Financials International Flavors & Fragrances Inc.

Equities

IFF

US4595061015

Food Processing

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
84.61 ^USD	+0.32%		+0.76%	+4.50%

Apr. 25	Stifel Adjusts Price Target on International Flavors & Fragrances to $87 From $85	MT
Apr. 18	Barclays Upgrades International Flavors & Fragrances to Equalweight From Underweight, Raises Price Target to $82 From $75	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	21,603	-	-
Enterprise Value (EV) ¹	17,535	15,403	49,033	37,207	30,037	30,270	29,731	28,875
P/E ratio	32.3 x	33.9 x	137 x	-14.5 x	-8.06 x	58 x	42.1 x	33.6 x
Yield	2.29%	2.79%	2.07%	3.05%	4%	1.89%	1.9%	1.91%
Capitalization / Revenue	2.68 x	2.29 x	3.29 x	2.15 x	1.8 x	1.97 x	1.93 x	1.89 x
EV / Revenue	3.41 x	3.03 x	4.21 x	2.99 x	2.62 x	2.75 x	2.66 x	2.52 x
EV / EBITDA	15.7 x	14.6 x	20.2 x	15.2 x	15.2 x	14.8 x	13.6 x	12.5 x
EV / FCF	37.9 x	29.5 x	47 x	-234 x	32.1 x	60.7 x	34 x	27.9 x
FCF Yield	2.64%	3.39%	2.13%	-0.43%	3.12%	1.65%	2.94%	3.59%
Price to Book	2.32 x	1.93 x	1.82 x	1.51 x	1.41 x	1.48 x	1.45 x	1.42 x
Nbr of stocks (in thousands)	106,776	106,933	254,547	254,962	255,279	255,319	-	-
Reference price ²	129.0	108.8	150.6	104.8	80.97	84.61	84.61	84.61
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	10,991	11,177	11,455
EBITDA ¹	1,116	1,055	2,425	2,455	1,980	2,041	2,192	2,317
EBIT ¹	986.2	922.3	1,269	1,276	838	846.4	1,013	1,133
Operating Margin	19.19%	18.14%	10.89%	10.26%	7.3%	7.7%	9.06%	9.89%
Earnings before Tax (EBT) ¹	557.5	441.4	354	-1,625	-2,518	473.2	697	894.7
Net income ¹	455.9	363.2	270	-1,843	-2,567	329.9	520.6	646.1
Net margin	8.87%	7.14%	2.32%	-14.82%	-22.36%	3%	4.66%	5.64%
EPS ²	4.000	3.210	1.100	-7.210	-10.05	1.460	2.010	2.517
Free Cash Flow ¹	463	522.3	1,044	-159	936	498.4	874.2	1,036
FCF margin	9.01%	10.27%	8.96%	-1.28%	8.15%	4.53%	7.82%	9.05%
FCF Conversion (EBITDA)	41.47%	49.51%	43.05%	-	47.27%	24.42%	39.88%	44.71%
FCF Conversion (Net income)	101.56%	143.8%	386.67%	-	-	151.09%	167.93%	160.37%
Dividend per Share ²	2.960	3.040	3.120	3.200	3.240	1.598	1.607	1.620
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 Q3	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
Net sales ¹	3,071	3,031	3,226	3,307	3,063	2,844	3,027	2,929	2,820	2,703	2,779	2,769	2,784	2,694	2,815
EBITDA ¹	648	529	702	700	612	441	503	510	506	461	492.1	514.7	531.8	497	548.4
EBIT ¹	335	234	399	399	319	159	227	223	214	174	205.5	220.3	228.4	198.8	-
Operating Margin	10.91%	7.72%	12.37%	12.07%	10.41%	5.59%	7.5%	7.61%	7.59%	6.44%	7.39%	7.95%	8.2%	7.38%	-
Earnings before Tax (EBT) ¹	250	114	285	130	-2,035	-5	14	50	59	-2,641	138.6	164.7	184.2	141.8	-
Net income ¹	194	90	244	107	-2,197	3	-9	27	25	-2,610	44.18	76.47	108.6	63.71	91.92
Net margin	6.32%	2.97%	7.56%	3.24%	-71.73%	0.11%	-0.3%	0.92%	0.89%	-96.56%	1.59%	2.76%	3.9%	2.37%	3.27%
EPS ²	0.7600	0.3500	0.9600	0.4300	-8.600	0.0100	-0.0400	0.1100	0.1000	-10.21	0.2766	0.4348	0.4976	0.3247	0.3598
Dividend per Share ²	0.7900	0.7900	0.7900	0.7900	0.7900	0.8100	0.8100	0.8100	-	0.8100	0.4000	0.4000	0.4000	0.4000	0.4000
Announcement Date	11/8/21	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	-	-	-	-	-

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	8,668	8,129	7,273
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.367 x	3.568 x	4.406 x	4.268 x	4.731 x	4.247 x	3.708 x	3.138 x
Free Cash Flow ¹	463	522	1,044	-159	936	498	874	1,036
ROE (net income / shareholders' equity)	11.4%	10.4%	10%	7.3%	5.28%	6.77%	7.74%	8.17%
ROA (Net income/ Total Assets)	5.33%	4.84%	5.16%	3.78%	2.57%	3.04%	3.34%	3.73%
Assets ¹	8,546	7,510	5,234	-48,736	-100,062	10,869	15,591	17,331
Book Value Per Share ²	55.60	56.30	82.80	69.50	57.40	57.30	58.30	59.60
Cash Flow per Share ²	6.170	6.280	5.910	1.350	5.640	4.500	5.530	6.150
Capex ¹	236	192	393	504	503	526	539	544
Capex / Sales	4.59%	3.77%	3.37%	4.05%	4.38%	4.79%	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

84.61 USD

Average target price

88.84 USD

Spread / Average Target

+5.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Food Ingredients