oldjoe1
29 Sep 2015
TATE, Broker Update.......... 29 Sep 2015 Tate & Lyle PLC TATE Liberum Capital Buy 586.00 581.50 670.00 670.00 ReiteratesSP Target 670p
oldjoe1
24 Sep 2015
TATE, Fundies Up TO 2018 Nice, found a site that gives forward earnings and Fundies right up to 2018Financial RatiosSize 2016e 2017eCapitalization 2 572 M GBP -Entreprise Value (EV) 3 070 M GBP 3 083 M GBPValuation 2016e 2017eP/E ratio (Price / EPS) 16,2x 15,4xCapitalization / Revenue 1,00x 0,99xEV / Revenue 1,20x 1,19xEV / EBITDA 9,21x 8,74xYield (DPS / Price) 5,08% 5,18%Price to book (Price / BVPS) 2,72x 2,21xProfitability 2016e 2017eOperating Margin (EBIT / Sales) 8,89% 9,50%operating Leverage (Delta EBIT / Delta Sales) -1,61x 6,66xNet Margin (Net Profit / Revenue) 6,42% 6,84%ROA (Net Profit / Asset) 8,47% 8,63%ROE (Net Profit / Equities) 15,4% 15,9%Rate of Dividend 82,4% 79,8%Balance Sheet Analysis 2016e 2017eCAPEX / Sales 7,88% 4,87%Cash Flow / Sales (Taux d'autofinancement) 9,62% 9,86%Capital Intensity (Assets / Sales) 0,76x 0,79xFinancial Leverage (Net Debt / EBITDA) 1,49x 1,45xAnnual Income Statement DataActuals in M GBP Estimates in M GBPFiscal Period March 2013 2014 2015 2016 2017 2018Sales 3 256 3 147 2 694 2 567 2 599 2 648Operating income (EBITDA) 449 457 351 334 353 373Operating profit (EBIT) 358 349 247 228 247 261Pre-Tax Profit (EBT) 309 290 51,0 209 227 244Net income 278 245 30,0 165 178 191P/E ratio - - - 16,2 15,4 14,0EPS (PNC) 58,5 52,1 6,50 34,0 35,8 39,5Dividend per Share (PNC) 26,2 27,6 28,0 28,0 28,6 29,3Yield 4,75% 5,00% 5,08% 5,08% 5,18% 5,31%Announcement Date 05/30/201306
0am 05/29/2014060am 05/28/201506:52am - - -
oldjoe1
24 Sep 2015
TATE, Brokers Views. Tate & Lyle PLC (OTCMKTS:TATYY) was upgraded by Liberum Capital to a “buy” rating in a note issued to investors on Thursday, Marketbeat.com reports.Several other brokerages also recently weighed in on TATYY. Goldman Sachs raised shares of Tate & Lyle PLC from a “sell” rating to a “neutral” rating in a research note on Tuesday, July 21st. Societe Generale raised shares of Tate & Lyle PLC from a “hold” rating to a “buy” rating in a research note on Thursday, July 30th. Citigroup Inc. reissued a “neutral” rating on shares of Tate & Lyle PLC in a research note on Monday. Zacks upgraded shares of Tate & Lyle PLC from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Numis Securities Ltd upgraded shares of Tate & Lyle PLC from a “reduce” rating to a “hold” rating in a report on Thursday, June 4th. Seven investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Tate & Lyle PLC presently has an average rating of “Buy” and a consensus price target of $38.00. Tate & Lyle PLC (OTCMKTS:TATYY) opened at 33.575 on Thursday. Tate & Lyle PLC has a 12 month low of $31.04 and a 12 month high of $41.41. The stock has a 50 day moving average price of $33.51 and a 200 day moving average price of $34.94. The stock has a market capitalization of $3.89 billion and a P/E ratio of 83.938.Tate & Lyle PLC is a provider of ingredients and solutions to the food, beverage and other industries. The Company uses technologyto turn raw materials into ingredients for its customers. These ingredients add taste, texture, nutrition and increased functionality to products. Its customers include industrial, animal feed, pharmaceutical and personal care markets. The Company operates in two segments namely Speciality Food Ingredients (OTCMKTS:TATYY) and Bulk Ingredients (BI). In SFI segment, the Company operates three categories: sweeteners, such as SPLENDA Sucralose and crystalline fructose; texturants, such as starch and gums; and wellness ingredients, such as PROMITOR dietary fibres, PromOat Beta Glucan and SODA-LO Salt Microspheres. BI manufactures and markets products including liquid sweeteners (corn syrup, dextrose and glucose), industrial starches, citric acid, bio fuels, and animal feed including corn gluten feed and corn gluten meal.
oldjoe1
24 Sep 2015
TATE, Broker Upgrade........... <b>Tate & Lyle tops FTSE 100 on Liberum upgradeThu 24 September 2015 10:22 | A A A</b>(ShareCast News) - Tate & Lyle was the standout gainer on the FTSE 100 after Liberum upgraded the stock to 'buy' from 'sell' and lifted its price target to 670p from 505p.Register for Tate & Lyle plc share research updates"While history is disappointing - four profit warnings and a collapse of around 40% in pre-tax profits since full-year 2014 - we see early signs of change and scope for significant upside," it said.The brokerage said full-year 2016 will prove an inflection point and forecasts a 16% rebound in full-year 2017 pre-tax profit as one-off items drop out and new Speciality Food Ingredients capacity comes online.Liberum said the key question is whether management's strategy can deliver visible, sustainable earnings growth beyond FY17.In order to determine the potential, it benchmarked Tate's operations with US-based Ingredion, which is the group's closest peer. It said the results are reassuring."As we suspected, many facets of Tate's operations compare favourably to Ingredion. In our view, Tate's historical difficulties are grounded in execution and strategic ambition, areas that management is working to address."It added that the company's commitment to a flat dividend in full-year 2016 implies a 5% yield which appears sufficient to support the shares buying time for management to turn around the business and work towards executing the group's long-term strategy.At 1028 BST, Tate shares were up 2.6% at 566p.
oldjoe1
24 Sep 2015
Re: Continued Share Price Fall TATE Tate @ Lyle PLCLooks like a recovery going on here at TATE. I hear the sugar market as recovered in favour of the manufacturer. I have been long for a few days, best to time your entry according to your trading/investment style.Broker upgrades this morning.......... 24 Sep 2015 Tate & Lyle PLC TATE Liberum Capital Buy 562.75 551.50 505.00 670.00 UpgradesSP Target 670p[link]
Broncomaniac
21 Sep 2015
Re: Continued Share Price Fall Nice to see a bit of a rebound since flirting with £5. Only another 10p to go and I will be back in the money. Next stop 600p!
II Editor
01 Sep 2015
NEW ARTICLE: Stockwatch: Plenty of reasons to buy this share "Is Tate on the turn? In my last macro piece I suggested the London stockmarket is unlikely to slump because it offers plenty of stocks yielding 3-5% which is attractive when any interest rate rise will likely be minimal. LSE:TATE:Tate & Lyle is ..."[link]
nk1999
28 Aug 2015
Jefferies From Citywire:"Tate & Lyle upgraded on good start to the sale cycleTate & Lyle (TATE) has been upgraded and even the chairman of the company is purchasing extra shares.Jefferies analyst Martin Deboo upgraded his recommendation from ‘hold’ to ‘buy’ with a target price of 605p after the company showed ‘growing signs of improvement’. The shares rose 7.2% to 538p yesterday.‘The 2016 high-fructose corn syrup pricing round in the US has started early and robustly: a sign of confidence,’ he said. ‘Experience shows that high-fructose corn syrup is a barometer of wider speciality food ingredients and bulk economics and that when the cycle turns, it can do so quickly and dramatically. With the shares visiting 500p and yielding 5.6%, we turn positive.’He added: ‘We’ve been quiet since the Q1. Worth remembering, then, that “body language” on the call - on sucralose, [low-calorie sugar] allulose, and life generally – was notably more positive from what had been a bruised and battered team. The chairman has just bought 10,000 shares.’ "
oldjoe1
27 Aug 2015
TATE, Broker Upgrades........ Tate & Lyle PLC (TATE:LSE): Last: 519.00, up 17 (+3.39%), High: 526.50, Low: 518.00, Volume: 982.90kBEDeboo at Jefferies turns buyer.BEGrowing signals of improving CWM economics lead us to upgrade numbers, and view. The ’16 HFCS pricing round in the US has started early and robustly: a sign of confidence. Experience shows that HFCS is a barometer of wider SFI & Bulk economics and that when the cycle turns, it can do so quickly, and dramatically. With the shares visiting 500p and yielding 5.6%, we turn positive.Opening shots in the pricing round signal confidence…and rising margins. Reports indicate that pricing letters on HFCS for 2016 have been published – the earliest we can remember. Millers are asking for a 15-20% hike, in a climate of flat to falling corn costs. This signals healthily tight utilisation. It may not conclude quite this well, but it doesn’t need to, to sweeten Tate’s bottom line very nicely.BEBenefits Bulk directly, but a positive signal on SFI, too. We obsess on HFCS, unapologetically, not just because it’s now c.40% of profits but also because it’s a visible signal of the wider health of US Corn Wet Milling (CWM), which will account for over 80% of profits following the exit from Europe. There is strong correlation between Tate’s profits in SFI and Bulk and between both and HFCS margins.Complications: tolling, ethanol & Sucralose. 75% of Tate’s HFCS is on de-risked tolling contracts, which moderates any upside, and they are still brewing 40m gallons of (unprofitable) ethanol. Yesterday’s acquisition of Splenda by Heartland might impact tabletop Sucralose volumes. So we skip the final couple of turns of our pencil sharpener.BEQ1 body language positive. Chairman Buying. We’ve been quiet since the Q1. Worth remembering, then, that ‘body language’ on the call – on Sucralose, Allulose, and life generally – was notably more positive, from a what has been a bruised and battered team. The Chairman has just bought 10,000 shares.Dividend provides strong underpin – we think it’s sustainable. Tate is yielding a juicy 5.5%. This is more or less covered by EastStarch proceeds in FY16. From FY17, it has to be funded organically and we have it 1.2x covered by cashflow. Tight but doable we think, in a climate of what should be rising profits & stable £:$ fx.Upgrading. Underlying momentum better than it looks. We upgrade FY16 by 4% and FY17 by 8% FY17 EPS growth is impacted by Europe exit reversal and a rising tax charge. Forecast 12% LFL EBIT growth is the truer measure of momentum for us.
nk1999
31 Jul 2015
SocGen From ADVFN:"Societe Generale upgraded Tate & Lyle to 'buy' from 'hold' and raised the price target to 620p from 600p.The bank said that with 2016 earnings per share estimates now half the level of where they stood only two years ago, we may be getting close to the end of the long-running earnings downgrade cycle."With a 5% prospective yield and some painful decisions to de-risk the business behind it, the outlook looks both reasonable and rebased to us."It said the company's first-quarter trading statement was "reassuringly dull" and the outlook was in line with expectations.SocGen said the dividend of 28p is clearly a share price support and gives a yield of around 5%.It said Tate's balance sheet is relatively strong and the company will receive ?200m from the European bulk disposal so there is little funding risk, especially as the chief executive indicated that capex requirements should materially reduce in full-year 2017."nk
glasgowboy
29 Jul 2015
I thought I was being clever sold out some holdings at a very small loss yesterday (will I ever learn ) never mind I still have cash for the moment .
glasgowboy
29 Jul 2015
I thought I was being clever sold out some holdings at a very small loss yesterday (will I ever learn ) never mind I still have cash for the moment .
Bedfordboy
29 Jul 2015
Re: up and down And now?!
glasgowboy
28 Jul 2015
I don't know why but a get a bad feeling about tomorrow !!
nk1999
22 Jul 2015
Goldman Sachs From ADVFN:"Tate & Lyle gained after after Goldman Sachs upgraded the stock to 'neutral' from 'sell' and raised its price target to 470p from 460p following its recent underperformance.""Tate & Lyle got a boost after Goldman Sachs upgraded the stock to 'neutral' from 'sell' and raised its price target to 470p from 460p following its recent underperformance.It noted that since being added to the 'sell' list on 1 December 2014, the stock is down 16% versus the FTSE World Europe up 2.5%."We continue to believe that Tate's poor cash conversion is structural rather than cyclical, and that its older asset base, pension deficit, and rising working capital will limit its ability to improve cash conversion going forward," Goldman said."Tate & Lyle (TATE) 520.50p +1.86% today.nk
