Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched this company for fifty years. The old IFF — the one that quietly compounded behind perfume counters and soda fountains — was a genuinely fine business. The IFF of 2018 to 2023 was a case study we would assign at a business school under the title "How to Destroy $20 Billion Without Really Trying": two enormous, overpriced acquisitions, a balance sheet stretched to the breaking point, roughly $6 billion of goodwill written off, and a dividend cut for the first time in anyone's memory. The IFF of today, under a capable new CEO, is busily selling off the pieces the old regime overpaid for and returning to its knitting. We applaud the cleanup. But applauding a cleanup and buying the stock are two different things.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-08-04), 8-K (2026-06-23).
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