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Ingredion Inc - Stock Quote INGR

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Morningstar's Ingredion Inc Stock Analysis

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Maintaining $120 FVE as Ingredion Reports Solid First-Quarter Results; Shares Remain Undervalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Ingredion reported solid first-quarter results. Adjusted operating income was up 6% versus the prior-year quarter as the increased prices and higher volumes were partially offset by cost inflation. The results were in line with our expectations for the year as we expect Ingredion's pricing power in its specialty ingredients, which make up one third of sales, will allow the company to pass along higher costs. For the remaining core ingredients, the company either sells products on a cost-plus model or hedges its main raw materials as a way to effectively lock in a profit. With our outlook intact, we maintain our $120 per share fair value estimate for Ingredion. Our narrow-moat rating is also unchanged.

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Ingredion Inc's 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 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
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 12,000

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