Another Sale Tidies Up The Portfolio

研报英文原文证据摘录

Another Sale Tidies Up The Portfolio

USA | Cosmetics, Household & Personal Care

IFF EquityJulyResearch20, 2026

ESTIMATE CHANGEAnother Sale Tidies Up The Portfolio

IFF announced its botanical extracts, vitamins, and minerals business was sold RATING BUY

to privately-held SuanNutra. This business accounts for $170m in revenue, and PRICE $78.20^

while additional terms were not disclosed, we estimate $8-$10m in EBITDA. We PRICE TARGET | % TO PT $105.00 | +34%

also estimate ~$60m in net proceeds, and expect these funds to be used for 52W HIGH-LOW $84.45 - $59.14

debt reduction and share repurchases. Our thesis is unchanged. Share gains FLOAT (%) | ADV MM (USD) 97.5% | 155.07

and innovation in the core business will still drive growth. MARKET CAP $20.1B

TICKER IFF

Sale Announced: IFF announced the sale of its portfolio of botanical extracts, vitamins and ^Prior trading day's closing price unless otherwise noted.

minerals, and food enhancement activities, including its range of natural colors and antioxidants

and certain localized flavor activities in Peru to SuanNutra, a Carbyne Equity Partners Portfolio

company. The business generated $170m in revenue in 2025, and the deal is expected to close by FY (Dec) CHANGE TO JEFe JEF vs CONS

the end of 2026. While additional details were not disclosed, we estimate this business generated 2026 2027 2026 2027

$8-$10m in EBITDA, and we estimate ~$60m in net proceeds, assuming a 25% income tax REV -90% -2% -22% -27%

rate. Similar to previous divestitures, net proceeds will likely be used for debt reduction, share EPS NA -1% -19% -7%

repurchases, and for reinvestment in the core portfolio. Additional significant portfolio realignment

seems unlikely, but divesting of smaller non-core assets is possible.