Analyst Coverage

Firm	Analyst
Barclays Capital Inc.	Benjamin Theurer
BMO Capital Markets	Andrew Strelzik
Goldman Sachs	Adam Samuelson
Heather Jones Research, LLC	Heather L. Jones
Morningstar	Seth Goldstein
Oppenheimer & Co. Inc.	Kristen Owen
Stephens Inc.	Ben Bienvenu
UBS Securities LLC	Joshua Spector

Ingredion Incorporated is followed by the analysts listed. Please note that any opinions, estimates or forecasts regarding Ingredion Incorporated's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Ingredion Incorporated or its management. Ingredion Incorporated does not by its reference or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

First Call Estimates

Information on this page has been provided by First Call for information purposes only and has not been verified by Ingredion Incorporated or its management.

Mean Recommendation:

2.00

Sell

Strong Buy

Available Measures

Reference Information - Earnings Per Share

Last Actual (FY0):

9.42

FY0 End Date:

12/1/23

Ind. Annual Div:

3.12

Hist (5 Yr) Growth %:

9.09

Yield (%):

2.72

Analyst Forecasts - Earnings Per Share

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Earnings Per Share

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	9.42	9.30	1.31
Annual	Dec 22	7.45	7.24	2.86
Annual	Dec 21	6.67	6.85	-2.67
Quarterly	Dec 23	1.97	1.87	5.57
Quarterly	Sep 23	2.33	1.95	19.79
Quarterly	Jun 23	2.32	2.33	-0.51
Quarterly	Mar 23	2.80	2.01	39.17

Reference Information - Book Value Per Share

Last Actual (FY0):

43.40

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Book Value Per Share

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Book Value Per Share

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	43.40	52.41	-17.19
Annual	Dec 22	47.90	47.07	1.77
Annual	Dec 21	46.51	43.92	5.89
Quarterly	Dec 23	43.40	52.45	-17.25
Quarterly	Sep 23	50.84	52.62	-3.37
Quarterly	Jun 23	51.07	51.40	-0.64
Quarterly	Mar 23	49.46	49.40	0.12

Reference Information - Cash Flow Per Share

Last Actual (FY0):

15.77

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Cash Flow Per Share

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Cash Flow Per Share

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	15.77	8.20	92.43
Annual	Dec 22	2.27	10.34	-78.04
Annual	Dec 21	5.78	3.62	59.56
Quarterly	Dec 23	6.17	2.81	119.57
Quarterly	Sep 23	5.49	2.89	89.97
Quarterly	Jun 23	4.90	3.22	52.17
Quarterly	Mar 23	-0.76	2.93	-125.94

Reference Information - Dividend Per Share

Last Actual (FY0):

2.98

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Dividend Per Share

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Dividend Per Share

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	2.98	2.97	0.45
Annual	Dec 21	2.58	2.90	-11.10
Quarterly	Dec 23	0.78	0.78	0.65
Quarterly	Sep 23	0.78	0.71	10.64
Quarterly	Jun 23	0.71	0.70	1.43
Quarterly	Mar 23	0.71	0.70	1.43

Reference Information - EBIT

Last Actual (FY0):

969.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - EBIT

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - EBIT

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	969.00	967.35	0.17
Annual	Dec 21	685.00	653.58	4.81
Quarterly	Dec 23	203.00	199.55	1.73
Quarterly	Sep 23	219.00	210.98	3.80
Quarterly	Jun 23	251.00	250.66	0.14
Quarterly	Mar 23	296.00	222.05	33.31

Reference Information - EBITDA

Last Actual (FY0):

1,188.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - EBITDA

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - EBITDA

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	1,188.00	1,189.20	-0.10
Annual	Dec 21	905.00	940.47	-3.77
Quarterly	Dec 23	257.00	264.21	-2.73
Quarterly	Sep 23	275.00	268.97	2.24
Quarterly	Jun 23	306.00	305.69	0.10
Quarterly	Mar 23	350.00	279.10	25.40

Reference Information - GAAP Earnings Per Share

Last Actual (FY0):

9.60

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - GAAP Earnings Per Share

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - GAAP Earnings Per Share

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	9.60	9.35	2.65
Annual	Dec 22	7.34	7.12	3.14
Annual	Dec 21	1.73	2.07	-16.22
Quarterly	Dec 23	1.97	1.83	7.80
Quarterly	Sep 23	2.36	1.94	21.96
Quarterly	Jun 23	2.42	2.34	3.42
Quarterly	Mar 23	2.85	2.06	38.40

Reference Information - Net Asset Value

Last Actual (FY0):

3,552.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Net Asset Value

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Net Asset Value

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	3,552.00	3,561.57	-0.27
Annual	Dec 22	3,163.00	3,398.00	-6.92
Annual	Dec 21	3,118.00	2,877.00	8.38
Quarterly	Dec 23	3,552.00	3,479.70	2.08
Quarterly	Sep 23	3,377.00	3,534.60	-4.46

Reference Information - Net Debt

Last Actual (FY0):

1,779.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Net Debt

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Net Debt

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	1,779.00	2,228.72	-20.18
Annual	Dec 22	2,244.00	2,074.56	8.17
Annual	Dec 21	1,714.00	1,813.23	-5.47
Quarterly	Dec 23	1,779.00	2,151.27	-17.30
Quarterly	Sep 23	2,071.00	2,241.44	-7.60
Quarterly	Jun 23	2,198.00	2,240.97	-1.92
Quarterly	Mar 23	2,418.00	2,460.17	-1.71

Reference Information - Net Income

Last Actual (FY0):

631.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Net Income

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Net Income

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	631.00	624.15	1.10
Annual	Dec 22	499.00	485.09	2.87
Annual	Dec 21	452.00	464.75	-2.74
Quarterly	Dec 23	131.00	125.36	4.50
Quarterly	Sep 23	156.00	130.43	19.60
Quarterly	Jun 23	156.00	156.00	0.00
Quarterly	Mar 23	188.00	137.45	36.78

Reference Information - Operating Profit

Last Actual (FY0):

FY0 End Date:

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Operating Profit

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Operating Profit

		Reported	Mean Estimate	Surprise % Change

Reference Information - Return On Equity

Last Actual (FY0):

19.30

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Return On Equity

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Return On Equity

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	19.30	22.26	-2.96
Annual	Dec 22	15.98	15.18	0.80
Annual	Dec 21	14.94	8.43	6.51

Reference Information - Sales

Last Actual (FY0):

8,160.00

FY0 End Date:

12/1/23

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Sales

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Sales

		Reported	Mean Estimate	Surprise % Change
Annual	Dec 23	8,160.00	8,306.09	-1.76
Annual	Dec 22	7,946.00	7,974.05	-0.35
Annual	Dec 21	6,894.00	6,846.48	0.69
Quarterly	Dec 23	1,921.00	2,073.11	-7.34
Quarterly	Sep 23	2,033.00	2,114.15	-3.84
Quarterly	Jun 23	2,069.00	2,198.42	-5.89
Quarterly	Mar 23	2,137.00	2,181.07	-2.02

Reference Information - Earnings Per Share (Parent)

Last Actual (FY0):

FY0 End Date:

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Earnings Per Share (Parent)

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Earnings Per Share (Parent)

	Reported	Mean Estimate	Surprise % Change
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--

Reference Information - Net Income (Parent)

Last Actual (FY0):

FY0 End Date:

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Net Income (Parent)

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Net Income (Parent)

	Reported	Mean Estimate	Surprise % Change
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--

Reference Information - Operating Profit (Parent)

Last Actual (FY0):

FY0 End Date:

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Operating Profit (Parent)

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Operating Profit (Parent)

	Reported	Mean Estimate	Surprise % Change
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--

Reference Information - Sales (Parent)

Last Actual (FY0):

FY0 End Date:

Ind. Annual Div:

Hist (5 Yr) Growth %:

Yield (%):

Analyst Forecasts - Sales (Parent)

Last Month Revisions
Fiscal Period		Mean	High	Low	Median	# of Estimates	# Up	# Down	Mean % Change
							Last Month Revisions

Actuals - Sales (Parent)

	Reported	Mean Estimate	Surprise % Change
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--
Dec 00	--	--	--

Analyst Coverage

Analyst Coverage

First Call Estimates

Mean Recommendation:

Reference Information - Earnings Per Share

Analyst Forecasts - Earnings Per Share

Actuals - Earnings Per Share

Reference Information - Book Value Per Share

Analyst Forecasts - Book Value Per Share

Actuals - Book Value Per Share

Reference Information - Cash Flow Per Share

Analyst Forecasts - Cash Flow Per Share

Actuals - Cash Flow Per Share

Reference Information - Dividend Per Share

Analyst Forecasts - Dividend Per Share

Actuals - Dividend Per Share

Reference Information - EBIT

Analyst Forecasts - EBIT

Actuals - EBIT

Reference Information - EBITDA

Analyst Forecasts - EBITDA

Actuals - EBITDA

Reference Information - GAAP Earnings Per Share

Analyst Forecasts - GAAP Earnings Per Share

Actuals - GAAP Earnings Per Share

Reference Information - Net Asset Value

Analyst Forecasts - Net Asset Value

Actuals - Net Asset Value

Reference Information - Net Debt

Analyst Forecasts - Net Debt

Actuals - Net Debt

Reference Information - Net Income

Analyst Forecasts - Net Income

Actuals - Net Income

Reference Information - Operating Profit

Analyst Forecasts - Operating Profit

Actuals - Operating Profit

Reference Information - Return On Equity

Analyst Forecasts - Return On Equity

Actuals - Return On Equity

Reference Information - Sales

Analyst Forecasts - Sales

Actuals - Sales

Reference Information - Earnings Per Share (Parent)

Analyst Forecasts - Earnings Per Share (Parent)

Actuals - Earnings Per Share (Parent)

Reference Information - Net Income (Parent)

Analyst Forecasts - Net Income (Parent)

Actuals - Net Income (Parent)

Reference Information - Operating Profit (Parent)

Analyst Forecasts - Operating Profit (Parent)

Actuals - Operating Profit (Parent)

Reference Information - Sales (Parent)

Analyst Forecasts - Sales (Parent)

Actuals - Sales (Parent)

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