Equity valuation
: International Flavors & Fragrances

  • Sérgio Manuel Gouveia de Sousa (Student)

Student thesis: Master's Thesis


This dissertation aims to forecast the future performance and determine the fair value of International Flavors and Fragrances stock, as well as define the main risks inherent to the company’s operations that could affect the share price in the future.A thorough analysis of the company is made to understand IFF’s positioning in the market and its business strategy. Then, by studying the market trends and IFF’s historical data, a forecast for the next 5 years is performed, which is later used to determine the fair value of IFF’s stock through 3 different methods, a DCF model, multiples of precedent transactions, and trading multiples. The price target defined by combining the different valuation approaches is $100.18, which can be translated into a HOLD recommendation. Finally, this result is compared to the opinion of JP Morgan’s analysts.
Date of Award1 Feb 2023
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Valuation
  • Business strategy
  • IFF
  • Specialty ingredients


  • Mestrado em Finanças

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