Depreciation, amort., depletion, $m
  305
  310
  315
  322
  328
  335
  343
  352
  360
  370
  250
  261
  273
  285
  297
  311
  325
  340
  356
  372
  390
  409
  428
  449
  470
  493
  517
  542
  568
  596
Funds from operations, $m
  849
  872
  898
  926
  956
  989
  1,025
  1,063
  1,103
  1,147
  1,158
  1,207
  1,259
  1,315
  1,373
  1,435
  1,501
  1,570
  1,643
  1,720
  1,802
  1,887
  1,978
  2,073
  2,173
  2,279
  2,390
  2,507
  2,630
  2,759
Change in working capital, $m
  26
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  101
  106
  111
  117
  124
  130
  137
  144
  151
  159
Cash from operations, $m
  823
  843
  866
  890
  918
  948
  980
  1,015
  1,052
  1,092
  1,100
  1,146
  1,194
  1,246
  1,300
  1,358
  1,419
  1,484
  1,553
  1,625
  1,701
  1,781
  1,866
  1,955
  2,050
  2,149
  2,253
  2,363
  2,479
  2,600
Maintenance CAPEX, $m
  -170
  -175
  -180
  -186
  -192
  -199
  -206
  -214
  -222
  -231
  -240
  -250
  -261
  -273
  -285
  -297
  -311
  -325
  -340
  -356
  -372
  -390
  -409
  -428
  -449
  -470
  -493
  -517
  -542
  -568
New CAPEX, $m
  -75
  -85
  -93
  -102
  -111
  -119
  -128
  -137
  -147
  -157
  -166
  -177
  -187
  -199
  -210
  -222
  -234
  -248
  -261
  -275
  -290
  -306
  -322
  -339
  -356
  -375
  -395
  -415
  -436
  -459
Cash from investing activities, $m
  -245
  -260
  -273
  -288
  -303
  -318
  -334
  -351
  -369
  -388
  -406
  -427
  -448
  -472
  -495
  -519
  -545
  -573
  -601
  -631
  -662
  -696
  -731
  -767
  -805
  -845
  -888
  -932
  -978
  -1,027
Free cash flow, $m
  578
  583
  592
  603
  615
  630
  646
  664
  684
  705
  693
  719
  746
  775
  806
  839
  874
  912
  952
  994
  1,039
  1,086
  1,136
  1,189
  1,245
  1,303
  1,366
  1,431
  1,500
  1,573
Issuance/(repayment) of debt, $m
  90
  96
  106
  116
  126
  136
  146
  156
  167
  178
  189
  201
  213
  225
  239
  252
  266
  281
  297
  313
  329
  347
  365
  385
  405
  426
  448
  471
  496
  521
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  
  90
  96
  106
  116
  126
  136
  146
  156
  167
  178
  189
  201
  213
  225
  239
  252
  266
  281
  297
  313
  329
  347
  365
  385
  405
  426
  448
  471
  496
  521
Total cash flow (excl. dividends), $m
  668
  679
  698
  719
  741
  765
  792
  820
  850
  883
  882
  919
  959
  1,000
  1,044
  1,091
  1,141
  1,193
  1,248
  1,306
  1,368
  1,433
  1,501
  1,573
  1,649
  1,729
  1,814
  1,902
  1,996
  2,094
Retained Cash Flow (-), $m
  -76
  -87
  -96
  -105
  -114
  -123
  -132
  -141
  -151
  -161
  -171
  -182
  -193
  -204
  -216
  -228
  -241
  -254
  -268
  -283
  -298
  -314
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -471
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
  592
  593
  602
  614
  627
  643
  660
  679
  699
  722
  711
  738
  766
  796
  829
  863
  900
  939
  980
  1,024
  1,070
  1,119
  1,171
  1,225
  1,283
  1,344
  1,408
  1,476
  1,547
  1,623
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
  568
  542
  524
  505
  486
  466
  446
  424
  402
  379
  338
  315
  291
  267
  243
  219
  196
  173
  151
  130
  111
  93
  77
  62
  50
  39
  30
  23
  17
  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 14.9
Price to Sales 1.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 14.8
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 0001 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 2.7% 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 84.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 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 48.2%.

Life of production assets of 16.5 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 16.7%. 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 71.027 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 $7.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Ingredion: 3Q Earnings Snapshot   [06:51AM  Associated Press]
▶ New Strong Sell Stocks for October 31st   [Oct-31-18 07:45AM  Zacks]
▶ Do Directors Own Ingredion Incorporated (NYSE:INGR) Shares?   [Oct-29-18 12:22PM  Simply Wall St.]
▶ 6 Underperforming Stocks in Gurus' Portfolios   [Sep-18-18 06:00PM  GuruFocus.com]
▶ 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]

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