Ingredion (INGR) at a Glance
The Ingredion that we see today is significantly different than what we will see in 2014 and beyond. Below is our introduction into their business model, their strengths, and the new buying opportunity that exists for Ingredion. Investors recently overreacted to management commentary and lowered guidance without considering the company's history of conservative guidance and consistent earnings beats (the last four quarters in fact). With this in mind, we value Ingredion at $82 by year-end of 2014, an increase of 28% from current levels. We will later highlight:
1) Potential in the South American markets
2) Ingredion's distribution network and economies of scale
3) Segment breakdown and
4) Cash Analysis/Valuation to peers.
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