Glanbia PLC

GLB: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€28.20	Rlpdt	Bqjjkcqj

Update on Ingredients Sector Following Earnings Reports

Adam Kindreich

Nov 22, 2016

All nine ingredients companies we follow have now reported earnings results. These mostly ranged from in line to disappointing, with only Ingredion's results being (once again) above expectations. In terms of our fair value estimates, four stocks saw no revision (Kerry, Givaudan, International Flavors & Fragrances, Glanbia); only one saw a downgrade (Symrise, by 3%); and four saw significant upgrades (Ingredion by 12%, Christian Hansen by 13%, Tate & Lyle by 15%, and Barry Callebaut by 17%). We have made no changes to moat ratings in the ingredients sector.

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