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Ingredion Inc INGR Stock Quote

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Maintaining $120 FVE as Ingredion Reports Solid Q3 Results; Shares Undervalued

Analyst Note

| Seth Goldstein, CFA |

Ingredion's third-quarter results reflected the success of the company's new pricing strategy, which allows a quicker pass-through of cost inflation. Adjusted operating income was up 17% year on year during the third quarter as higher prices more than offset cost inflation to drive profit growth. After updating our model to incorporate third-quarter results, we maintain our $120 per share fair value estimate.

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Business Description

Ingredion manufactures ingredients for the food, beverage, paper, and personal-care industries. Sweeteners (syrups, maltodextrins, dextrose, and polyols) account for about 35% of sales, starches (for food and industrial use) around 45%, and co-products the balance. Value-added, specialty ingredients account for roughly one third of sales, with the balance being commodity-grade ingredients. With the majority of sales outside the U.S., Ingredion is a global player with good exposure to developing markets, including Latin America and Asia-Pacific.

5 Westbrook Corporate Center
Westchester, IL, 60154
T +1 708 551-2600
Industry Packaged Foods
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2020
Employees 12,000

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