Ingredion Inc

INGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$956.00	Vghwqj	Vzgqfqgbt

Ingredion Earnings: Lower Volumes Partially Offset Specialty Sales Growth and Reduced Input Costs

Seth Goldstein

Feb 6, 2024

Ingredion’s fourth-quarter and full-year 2023 results exemplified our long-term thesis on the company. Increased specialty ingredients sales drove companywide profit growth and operating profit margin expansion. Having updated our model, we maintain our $120 per share fair value estimate and narrow-moat rating. At current prices, we view Ingredion shares as slightly undervalued trading a little less than 10% below our fair value estimate.

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