Company profile - Treatt feature image - 03072019 - JPG

Treatt

LN: TET

Market Cap£455m

Last Close 759p

Treatt provides innovative ingredient solutions from its manufacturing bases in Europe and North America, principally for the flavours and fragrance industries and multinational consumer goods companies, particularly in the beverage sector.

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Investment summary

Treatt’s FY22 results demonstrated that the strong momentum has continued across multiple categories. As expected, FY22 has returned to more normal seasonality, and hence both margins and profits will be materially H2-weighted. The outlook remains optimistic given the strength of the order book, with significantly stronger margins expected in H2. A Capital Markets Day is taking place on 27 May 2022.

Y/E Sep
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 109.0 17.9 15.8 21.3 35.6 29.0
2021A 124.3 24.9 22.7 30.1 25.2 32.8
2022E 143.0 29.0 24.0 32.1 23.6 26.0
2023E 151.6 31.0 25.9 34.2 22.2 17.2
Industry outlook

Treatt has migrated its business from that of a pure supplier to the food and beverage industries to being a valued partner in the development of new ingredients. Citrus, tea, fruit and vegetable flavours, and health and wellness (mainly sugar reduction) are core areas of focus, with the latter undergoing a structural growth trend.

Last updated on 30/06/2022
Content on Treatt
Treatt – Upgrading revenue forecasts
Consumer | research Update | 12 May 2022
Research - Treatt feature image - 03072019 - JPG
Treatt – Reverting to a normal split
Consumer | research Update | 11 April 2022
Research - Treatt feature image - 03072019 - JPG
Treatt – Strong start
Consumer | research Update | 28 January 2022
Research - Treatt feature image - 03072019 - JPG
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Share price graph
Balance sheet
Forecast net debt (£m) 8
Forecast gearing ratio (%) 7
Price performance
%
1m
3m
12m
Actual (13.4) (33.1) (35.1)
Relative* (7.6) (28.9) (33.9)
52-week high/low 1315.0p/726.0p
*% relative to local index
Key management
Tim Jones Chairman
Daemmon Reeve CEO
Richard Hope CFO
Ryan Govender CFO