Treatt - Edison Group

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Treatt (LSE: TET)

Currency in GBP

Last close As at 25/09/2023

GBP4.99

▲ −8.00 (−1.58%)

Market capitalisation

GBP302m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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, with particular emphasis on the beverage sector.

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.

Latest Insights

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Consumer |
Update

10.05.23

Treatt — A strong start to the year

Consumer |
Update

17.04.23

Treatt — Strong revenue growth, profit in line

Consumer |
Update

30.01.23

Treatt — Back to steady growth

Consumer |
Update

01.12.22

Treatt — Rebuilding confidence

Treatt_resized

Sector

Consumer

Equity Analyst

Associate Analyst, Consumer and Media

Key Management

Daemmon Reeve

CEO
Ryan Govender

CFO
Tim Jones

Chairman

Balance Sheet

Forecast net debt (£m)

12.6

Forecast gearing ratio (%)

9

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(9.9)	(24.9)	(15.6)
Relative	(13.0)	(26.4)	(21.5)
52 week high/low	724.0p/493.0p

Financials

Treatt’s H123 results suggested that the business is back to greater stability and resilience. Momentum is expected to continue into H2, with current sales growth mainly skewed to price as Treatt continues to recover increased costs. Cash management was also strong during H1. Treatt has made substantial investments in both its assets and people over the last few years to support future growth and the investment phase is largely complete. Management remains optimistic despite the dampened macroeconomic environment, as the market for natural and healthy products remains resilient.

Y/E Sep	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2021A	124.3	24.9	22.7	27.1	18.4	22.3
2022A	140.2	19.5	16.5	25.4	19.6	N/A
2023E	154.2	24.3	18.0	21.6	23.1	10.6
2024E	163.5	25.9	20.4	24.2	20.6	13.8

Research

Outlook

Consumer

18.05.21

Treatt — Sweet upgrades

Update

Consumer

12.04.21

Treatt — Another strong update

Consumer

Update

Treatt — Positive momentum continues

Update

Consumer

22.01.21

Treatt — Another Treat(t)

Update

Consumer

24.11.20

Treatt — A strong and resilient performance

Update

Consumer

09.10.20

Treatt — Another solid performance

Outlook

Consumer

26.05.20

Treatt — What crisis?

Update

Consumer

09.04.20

Treatt — Demonstrating its resilience

edison tv

Consumer

20.02.20

Executive interview – Treatt

Update

Consumer

26.11.19

Treatt — Balanced portfolio shines through

Update

Consumer

07.10.19

Treatt — Another good year despite citrus price deflation

Outlook

Consumer

03.07.19

Treatt — Zesty outlook

Update

Consumer

07.05.19

Treatt — A good start to the year

Update

Consumer

05.04.19

Treatt — Another positive half

Update

Consumer

04.12.18

Treatt — A more normal year

Update

Consumer

08.10.18

Treatt — Consolidating gains

Outlook

Consumer

15.05.18

Treatt — Going strong

Update

Consumer

05.04.18

Treatt — Reassuring confidence

Update

Consumer

30.11.17

Treatt — Growth continues apace

Update

Consumer

03.10.17

Treatt — A full year Treat(t)

Update

Consumer

09.05.17

Treatt — A brilliant half

Update

Consumer

07.04.17

Treatt — Another upward surprise

Update

Consumer

27.02.17

Treatt — Update 27 February 2017

Outlook

Consumer

18.01.17

Treatt — Update 18 January 2017

Update

Consumer

30.11.16

Treatt — Update 30 November 2016

Update

Consumer

11.10.16

Treatt — Update 11 October 2016

Update

Consumer

17.05.16

Treatt — Update 17 May 2016

Outlook

Consumer

06.01.16

Treatt — Update 5 January 2016

Further insights

insight

Consumer

19.08.19

Natural Flavourings

Analyst of the week

Russell Pointon

Russell Pointon

Director, Consumer

rpointon@edisongroup.com 020 3077 5700

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