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Ingredion Inc INGR

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Morningstar’s Analysis

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Economic Moat




Maintaining $120 FVE as Ingredion Sees Third-Quarter Recovery; Shares Remain Materially Undervalued

Seth Goldstein, CFA Senior Equity Analyst

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.

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Company Profile

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 nearly 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
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 11,000