Tate & Lyle PLC

TATE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 322.00	Bqwdtk	Nrxmlrcll

Tate & Lyle's Start to Year is Mixed

Adam Kindreich

Jul 21, 2016

Tate & Lyle, or T&L, had a mixed start to the year, during the first three months to end June. The company didn't divulge precise figures, but bulk ingredients' profitability is up strongly, while speciality ingredients' profitability, typically a far higher margin than bulk, is up, but not strongly. This is a reversal of the long-term trends we would expect to see, but are mostly the result of one-off factors. We maintain our no-moat and stable moat trend ratings and our fair value estimate is unchanged at 550 GBX.

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