International Flavors & Fragrances (IFF)

• Market cap: $21.9B
• 1 day: 0.78%
• 5 days: 2.91%
• 1 month: 0.90%
• 3 months: -17.80%
• 6 months: -12.83%
• Year to date: 2.96%
• 1 year: 7.26%
• 5 years: -36.54%
• 10 years: -19.92%
• Sector: Materials
• Industry: Industrial Organic Chemicals

About: International Flavors & Fragrances is the largest specialty ingredients producer globally. The company sells ingredients for the food, beverage, health, household goods, personal care, and pharmaceutical industries. The company makes proprietary formulations, partnering with customers to deliver custom solutions. The nourish segment, which generates roughly half of revenue, is a leading flavor producer and also sell texturants, plant-based proteins, and other ingredients. The health and biosciences business, which generates around one fourth of revenue, is a global leader in probiotics and enzymes. IFF is also one of the leading fragrance producers in the world.

Employees: 21,500

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

267% more call options, than puts

Call options by funds: $322M | Put options by funds: $87.8M

33% more first-time investments, than exits

New positions opened: 89 | Existing positions closed: 67

6% more capital invested

Capital invested by funds: $22.7B [Q2] → $24B (+$1.25B) [Q3]

2% more funds holding

Funds holding: 760 [Q2] → 773 (+13) [Q3]

8% more repeat investments, than reductions

Existing positions increased: 286 | Existing positions reduced: 266

4.1% less ownership

Funds ownership: 93.39% [Q2] → 89.29% (-4.1%) [Q3]

20% less funds holding in top 10

Funds holding in top 10: 20 [Q2] → 16 (-4) [Q3]

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $88 3% upside
• Avg. target: $107 25% upside
• High target: $121 41% upside

7 analyst ratings

• positive: 5 71%
• neutral: 2 29%
• negative: 0 0%

Barclays Lauren Lieberman 43% 1-year accuracy 39 / 90 met price target	3% upside $88	Equal-Weight Maintained	17 Jan 2025
Citigroup Patrick Cunningham 41% 1-year accuracy 13 / 32 met price target	23% upside $105	Buy Maintained	18 Dec 2024
Morgan Stanley Lisa De Neve 67% 1-year accuracy 2 / 3 met price target	29% upside $110	Overweight Upgraded	12 Nov 2024
JP Morgan Jeffrey Zekauskas 36% 1-year accuracy 16 / 44 met price target	25% upside $107	Overweight Maintained	7 Nov 2024
Vertical Research	27% upside $109	Buy Upgraded	7 Nov 2024