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Ingredion Inc INGR

Morningstar Rating
$117.70 +0.05 (0.04%)
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Company Report

Ingredion Earnings: Despite Lower Volumes to Start the Year, We See End of Inventory Destocking

Ingredion reported slightly lower first-quarter results versus the prior-year quarter. Volumes declined roughly 2%, excluding the South Korea divestiture, driven by continued customer inventory destocking. Despite the slow start to the year, we expect the company will generate improving sequential results as inventory destocking runs its course and is largely complete by the end of the second quarter. With our outlook largely unchanged, we maintain our $120 per share fair value estimate. Our narrow moat rating is also unchanged.

Price vs Fair Value

INGR is trading at a 840% premium.
Price
$117.70
Fair Value
$474.00
Uncertainty
Medium
1-Star Price
$486.00
5-Star Price
$76.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Ingredion benefits from its growing proportion of specialty ingredients that carry some degree of pricing power and generate higher profit margins.

Bears

High-fructose corn syrup (roughly 10% of sales) has been linked with obesity and diabetes and is in declining use as a beverage sweetener.

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News

Trading Information

Previous Close Price
$117.65
Day Range
$117.39118.58
52-Week Range
$89.54122.18
Bid/Ask
$117.20 / $118.24
Market Cap
$7.73 Bil
Volume/Avg
169,990 / 380,804

Key Statistics

Price/Earnings (Normalized)
13.60
Price/Sales
1.00
Dividend Yield (Trailing)
2.59%
Dividend Yield (Forward)
2.65%
Total Yield
3.94%

Company Profile

Ingredion is an ingredients provider for the food, beverage, brewing, and animal nutrition industries. The company processes corn, tapioca, potatoes, stevia, grains, fruits, gums, and vegetables into value-added ingredients. The company has two main product lines: specialty and core ingredients. Specialty ingredients includes starch-based texturizers, natural alternative sweeteners such as stevia, and plant proteins for alternative dairy and snacks. Core ingredients includes sweeteners, such as high-fructose corn syrup, and commodity starches, such as those used for sustainable packaging.
Sector
Consumer Defensive
Industry
Packaged Foods
Stock Style Box
Small Core
Total Number of Employees
11,600

Competitors

Valuation

Metric
INGR
IFF
KYGA
Price/Earnings (Normalized)
13.6036.4819.05
Price/Book Value
2.081.692.22
Price/Sales
1.002.121.79
Price/Cash Flow
8.2923.2116.80
Price/Earnings
INGR
IFF
KYGA

Financial Strength

Metric
INGR
IFF
KYGA
Quick Ratio
1.350.751.10
Current Ratio
2.441.681.66
Interest Coverage
9.48−5.8711.58
Quick Ratio
INGR
IFF
KYGA

Profitability

Metric
INGR
IFF
KYGA
Return on Assets (Normalized)
7.71%1.21%6.46%
Return on Equity (Normalized)
16.85%2.46%12.26%
Return on Invested Capital (Normalized)
11.19%2.46%8.88%
Return on Assets
INGR
IFF
KYGA
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