Ingredion (INGR) posted second-quarter results a few days ago. The market didn't react kindly to their earnings release, with shares down by 9% on the day of the announcement. Currently trading at forward multiples of 1.1x, 7.2x and 11.8x on an EV/Sales, EV/EBITDA, and P/E, respectively, we believe the market is already pricing a soft year-end for INGR.
The company's results were affected by COVID-19 impacting their end markets. INGR has exposure to the food (54% of total sales), beverage (10%), and brewing (8%) industries by selling starch products, sweetener products, and specialty