Tate & Lyle PLC

TATE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 138.00	Mswkq	Lvrspbxs

Upgrading Tate & Lyle Estimates and Valuation on Continuing Sterling Weakness

Adam Kindreich

Sep 19, 2016

Given the continuing weakness of the British pound sterling against major currencies such as the euro and the U.S. dollar since the U.K.'s EU referendum in June 2016, we are upgrading our earnings forecasts and fair value estimate for Tate & Lyle. Our new fair value estimate is GPX 590 per share, up 7%, but shares remain overvalued at current levels. Our no-moat and stable moat trend ratings are unchanged.

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