TakeoverPE & activists

IFFINTERNATIONAL FLAVORS & FRAGRANCES INC

Industrial Organic Chemicals · $23.7B market cap · 3,000 employees

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

0of 15 firedHow well they predict deals →

No signals fired.

15 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    250% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    53% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    32% of assets
    Over 40% of assets
  • Shareholder dissentNo
    87% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $4M · 96th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    2.3 per 10K words · 60th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    9.4× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $23.7B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    5 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $31M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 27, 2020DEFM14ADuPont de Nemours, Inc.$135.0035%

Key numbers

Revenue
$10.9BFY2021: $11.7BFY2022: $12.4BFY2023: $11.5BFY2024: $11.5BFY2025: $10.9B
5.2% YoY
Operating margin
-3.5%FY2021: 5.0%FY2022: -10.7%FY2023: -18.4%FY2024: 6.7%FY2025: -3.5%
153% YoY
EBITDA
$580MFY2021: $1.7BFY2022: −$147MFY2023: −$968MFY2024: $1.8BFY2025: $580M
67% YoY
Net debt / EBITDA
9.4×
$5.4B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$11.7B$12.4B$11.5B$11.5B$10.9B 5.2% FY2021: $11.7BFY2022: $12.4BFY2023: $11.5BFY2024: $11.5BFY2025: $10.9B
Operating income$585M−$1.3B−$2.1B$766M−$382M 150% FY2021: $585MFY2022: −$1.3BFY2023: −$2.1BFY2024: $766MFY2025: −$382M
Operating cash flow$1.4B$397M$1.5B$1.1B$850M 21% FY2021: $1.4BFY2022: $397MFY2023: $1.5BFY2024: $1.1BFY2025: $850M
Capex$393M$504M$503M$463M$594M 28% FY2021: $393MFY2022: $504MFY2023: $503MFY2024: $463MFY2025: $594M
Stock-based comp$54M$49M$65M$77M$88M 14% FY2021: $54MFY2022: $49MFY2023: $65MFY2024: $77MFY2025: $88M
Buybacks——$0$0$38MFY2023: $0FY2024: $0FY2025: $38M
Dividends$667M$810M$826M$514M$409M 20% FY2021: $667MFY2022: $810MFY2023: $826MFY2024: $514MFY2025: $409M

13D filers

FiledFilerFormStakeIntent
Feb 4, 2022Winder Investment Pte LtdSC 13D/A29.7%Passive
Apr 16, 2020Winder Investment Pte LtdSC 13D/A23.3%Passive
Mar 26, 2020Winder Investment Pte LtdSC 13D/A23.1%Passive
Mar 12, 2020Winder Investment Pte LtdSC 13D/A22.1%Passive
Feb 27, 2020Winder Investment Pte LtdSC 13D/A21.0%Passive
Jan 8, 2020Winder Investment Pte LtdSC 13D20.0%Passive

Insider trading

+$31Mnet buying by insiders, open market, last 12 months
Bought $32M · 9 tradesSold $1M · 6 trades

Pay vs performance

No pay-versus-performance disclosure yet.