Financials Tate & Lyle plc Deutsche Boerse AG

Equities

TLYB

GB00BP92CJ43

Food Processing

Real-time Estimate Tradegate Other stock markets 18:58:25 21/06/2024 BST			5-day change	1st Jan Change
7.405 ^EUR	-5.12%		-8.83%	-4.40%

06-20	European markets rise as BoE leaves rates	AN
06-20	Market Update-Wall Street expected to rise, Europe in the green ahead of BoE meeting	RE

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	3,043	3,554	3,401	3,124	2,456	2,437	-	-
Enterprise Value (EV) ¹	3,494	3,971	4,027	3,362	2,456	2,500	2,472	2,304
P/E ratio	12.6 x	14.3 x	17 x	17 x	13.3 x	13 x	11.3 x	10.3 x
Yield	4.51%	4.01%	2.55%	2.36%	-	3.37%	3.59%	3.73%
Capitalization / Revenue	1.06 x	1.27 x	2.47 x	1.78 x	1.49 x	1.49 x	1.46 x	1.41 x
EV / Revenue	1.21 x	1.41 x	2.93 x	1.92 x	1.49 x	1.53 x	1.48 x	1.33 x
EV / EBITDA	7.1 x	7.88 x	8.57 x	10.5 x	7.49 x	7.11 x	6.29 x	5.25 x
EV / FCF	16 x	18.3 x	-89.5 x	-280 x	-	11.9 x	12.8 x	12 x
FCF Yield	6.27%	5.46%	-1.12%	-0.36%	-	8.41%	7.79%	8.33%
Price to Book	2.18 x	2.44 x	2.45 x	2.67 x	-	1.9 x	1.72 x	1.66 x
Nbr of stocks (in thousands)	397,659	397,116	398,170	398,150	397,704	395,918	-	-
Reference price ²	7.653	8.951	8.542	7.846	6.175	6.155	6.155	6.155
Announcement Date	21/05/20	27/05/21	09/06/22	25/05/23	23/05/24	-	-	-

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	1,637	1,671	1,731
EBITDA ¹	492	504	470	320	328	351.4	392.9	439
EBIT ¹	331	339	312	249	258	278.4	310.5	352.2
Operating Margin	11.49%	12.08%	22.69%	14.22%	15.66%	17%	18.58%	20.35%
Earnings before Tax (EBT) ¹	296	283	42	152	226	241.6	261	285.1
Net income ¹	245	253	236	190	188	199.2	227.3	243.8
Net margin	8.5%	9.01%	17.16%	10.85%	11.41%	12.17%	13.6%	14.08%
EPS ²	0.6078	0.6277	0.5020	0.4620	0.4650	0.4721	0.5433	0.5968
Free Cash Flow ¹	219	217	-45	-12	-	210.2	192.6	192
FCF margin	7.6%	7.73%	-3.27%	-0.69%	-	12.84%	11.52%	11.09%
FCF Conversion (EBITDA)	44.51%	43.06%	-	-	-	59.81%	49.02%	43.73%
FCF Conversion (Net income)	89.39%	85.77%	-	-	-	105.51%	84.73%	78.76%
Dividend per Share ²	0.3453	0.3593	0.2180	0.1850	-	0.2074	0.2209	0.2297
Announcement Date	21/05/20	27/05/21	09/06/22	25/05/23	23/05/24	-	-	-

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	21/05/20	05/11/20	27/05/21	04/11/21	10/11/22	25/05/23	09/11/23	23/05/24

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	-	63.5	34.8	-
Net Cash position ¹	-	-	-	-	-	-	-	133
Leverage (Debt/EBITDA)	0.9167 x	0.8274 x	1.332 x	0.7438 x	-	0.1807 x	0.0886 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%	15.1%
ROA (Net income/ Total Assets)	8.68%	8.68%	7.59%	6.6%	-	6.59%	7.13%	7.37%
Assets ¹	2,822	2,914	3,109	2,879	-	3,021	3,189	3,310
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	-	118	125	129
Capex / Sales	5.76%	5.42%	10.76%	4.45%	-	7.19%	7.5%	7.43%
Announcement Date	21/05/20	27/05/21	09/06/22	25/05/23	23/05/24	-	-	-

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

6.155 GBP

Average target price

8.655 GBP

Spread / Average Target

+40.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Food Ingredients