Financials Tate & Lyle plc OTC Markets

Equities

TATYF

GB00BP92CJ43

Food Processing

Market Closed - OTC Markets Other stock markets 10:56:16 2024-06-05 EDT			5-day change	1st Jan Change
8.25 ^USD	-2.65%		0.00%	+2.10%

05-24	HSBC cuts Aviva; Deutsche Bank cuts Ryanair	AN
05-23	Tate & Lyle profit jumps 48% despite dampened consumer demand	AN

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	3,043	3,554	3,401	3,124	2,456	2,682	-	-
Enterprise Value (EV) ¹	3,494	3,971	4,027	3,362	2,456	2,807	2,733	2,581
P/E ratio	12.6 x	14.3 x	17 x	17 x	13.3 x	14.3 x	13.1 x	12 x
Yield	4.51%	4.01%	2.55%	2.36%	-	3.06%	3.26%	3.39%
Capitalization / Revenue	1.06 x	1.27 x	2.47 x	1.78 x	1.49 x	1.67 x	1.6 x	1.54 x
EV / Revenue	1.21 x	1.41 x	2.93 x	1.92 x	1.49 x	1.75 x	1.63 x	1.48 x
EV / EBITDA	7.1 x	7.88 x	8.57 x	10.5 x	7.49 x	8.11 x	7.39 x	6.45 x
EV / FCF	16 x	18.3 x	-89.5 x	-280 x	-	13.4 x	14.2 x	13.4 x
FCF Yield	6.27%	5.46%	-1.12%	-0.36%	-	7.49%	7.05%	7.44%
Price to Book	2.18 x	2.44 x	2.45 x	2.67 x	-	2.09 x	1.89 x	1.83 x
Nbr of stocks (in thousands)	397,659	397,116	398,170	398,150	397,704	396,150	-	-
Reference price ²	7.653	8.951	8.542	7.846	6.175	6.770	6.770	6.770
Announcement Date	5/21/20	5/27/21	6/9/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,882	2,807	1,375	1,751	1,647	1,605	1,675	1,738
EBITDA ¹	492	504	470	320	328	346.3	369.7	400
EBIT ¹	331	339	312	249	258	273.6	292.4	320.9
Operating Margin	11.49%	12.08%	22.69%	14.22%	15.66%	17.04%	17.46%	18.46%
Earnings before Tax (EBT) ¹	296	283	42	152	226	241.5	257.7	281.6
Net income ¹	245	253	236	190	188	195.4	210.1	219
Net margin	8.5%	9.01%	17.16%	10.85%	11.41%	12.17%	12.54%	12.6%
EPS ²	0.6078	0.6277	0.5020	0.4620	0.4650	0.4721	0.5158	0.5643
Free Cash Flow ¹	219	217	-45	-12	-	210.2	192.6	192
FCF margin	7.6%	7.73%	-3.27%	-0.69%	-	13.1%	11.5%	11.04%
FCF Conversion (EBITDA)	44.51%	43.06%	-	-	-	60.7%	52.09%	47.99%
FCF Conversion (Net income)	89.39%	85.77%	-	-	-	107.56%	91.67%	87.66%
Dividend per Share ²	0.3453	0.3593	0.2180	0.1850	-	0.2074	0.2209	0.2297
Announcement Date	5/21/20	5/27/21	6/9/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,406	1,389	1,418	656	849	902	857	790
EBITDA ¹	-	-	-	-	-	148	-	150
EBIT	-	182	-	97	137	112	143	-
Operating Margin	-	13.1%	-	14.79%	16.14%	12.42%	16.69%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	0.1850	-	-
Announcement Date	5/21/20	11/5/20	5/27/21	11/4/21	11/10/22	5/25/23	11/9/23	5/23/24

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	451	417	626	238	-	125	51.1	-
Net Cash position ¹	-	-	-	-	-	-	-	101
Leverage (Debt/EBITDA)	0.9167 x	0.8274 x	1.332 x	0.7438 x	-	0.3613 x	0.1382 x	-
Free Cash Flow ¹	219	217	-45	-12	-	210	193	192
ROE (net income / shareholders' equity)	17%	17.7%	15.4%	14.5%	-	15.8%	15.7%	15.3%
ROA (Net income/ Total Assets)	8.68%	8.68%	7.59%	6.6%	-	7.14%	7.63%	7.92%
Assets ¹	2,822	2,914	3,109	2,879	-	2,736	2,754	2,767
Book Value Per Share ²	3.520	3.670	3.480	2.940	-	3.240	3.580	3.700
Cash Flow per Share ²	0.9500	0.9200	0.2200	0.1600	-	0.7400	0.8500	0.9000
Capex ¹	166	152	148	78	-	117	120	119
Capex / Sales	5.76%	5.42%	10.76%	4.45%	-	7.26%	7.18%	6.86%
Announcement Date	5/21/20	5/27/21	6/9/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tate & Lyle plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.77 GBP

Average target price

8.655 GBP

Spread / Average Target

+27.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Food Ingredients