Analyst Note| Seth Goldstein, CFA |
On Jan. 26, DuPont and International Flavors and Fragrances each released high-level fourth-quarter and full-year 2020 results. DuPont reported full-year revenue of $20.4 billion and adjusted EBITDA in the range of $5.03 to $5.05 billion and IFF reported full-year revenue of $5.08 billion and adjusted operating profit of $922 million. Each of these figures is roughly in line with our prevailing forecasts. With our outlook unchanged, we maintain our $88 per share fair value and narrow moat rating for DuPont. Similarly, we maintain our $125 per share fair value estimate and wide moat rating for IFF. At current prices, we view both DuPont and IFF as slightly undervalued, although both remain in 3-star territory.