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International Flavors & Fragrances Inc IFF

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Morningstar’s Analysis

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IFF Sees Signs of Recovery in Fourth-Quarter Results; We View Shares as Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

In its last quarter before acquiring DuPont's nutrition and biosciences business, IFF saw a slight recovery from the COVID-19-related slowdown. While reported sales declined 1% year on year, scent segment sales grew 3% year on year driven by higher volumes. However, the taste segment continued to face challenges primarily related to lower sales volumes to the food service end market.

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Company Profile

Business Description

International Flavors & Fragrances produces ingredients for the food, beverage, health, household goods, personal care, and pharmaceutical industries. The company makes proprietary formulations, partnering with customers to deliver custom solutions. The taste, food, and beverage segment, which generates roughly half of revenue, is a leading flavor producer and also sell texturants, plant-based proteins, and other ingredients. The health and biosciences business, which generates around one fourth of revenue, is a global leader in probiotics and enzymes. IFF is also one of the leading fragrance producers in the world. The firm also sells pharmaceutical ingredients such as excipients and time-release polymers.

Contact
521 West 57th Street
New York, NY, 10019-2960
T +1 212 765-5500
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 13,700