Sign in

    Lisa De Neve • Morgan Stanley

    Lisa De Neve's questions to International Flavors & Fragrances Inc (IFF) leadership

    Lisa De Neve's questions to International Flavors & Fragrances Inc (IFF) leadership • Q2 2025

    Question

    Lisa De Neve asked about the drivers of Q2 strength in the Taste segment and its midterm prospects, and questioned why the Health business would be negative in H2 given a soft Q4 last year.

    Answer

    CEO J. Erik Fyrwald credited Taste's solid growth to increased focus after its separation from Food Ingredients. CFO Michael Deveau clarified the H&B outlook, explaining that the business faced a very tough comparison in Q3 2024 (+12% growth), with the Health sub-segment specifically growing in the mid-teens, which is the primary driver of the expected weakness in Q3 2025.

    Ask Fintool Equity Research AI

    Lisa De Neve's questions to International Flavors & Fragrances Inc (IFF) leadership • Q1 2025

    Question

    Lisa De Neve from Morgan Stanley requested an update on 2025 inflation levels, asking about specific areas of raw material inflation and the expected net interest savings from the company's debt tender offer.

    Answer

    CFO Michael DeVeau reported that overall input cost guidance remains consistent with the start of the year, with some favorability in food ingredients being offset by an uptick in scent feedstocks. Regarding the debt tender, he guided to a full-year interest expense of approximately $225 million, a step down from the previous run rate that will become more favorable as the year progresses.

    Ask Fintool Equity Research AI

    Lisa De Neve's questions to International Flavors & Fragrances Inc (IFF) leadership • Q4 2024

    Question

    Lisa De Neve posed two questions: first, for details on the 2025 free cash flow outlook, particularly concerning net working capital and CapEx. Second, she asked if the CEO plans to set new midterm financial targets, given his references to a three-year improvement plan.

    Answer

    CFO Michael DeVeau addressed the first question, forecasting 2025 free cash flow at approximately $500 million, which includes a significant $350 million tax impact from the pharma divestiture. He noted a target for a slight net working capital inflow and an increase in CapEx to about 6% of sales to fund deferred spending, growth projects, and digital transformation. CEO Jon Erik Fyrwald answered the second question, stating that while the company has a clear plan, more specific long-term targets will be shared later in the year after focusing on executing the 2025 plan.

    Ask Fintool Equity Research AI

    Lisa De Neve's questions to International Flavors & Fragrances Inc (IFF) leadership • Q3 2024

    Question

    Lisa De Neve of Morgan Stanley asked for color on how growth has differed across regions and segments, specifically requesting details on performance in China and India, given customer volatility in those markets.

    Answer

    CFO Glenn Richter stated that all businesses performed well, with Pharma now back to strong growth. He characterized China as still 'a little bit choppy' despite some improvement, while describing India as 'extremely strong.' CEO Jon Erik Fyrwald added that the company is investing aggressively in creative centers in growth markets like India to ensure continued strong growth.

    Ask Fintool Equity Research AI