Financials International Flavors & Fragrances Inc.

Equities

IFF

US4595061015

Food Processing

Real-time Estimate Cboe BZX Other stock markets 02:48:25 2024-06-10 pm EDT			5-day change	1st Jan Change
97.15 ^USD	-1.35%		+1.07%	+19.95%

Jun. 07	The job report just threw a spanner in the works
Jun. 07	Oppenheimer Initiates International Flavors & Fragrances at Outperform Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,776	11,639	38,348	26,730	20,670	25,147	-	-
Enterprise Value (EV) ¹	17,535	15,403	49,033	37,207	30,037	33,987	32,343	31,348
P/E ratio	32.3 x	33.9 x	137 x	-14.5 x	-8.06 x	75 x	48.7 x	43.1 x
Yield	2.29%	2.79%	2.07%	3.05%	4%	1.62%	1.64%	1.65%
Capitalization / Revenue	2.68 x	2.29 x	3.29 x	2.15 x	1.8 x	2.25 x	2.2 x	2.15 x
EV / Revenue	3.41 x	3.03 x	4.21 x	2.99 x	2.62 x	3.04 x	2.83 x	2.69 x
EV / EBITDA	15.7 x	14.6 x	20.2 x	15.2 x	15.2 x	16.1 x	14.2 x	13 x
EV / FCF	37.9 x	29.5 x	47 x	-234 x	32.1 x	55.8 x	31.3 x	27 x
FCF Yield	2.64%	3.39%	2.13%	-0.43%	3.12%	1.79%	3.19%	3.7%
Price to Book	2.32 x	1.93 x	1.82 x	1.51 x	1.41 x	1.73 x	1.7 x	1.66 x
Nbr of stocks (in thousands)	106,776	106,933	254,547	254,962	255,279	255,351	-	-
Reference price ²	129.0	108.8	150.6	104.8	80.97	98.48	98.48	98.48
Announcement Date	2/12/20	2/10/21	2/9/22	2/8/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,140	5,084	11,656	12,440	11,479	11,165	11,439	11,674
EBITDA ¹	1,116	1,055	2,425	2,455	1,980	2,112	2,277	2,416
EBIT ¹	986.2	922.3	1,269	1,276	838	965.5	1,148	1,298
Operating Margin	19.19%	18.14%	10.89%	10.26%	7.3%	8.65%	10.04%	11.12%
Earnings before Tax (EBT) ¹	557.5	441.4	354	-1,625	-2,518	437.4	720.2	840.5
Net income ¹	455.9	363.2	270	-1,843	-2,567	322.3	520.1	587.5
Net margin	8.87%	7.14%	2.32%	-14.82%	-22.36%	2.89%	4.55%	5.03%
EPS ²	4.000	3.210	1.100	-7.210	-10.05	1.313	2.022	2.283
Free Cash Flow ¹	463	522.3	1,044	-159	936	609.3	1,033	1,161
FCF margin	9.01%	10.27%	8.96%	-1.28%	8.15%	5.46%	9.03%	9.95%
FCF Conversion (EBITDA)	41.47%	49.51%	43.05%	-	47.27%	28.85%	45.35%	48.07%
FCF Conversion (Net income)	101.56%	143.8%	386.67%	-	-	189.07%	198.53%	197.68%
Dividend per Share ²	2.960	3.040	3.120	3.200	3.240	1.600	1.611	1.626
Announcement Date	2/12/20	2/10/21	2/9/22	2/8/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,031	3,226	3,307	3,063	2,844	3,027	2,929	2,820	2,703	2,899	2,823	2,777	2,661	2,933	3,028
EBITDA ¹	529	702	700	612	441	503	510	506	461	578	527.5	523.8	486.6	574.9	592.3
EBIT ¹	234	399	399	319	159	227	223	214	174	300	235.1	220.5	195.4	289.2	-
Operating Margin	7.72%	12.37%	12.07%	10.41%	5.59%	7.5%	7.61%	7.59%	6.44%	10.35%	8.33%	7.94%	7.34%	9.86%	-
Earnings before Tax (EBT) ¹	114	285	130	-2,035	-5	14	50	59	-2,641	115	110.6	118.6	63.75	-	-
Net income ¹	90	244	107	-2,197	3	-9	27	25	-2,610	60	73.33	66.71	37.96	113.2	161.7
Net margin	2.97%	7.56%	3.24%	-71.73%	0.11%	-0.3%	0.92%	0.89%	-96.56%	2.07%	2.6%	2.4%	1.43%	3.86%	5.34%
EPS ²	0.3500	0.9600	0.4300	-8.600	0.0100	-0.0400	0.1100	0.1000	-10.21	0.2300	0.3735	0.3576	0.2269	0.4416	0.6305
Dividend per Share ²	0.7900	0.7900	0.7900	0.7900	0.8100	0.8100	0.8100	-	0.8100	0.4000	0.4000	0.4000	0.4000	0.8086	0.8086
Announcement Date	2/9/22	5/9/22	8/8/22	11/7/22	2/8/23	5/8/23	8/7/23	11/6/23	2/20/24	5/6/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,758	3,764	10,685	10,477	9,367	8,840	7,196	6,202
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.367 x	3.568 x	4.406 x	4.268 x	4.731 x	4.186 x	3.16 x	2.566 x
Free Cash Flow ¹	463	522	1,044	-159	936	609	1,033	1,161
ROE (net income / shareholders' equity)	11.4%	10.4%	10%	7.3%	5.28%	7.21%	8.28%	8.8%
ROA (Net income/ Total Assets)	5.33%	4.84%	5.16%	3.78%	2.57%	2.54%	2.56%	3.11%
Assets ¹	8,546	7,510	5,234	-48,736	-100,062	12,681	20,317	18,882
Book Value Per Share ²	55.60	56.30	82.80	69.50	57.40	56.90	57.80	59.20
Cash Flow per Share ²	6.170	6.280	5.910	1.350	5.640	4.750	6.100	6.590
Capex ¹	236	192	393	504	503	511	551	555
Capex / Sales	4.59%	3.77%	3.37%	4.05%	4.38%	4.57%	4.82%	4.75%
Announcement Date	2/12/20	2/10/21	2/9/22	2/8/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for International Flavors & Fragrances Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

98.48 USD

Average target price

98.31 USD

Spread / Average Target

-0.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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KEWPIE CORPORATION	+24.73%	2.76B
QIANHE CONDIMENT AND FOOD CO., LTD.	-8.47%	2.1B

Food Ingredients