Financials Treatt plc

Equities

TET

GB00BKS7YK08

Food Processing

Market Closed - London S.E. Other stock markets 16:35:06 03/05/2024 BST			5-day change	1st Jan Change
480 ^GBX	0.00%		-1.23%	-4.57%

04-30	Deutsche says buy Barr, Britvic and Fevertree	AN
04-10	Treatt profit up; Speedy Hire falls	AN

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	239.6	358.8	605.4	354.1	306.6	291.5	-	-
Enterprise Value (EV) ¹	223.6	358.3	614.5	376.5	317	295.9	287.1	277.6
P/E ratio	27.7 x	37.4 x	40.7 x	27 x	28.3 x	20.3 x	18.4 x	16.9 x
Yield	1.35%	0.99%	0.74%	1.33%	1.58%	1.7%	1.8%	1.96%
Capitalization / Revenue	2.13 x	3.29 x	4.87 x	2.53 x	2.08 x	1.89 x	1.77 x	1.65 x
EV / Revenue	1.98 x	3.29 x	4.94 x	2.69 x	2.15 x	1.92 x	1.74 x	1.57 x
EV / EBITDA	15 x	21.1 x	26.6 x	20.4 x	13.8 x	11.5 x	9.93 x	8.67 x
EV / FCF	28.2 x	-34.4 x	-133 x	-26.6 x	20.1 x	18.8 x	18.2 x	17.4 x
FCF Yield	3.55%	-2.91%	-0.75%	-3.76%	4.98%	5.32%	5.5%	5.74%
Price to Book	2.76 x	3.97 x	5.74 x	2.68 x	2.26 x	1.98 x	1.84 x	1.7 x
Nbr of stocks (in thousands)	59,014	59,397	59,646	60,010	60,474	60,723	-	-
Reference price ²	4.060	6.040	10.15	5.900	5.070	4.800	4.800	4.800
Announcement Date	26/11/19	24/11/20	30/11/21	29/11/22	28/11/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	112.7	109	124.3	140.2	147.4	154	164.6	176.3
EBITDA ¹	14.9	17	23.1	18.5	23	25.82	28.92	32.03
EBIT ¹	13.5	15.09	21.35	15.77	18.32	19.81	22.25	24.68
Operating Margin	11.98%	13.84%	17.17%	11.25%	12.43%	12.86%	13.52%	13.99%
Earnings before Tax (EBT) ¹	12.54	13.74	19.62	16.18	13.54	19.02	21.11	23
Net income ¹	8.788	9.765	15.15	13.32	10.94	14.53	15.9	17.57
Net margin	7.8%	8.96%	12.18%	9.5%	7.42%	9.43%	9.66%	9.96%
EPS ²	0.1466	0.1616	0.2491	0.2182	0.1791	0.2369	0.2612	0.2845
Free Cash Flow ¹	7.944	-10.42	-4.627	-14.16	15.78	15.72	15.8	15.92
FCF margin	7.05%	-9.56%	-3.72%	-10.1%	10.7%	10.21%	9.6%	9.03%
FCF Conversion (EBITDA)	53.32%	-	-	-	68.6%	60.91%	54.64%	49.71%
FCF Conversion (Net income)	90.4%	-	-	-	144.19%	108.2%	99.37%	90.65%
Dividend per Share ²	0.0550	0.0600	0.0750	0.0785	0.0801	0.0814	0.0863	0.0939
Announcement Date	26/11/19	24/11/20	30/11/21	29/11/22	28/11/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2023 S1	2023 S2
Net sales ¹	75.95	71.45
EBITDA ¹	9.737	13.26
EBIT ¹	7.706	10.62
Operating Margin	10.15%	14.86%
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share	-	-
Announcement Date	09/05/23	28/11/23

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	9.11	22.4	10.4	4.39	-	-
Net Cash position ¹	16	0.43	-	-	-	-	4.38	13.8
Leverage (Debt/EBITDA)	-	-	0.3945 x	1.212 x	0.4515 x	0.1699 x	-	-
Free Cash Flow ¹	7.94	-10.4	-4.63	-14.2	15.8	15.7	15.8	15.9
ROE (net income / shareholders' equity)	10.4%	13.2%	16.5%	9.96%	8.07%	6.9%	7.55%	8.15%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	1.470	1.520	1.770	2.200	2.250	2.420	2.600	2.820
Cash Flow per Share ²	-	-	0.1400	-0.0200	0.3500	0.3700	0.2900	0.2600
Capex ¹	10.4	23.9	13.2	12.8	5.71	6.33	6.67	7
Capex / Sales	9.22%	21.93%	10.61%	9.11%	3.88%	4.11%	4.05%	3.97%
Announcement Date	26/11/19	24/11/20	30/11/21	29/11/22	28/11/23	-	-	-

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 Treatt plc

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.8 GBP

Average target price

6.849 GBP

Spread / Average Target

+42.68%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Food Ingredients

	1st Jan change	Capi.
TREATT PLC	-4.57%	366M
FOSHAN HAITIAN FLAVOURING AND FOOD COMPANY LTD.	+3.45%	30.13B
INTERNATIONAL FLAVORS & FRAGRANCES INC.	+7.00%	22.12B
KIKKOMAN CORPORATION	+10.44%	11.87B
LANCASTER COLONY CORPORATION	+15.09%	5.27B
MEIHUA HOLDINGS GROUP CO.,LTD	+16.44%	4.38B
ANGEL YEAST CO., LTD	-15.24%	3.53B
TATE & LYLE PLC	-0.61%	3.27B
JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO.,LTD	+4.98%	3.13B
KEWPIE CORPORATION	+28.84%	2.91B

Food Ingredients