Analyst Note| Seth Goldstein, CFA |
Amid the COVID-19-related slowdown that has continued to impact the entire food service supply chain, Ingredion reported decent third-quarter results. Adjusted operating income was down 4% year on year excluding foreign exchange movements, but up over 40% versus the second quarter. Having updated our model to incorporate third-quarter results, we maintain our $120 per share fair value estimate for Ingredion. Our narrow-moat rating is also unchanged.