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The performance analysis of the S-method (SM) as an instantaneous frequency (IF) estimator, for the case of multicomponent signals, is derived. It has been shown that, when the components are separated in time-frequency (TF) plane, the results obtained for each of them separately can be the same as in the case when all components exist. Also, these results can outperform the ones obtained by the spectrogram (and, consequently, by the reduced interference distributions (RID)) and pseudo Wigner distribution (WD) in the IF estimation of multicomponent signals. Theoretical results are statistically confirmed.