Financial PerformanceReiterate Market Perform owing to valuation sensitivity, though constructive on INGR’s outlook supported by ongoing volume recovery, lower corn prices, internal cost savings, organic growth projects, and ample cash for buybacks and M&A.
RevenuesRevenues of $1.878bn were 5.4% below our forecast, with lower price/mix on a larger flow-through of lower corn prices a larger sales headwind versus our forecast.
ValuationMarket Perform rating is reiterated owing to valuation sensitivity.