Company profile - Treatt feature image - 03072019 - JPG

Treatt

LN: TET

Market Cap£733.8m

Last Close 1225p

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 FY update demonstrated that the strong momentum has continued, with a good performance across multiple categories. Operating margins have benefited from the improved product mix as Treatt continues to move up the value chain and partners with its customers to develop new products. Its technical expertise is being utilised across a growing range of applications, which has led to revenue growth and margin expansion. The UK facility opened in April 2021, machinery is being commissioned and staff is transitioning to the new site. The outlook remains optimistic given the strength of the order book.

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 57.5 46.7
2021A 124.3 24.9 22.7 30.1 40.7 53.0
2022E 131.8 29.0 24.1 32.2 38.0 26.4
2023E 139.7 31.0 26.0 34.3 35.7 27.1
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 & wellness (mainly sugar reduction) are core areas of focus, with the latter undergoing a structural growth trend.

Last updated on 21/01/2022
Content on Treatt
Treatt – Looking ahead to a new level
Consumer | Update | 30 November 2021
Research - Treatt feature image - 03072019 - JPG
Treatt – Positive momentum continues
Consumer | Update | 12 October 2021
Research - Treatt feature image - 03072019 - JPG
Treatt – Sweet upgrades
Consumer | Outlook | 18 May 2021
Research - Treatt feature image - 03072019 - JPG
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Share price graph
Balance sheet
Forecast net cash (£m) 4.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.8 6.1 59.1
Relative* (0.9) 3.2 43.4
52-week high/low 1315.0p/880.0p
*% relative to local index
Key management
Tim Jones Chairman
Daemmon Reeve CEO
Richard Hope CFO