Tate & Lyle PLC

TATE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 371.00	Zznmlcc	Sxlnwnn

Tate & Lyle: Upbeat Tone to Third-Quarter Trading Statement

Adam Kindreich

Feb 9, 2017

Tate & Lyle, the starch and sweetener ingredients manufacturer, reported an upbeat trading performance in the third quarter ended December 2016. Trends were little changed from the first half, with bulk ingredients doing well, offset by a more challenged speciality business. We maintain our no-moat rating and our GBX 680 fair value estimate, with the shares offering poor value at current levels.

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