Tate & Lyle (TATE)

Sector:

Food

Index:

FTSE 250

673.00p
   
  • Change Today:
      3.00p
  • 52 Week High: 799.50
  • 52 Week Low: 591.00
  • Currency: UK Pounds
  • Shares Issued: 401.70m
  • Volume: 6,673,276
  • Market Cap: £2,703.47m
  • RiskGrade: 93

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Annualisation Factor 1.0 1.0 n/a 1.0 0.2
Dividend Yield 2.4% 3.0% 4.0% 4.5% 4.0%
           
Continuing Operations          
PE Ratio - Adjusted 15.9 29.6 30.4 12.5 13.8
PE Ratio - Diluted 25.5
31.6		 133.9
32.4		 40.4
32.1		 12.7
12.7		 18.9
13.9
PEG - Adjusted 0.2 n/a n/a n/a 0.2
PEG - Diluted 0.1
3.5		 n/a
n/a		 n/a
n/a		 0.4
n/a		 0.0
0.2
Return on Capital Employed 11.57%
11.57%		 3.21%
7.68%		 0.06%
0.08%		 17.67%
17.67%		 3.67%
4.67%
Operating Margin 8.45%
8.45%		 4.87%
11.64%		 9.58%
12.14%		 11.24%
11.24%		 8.57%
11.18%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 16.0 13.2 1,235.2 12.5 55.4
PE Ratio - Diluted 17.0
19.6		 14.7
10.9		 1,421.2
1,295.7		 12.7
12.7		 75.7
55.8
PEG - Adjusted n/a 0.0 n/a 0.0 n/a
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.0
0.0		 1.6
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Net Gearing 20.02% 35.15% 28.70% 32.24% 20.95%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Price/Book Value 4.3 2.6 3.2 2.9 2.9
Price/Tangible Book Value 4.3 2.6 3.2 2.9 2.9
Price/ Cash Flow 48.0 33.3 9.7 8.0 10.2
Price/Revenue 1.81 2.49 293.09 1.06 4.91
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 182.63p 288.54p 238.91p 228.13p 247.95p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Continuing Operations          
Revenue 1,751.00 1,375.00 12.22 2,882.00 688.28
EBITDA 243.00
243.00		 167.00
260.00		 2.94
3.25		 324.00
324.00		 96.93
114.92
Depreciation (95.00)
(95.00)		 (100.00)
(100.00)		 (1.77)
(1.77)		 n/a
n/a		 (37.97)
(37.97)
Net Interest (20.00)
(20.00)		 (25.00)
(25.00)		 (0.26)
(0.26)		 (28.00)
(28.00)		 (6.50)
(6.50)
Profit Before Tax 152.00
152.00		 42.00
135.00		 0.91
1.22		 296.00
296.00		 59.96
77.95
           
Revenue per Share 433.31p 295.63p 2.63p 620.85p 148.78p
Pre-Tax Profit per Share 37.61p
37.61p		 9.03p
29.03p		 0.20p
0.26p		 63.77p
63.77p		 12.96p
16.85p
Market Capitalisation £ (Millions) 3,151.24 3,451.21 3,615.60 3,091.17 3,419.67
Enterprise Value (EV) £ (Millions) 3,852.24 4,104.21 4,337.60 3,731.17 3,964.67
EBITDA/EV 6.31%
6.31%		 4.07%
6.33%		 0.07%
0.07%		 8.68%
8.68%		 2.44%
2.90%
Operating Margin 8.45%
8.45%		 4.87%
11.64%		 9.58%
12.14%		 11.24%
11.24%		 8.57%
11.18%
Capital Employed £ (Millions) 1,486.00 2,084.00 1,949.00 1,834.00 1,810.00
Return on Capital Employed 11.57%
11.57%		 3.21%
7.68%		 0.06%
0.08%		 17.67%
17.67%		 3.67%
4.67%
Invested Equity Capital £ (Millions) 1,224.00 1,682.00 1,505.00 1,452.00 1,555.00
           
Earnings per Share - Basic 31.30p
25.24p		 5.50p
23.01p		 19.30p
24.34p		 52.80p
52.78p		 39.20p
53.18p
Earnings per Share - Diluted 30.80p
24.79p		 5.50p
22.75p		 19.10p
24.07p		 52.10p
52.06p		 38.60p
52.40p
Earnings per Share - Adjusted 49.30p 24.90p 25.40p 52.80p 52.80p
Earnings per Share Growth - Basic 469%
10%		 -72%
-6%		 -63%
-54%		 35%
-1%		 4,256%
91%
Earnings per Share Growth - Diluted 460%
9%		 -71%
-6%		 -63%
-54%		 35%
-1%		 4,725%
90%
Earnings per Share Growth - Adjusted 98% -2% -52% n/a 64%
PE Ratio - Diluted 25.5
31.6		 133.9
32.4		 40.4
32.1		 12.7
12.7		 18.9
13.9
PEG - Diluted 0.1
3.5		 n/a
n/a		 n/a
n/a		 0.4
n/a		 0.0
0.2
Tax Rate 19.53% 38.10% 1.11% 17.23% 28.10%
Dividend Cover 2.66
1.36		 1.14
1.06		 0.82
0.79		 1.78
1.78		 1.80
1.81
Interest Cover 5.75
5.75		 2.62
6.19		 4.33
5.48		 (58.20)
(58.20)		 8.74
11.06
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 47.00p
40.83p		 50.70p
68.16p		 0.55p
0.60p		 52.80p
52.78p		 9.79p
13.29p
Earnings per Share - Diluted 46.20p
40.11p		 50.20p
67.39p		 0.54p
0.60p		 52.10p
52.06p		 9.64p
13.09p
Earnings per Share - Adjusted 48.90p 56.00p 0.62p 52.80p 13.19p
Earnings per Share Growth - Basic -7%
-40%		 9,133%
11,216%		 -99%
-99%		 439%
297%		 48%
-60%
Earnings per Share Growth - Diluted -8%
-40%		 9,144%
11,213%		 -99%
-99%		 440%
298%		 48%
-60%
Earnings per Share Growth - Adjusted -13% 8,863% -99% 300% -59%
PE Ratio - Diluted 17.0
19.6		 14.7
10.9		 1,421.2
1,295.7		 12.7
12.7		 75.7
55.8
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.0
0.0		 1.6
n/a
Dividend Cover 2.64
2.21		 2.57
3.13		 0.02
0.02		 1.78
1.78		 0.45
0.45
Return on Equity (ROE) 15.52%
13.48%		 14.03%
18.85%		 0.17%
0.19%		 16.87%
16.87%		 2.91%
3.95%
Operating Cash Flow per Share 16.33p 22.15p 79.49p 82.94p 71.34p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 74.98p (55.26p) 0.29p (3.66p) 4.27p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 18.50p 21.80p 30.80p 29.60p 29.40p
Dividend per Share Growth (15.14%) (29.22%) 4.05% 0.68% 5.00%
Dividend Yield 2.4% 3.0% 4.0% 4.5% 4.0%
Shareholders Funds 1,189.00 1,619.00 1,453.00 1,399.00 1,489.00
Net Borrowings £ (Millions) 238.00 569.00 417.00 451.00 312.00
Net Asset Value per Share (inc. Intangibles) 182.38p 288.32p 238.69p 228.13p 247.95p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds inc Intangibles 1,189.00 1,619.00 1,453.00 1,399.00 1,489.00
Net Borrowings £ (Millions) 238.00 569.00 417.00 451.00 312.00
Net Gearing 20.02% 35.15% 28.70% 32.24% 20.95%
Cash & Near Cash 475.00 110.00 371.00 271.00 285.00
Cash 39.95% 6.79% 25.53% 19.37% 19.14%
Gross Borrowings 713.00 679.00 788.00 722.00 597.00
Gross Gearing 59.97% 41.94% 54.23% 51.61% 40.09%
Borrowings Under 5 years 713.00 679.00 788.00 722.00 597.00
Under 5 years 59.97% 41.94% 54.23% 51.61% 40.09%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Shareholders' Funds exc Intangibles 737.00 1,341.00 1,108.00 1,059.00 1,147.00
Net Borrowings £ (Millions) 238.00 569.00 417.00 451.00 312.00
Net Gearing 32.29% 42.43% 37.64% 42.59% 27.20%
Cash & Near Cash 475.00 110.00 371.00 271.00 285.00
Cash 64.45% 8.20% 33.48% 25.59% 24.85%
Gross Borrowings 713.00 679.00 788.00 722.00 597.00
Gross Gearing 96.74% 50.63% 71.12% 68.18% 52.05%
Borrowings Under 5 years 713.00 679.00 788.00 722.00 597.00
Under 5 years 96.74% 50.63% 71.12% 68.18% 52.05%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Mar-23 31-Mar-22 31-Mar-21 31-Mar-20 31-Mar-19
Quick Ratio 1.47 1.07 1.38 1.33 0.97
Current Ratio 2.24 1.90 2.34 2.23 1.61

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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