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Prices & Quotes - UK Markets - Tate & Lyle (TATE)

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Share Price:
Down 634.20p
Change Today:
-7.60p
Market Cap:
2,970.73m
Sector:
Food Producers & Processors

Berenberg raises target price on Tate & Lyle

By Iain Gilbert

Date: Monday 27 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg slightly raised their target price on 'hold' rated food ingredients manufacturer Tate & Lyle on Monday, stating the group's first-quarter update was "sweeter than expected".
Berenberg upped their target price on Tate & Lyle's stock from 665p to 695p after having cut its 2021 forecasts for the group by over 20% since March.

Although volumes in T&L's food and beverage solutions unit declined 2%, broadly in line with its forecast for a 1% decline, volumes in the primary products division declined just 12% - much better than its expectations of a 20% drop. Overall, group revenues decreased 5%, helped by positive price/mix.

The German bank said recent results had shown the progress Tate had made in important areas like product mix and productivity

measures but the analysts highlighted that as with peers, where Tate's 2021 full-year earnings ultimately land will depend on the timing of lockdowns and subsequent easing measures.

However, Berenberg noted that Covid-19 had again highlighted several vulnerabilities of Tate's business model - high exposure to out-of-home consumption, high fixed costs and lingering exposure to commodities like ethanol.

But on the more positive side, Berenberg said Tate's liquidity position was "strong" and noted that the group was now trading on 14x calendar 2021 price-to-earnings ratio - a 30% discount to global staples - broadly in line with its 25% average discount for the past five years.

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Tate & Lyle Market Data

Currency UK Pounds
Price 634.20p
Change Today -7.60p
52 Week High 801.40p
52 Week Low 530.20p
Volume 353,320
Shares Issued 468.42m
Market Cap 2,970.73m

Performance Indicators

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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 7
Sell 0
Strong Sell 1
Total 10
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Tate & Lyle Dividends

  Latest Previous
  Final Interim
Ex-Div 18-Jun-20 21-Nov-19
Paid 31-Jul-20 03-Jan-20
Amount 20.80p 8.80p

Trades for 26-Oct-2020

Time Volume / Share Price
15:24 207 @ 634.20p
15:24 216 @ 634.20p
15:24 171 @ 634.20p
15:23 444 @ 634.00p
15:23 252 @ 634.00p

Tate & Lyle Key Personnel

CEO Nick Hampton
Chair Gerry M Murphy
CFO Imran Nawaz