International Flavors & Fragrances Inc.


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SKU: IFF Category:


IFF delivered an all-around beat in the previous quarter. Prioritizing volume enhancement proved successful, showcasing favorable trends across most businesses. Despite a mid-single-digit decline in company-wide volume during Q3, this rebounded from the double-digit slump in Q2. The execution of an inventory reduction program stands out, yielding over a $600 million reduction since the end of 2022 and contributing significantly to a $320 million improvement in free cash flow compared to Q2 2023. This exceeded expectations in both top and bottom-line performances. Concurrently, commercial excellence initiatives and an operational improvement plan in Functional Ingredients enhance sales and strengthen the operating model. Advancing portfolio optimization, IFF swiftly addressed its capital structure, notably announcing the $810 million sale of Lucas Meyer Cosmetics to Clariant. This aligns with the commitment to deleveraging and is anticipated to conclude early in the first quarter of 2024. Furthermore, they officially launched their first sound logo for the home, personal care, and business-to-business (B2B) fragrance sectors. The sound, “World of Scents,” was created in collaboration with the Paris-based sound research lab IRCAM Amplify.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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