Treatt — Update 27 February 2017

Treatt (LSE: TET)

Last close As at 17/05/2024

420.00

2.00 (0.48%)

Market capitalisation

257m

More on this equity

Research: Consumer

Treatt — Update 27 February 2017

Treatt

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Consumer

Treatt

Keep Treat(t)ing

Trading statement

Food & beverages

27 February 2017

Price

319.00p

Market cap

£166m

Net debt (£m) at 30 September 2016

1.7

Shares in issue

51.9m

Free float

100%

Code

TET

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

27.4

27.1

79.7

Rel (local)

25.4

19.8

47.2

52-week high/low

  319.0p

163.5p

Business description

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

Next events

H117 results

9 May 2017

FY17 results

28 November 2017

Analysts

Sara Welford

+44 (0) 20 3077 5700

Paul Hickman

+44 (0)20 3681 2501

Treatt is a research client of Edison Investment Research Limited

Treatt has yet again beaten expectations by delivering an exceptionally strong start to FY17 despite Q1 typically being a seasonally weak quarter. The success is across the board and has led to a surprise trading statement (23 February). We upgrade our forecasts to reflect the strong sales growth and also the margin improvement as Treatt moves further up the value chain. Our fair value increases to 350p (from 293p) as a result.

Year
end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

09/16

88.0

9.6

14.3

4.4

22.3

1.4

09/17e

99.5

12.5

18.4

5.6

17.3

1.8

09/18e

107.4

13.7

20.1

6.1

15.8

1.9

09/19e

111.7

14.1

20.8

6.3

15.3

2.0

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Strategy continues to deliver

Treatt’s long-term strategy is to deliver consistent, sustainable growth in profit through developing value-added ingredient solutions, coupled with effective cost control. Key to this strategy is improved customer focus and closer relationships, with the ultimate goal of delivering greater profitability by concentrating on the more value-added segments. This goal has been delivered consistently over the past few years, with results often beating expectations. As a result of the trading update, we yet again upgrade our full-year forecasts for 2017-19 to reflect the improved outlook. Our sales forecasts move up c 10%, while PBT and EPS increase by c 20-30%, as Treatt’s move up the value chain should deliver a strong improvement in margins.

Ingredients remain an attractive space

Growth in the ingredients space remains higher than average for the consumer sector as consumers demand cleaner labels and healthier products, but will not compromise on taste; this requires specialist ingredients. Margins are also typically high at the value-added end, as the ingredients deliver key attributes to the end products. Treatt’s ingredient solutions are used both by food ingredients companies in their formulations, and by food and beverages companies directly. Treatt has placed particular emphasis on beverages and is becoming increasingly specialised in this space, with tea a specific area of growth.

Valuation: An attractive ingredients play

Our DCF-derived fair value is 350p (previously 293p), an attractive c 12% upside to the current share price. This is supported by its benchmark valuation, with Treatt trading at 16.7x CY17e P/E and 11.8x CY17e EV/EBITDA. This represents a c 30% and c 23% discount, respectively, to its ingredients peer group. Given our outlook for the business and its strong track record, we believe this level of discount is unwarranted.

Business update

Treatt has witnessed strength across the board. All key product categories have been performing well in H117, with citrus and sugar reduction solutions being particularly successful. The group has also seen strong growth in the personal care space (the Earthoil division). Order books are in very good shape for the rest of FY17 but also looking out to FY18.

Revenue growth has been particularly strong as it is currently estimated to be up over 20% during H117. This comes as a result of both new business wins and growth with existing customers, which is very encouraging. Margins continue to improve as the company moves up the value chain and delivers more enhanced solutions to its customers.

Higher raw material costs and a bulging order book have had an impact on working capital, and hence net debt is now expected to be £10-12m at the end of H117 (vs £8.4m at H116). As a reminder, Treatt typically has a seasonal cash outflow in H1 that then reverses in H2, hence FY17 net debt is still expected to fall significantly vs H117. We forecast net debt of £2.0m at end FY17.

Forecast revisions

We detail our key changes to P&L forecasts in Exhibit 1 below. We have upgraded our FY17 forecasts to reflect the extremely positive start to the year, and we have also increased our forecasts for future years as Treatt is accelerating its move up the value chain, and order books for the remainder of FY17 and for FY18 are materially up. Improved sales growth should lead to operating leverage, and the move towards value-added products should also be beneficial to margins. We have increased our pre-tax profit and EPS forecasts by c 20-30%.

Exhibit 1: P&L forecast changes

EPS (p)*

PBT (£000s)*

Sales (£000s)

Old

New

% chg

Old

New

% chg

Old

New

% chg

2017e

13.7

16.5

21.2%

9,509

11,525

21.2%

92,442

99,485

7.6%

2018e

14.1

18.1

28.7%

9,812

12,629

28.7%

96,140

107,444

11.8%

2019e

14.4

18.8

30.7%

9,998

13,063

30.7%

99,985

111,742

11.8%

Source: Edison Investment Research. Note: *EPS and PBT are stated on a company normalised basis, which is pre-exceptional but after amortisation of acquired intangibles and share-based payments (IFRS).

Valuation update

We illustrate Treatt’s valuation versus its ingredients peer group in Exhibit 2 below. Treatt trades at a significant discount to its peer group on all metrics. Some discount can be applied to reflect its small size and because some of its products are relatively ‘upstream’ in the ingredients spectrum, particularly the bulk ingredients that are sold to other ingredients companies. However, we believe a c 30% discount on P/E and c 23% discount on EV/EBITDA is unwarranted.

Exhibit 2: Benchmark valuation

Market cap (m)

P/E (x)

EV/EBITDA (x)

Dividend yield (%)

2017e

2018e

2017e

2018e

2017e

2018e

Givaudan

CHF16,814

23.6

22.0

15.7

14.7

3.2%

3.5%

IFF

$9,740

21.0

19.4

14.3

13.1

2.1%

2.3%

Symrise

CHF8,048

25.9

23.4

14.6

13.2

1.5%

1.6%

Frutarom

ILS12,153

26.8

21.6

17.2

14.7

0.5%

0.6%

Chr Hansen

DKK55,338

33.7

30.0

21.8

19.7

1.5%

2.0%

Kerry

€12,780

20.9

18.9

14.9

13.4

0.8%

0.9%

Ingredion

$8,659

15.9

14.9

8.9

8.3

1.7%

1.8%

Peer group average

24.0

21.5

15.4

13.9

1.6%

1.8%

Treatt

£161.9

16.7

15.5

11.8

10.7

1.8%

2.0%

Premium/(discount) to peer group (%)

(30.3%

(27.9%)

(23.2%)

(22.6%)

11.2%

7.9%

Source: Bloomberg. Note: Prices at 23 February 2017. Treatt figures are calendarised to aid comparison.

Our DCF-derived fair value is now 350p (previously 293p) following the changes to our model detailed in our earnings section above (namely an increase in short- to medium-term sales forecast and margin assumptions). Our longer-term sales growth forecast remains at 3.5% pa, falling to 2% growth in perpetuity. Our DCF is calculated based on a WACC of 7.5% (encompassing a beta of 0.8, an equity risk premium of 5.0% and a borrowing spread of 5.0%) and a terminal growth rate of 2%.

Sensitivities

Despite 60% of turnover being exposed to the ‘defensive’ beverage sector, Treatt has a couple of key sensitivities, which it seeks to mitigate through the in-depth knowledge and skill base of its buying team and undertaking an active hedging policy where possible:

Commodity exposure: namely citrus oils, which make up c 30% of revenues.

Foreign exchange: translation risk on US dollar profits, which it manages through hedging.

Other points of interest

Relocation of UK business

Treatt has outgrown its current UK manufacturing facilities in Bury St Edmunds and had been exploring options for some time. In May 2015 the company announced its intention to fully relocate the UK business to another site near the existing one. On 22 December 2016, Treatt announced it had conditionally exchanged contracts on a 10 acre plot of land. The purchase is conditional upon the vendor obtaining outline planning permission, so the exact timing is unknown, but is likely to be later during CY17. The new facility will be purpose-built, with upgraded machinery and the latest technology. Construction is expected to begin in 2018, with the site up and running by late 2019.

FX

Although there have been sharp movements in FX, particularly with sterling devaluation following the EU referendum in the UK, Treatt has a number of hedging strategies in place, including using debt aligned with its business exposure. These mitigate the volatility and adverse movement in currency, particularly at the profit level. The underlying impact of the strengthening US dollar reduced profits by £0.5m in FY16, and the hedging policies should substantially reverse this figure in H117.

Exhibit 3: Financial summary

£000s

2014

2015

2016

2017e

2018e

2019e

Year end 30 September

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

79,189

85,934

88,040

99,485

107,444

111,742

Cost of Sales

(61,218)

(66,955)

(67,639)

(75,338)

(81,042)

(84,061)

Gross Profit

17,971

18,979

20,401

24,147

26,402

27,681

EBITDA

 

 

9,068

10,307

11,604

14,692

16,297

17,273

Operating Profit (before amort., except and sbp.)

 

 

7,846

9,063

10,257

13,034

14,506

15,410

Intangible Amortisation

(172)

(175)

(142)

(160)

(160)

(160)

Share based payments

(46)

(198)

(566)

(790)

(866)

(896)

Other

0

0

0

0

0

0

Operating Profit

7,628

8,690

9,549

12,084

13,480

14,355

Net Interest

(724)

(740)

(703)

(559)

(851)

(1,291)

Exceptionals

(1,402)

(174)

(553)

0

0

0

Profit Before Tax (norm)

 

 

7,122

8,323

9,554

12,475

13,655

14,119

Profit Before Tax (FRS 3)

 

 

5,502

7,776

8,293

11,525

12,629

13,063

Profit Before Tax (company)

 

 

6,904

7,950

8,846

11,525

12,629

13,063

Tax

(1,553)

(1,786)

(2,144)

(2,939)

(3,220)

(3,331)

Profit After Tax (norm)

5,326

6,537

7,410

9,536

10,434

10,788

Profit After Tax (FRS 3)

3,949

5,990

6,149

8,586

9,408

9,732

Average Number of Shares Outstanding (m)

51.3

51.5

51.9

51.9

51.9

51.9

EPS - normalised (p)

 

 

10.4

12.7

14.3

18.4

20.1

20.8

EPS - normalised & fully diluted (p)

 

 

10.3

12.6

14.1

18.1

19.8

20.5

EPS - (IFRS) (p)

 

 

7.7

11.6

11.8

16.5

18.1

18.8

Dividend per share (p)

3.8

4.0

4.4

5.6

6.1

6.3

Gross Margin (%)

22.7

22.1

23.2

24.3

24.6

24.8

EBITDA Margin (%)

11.5

12.0

13.2

14.8

15.2

15.5

Operating Margin (before GW and except.) (%)

9.9

10.5

11.7

13.1

13.5

13.8

BALANCE SHEET

Fixed Assets

 

 

13,777

13,381

16,161

22,335

39,996

43,150

Intangible Assets

1,801

1,736

3,364

3,204

3,044

2,884

Tangible Assets

10,994

10,998

11,361

17,695

35,516

38,830

Investments

982

647

1,436

1,436

1,436

1,436

Current Assets

 

 

43,590

45,045

54,435

51,081

53,515

54,407

Stocks

28,020

25,799

29,990

30,904

32,302

32,477

Debtors

14,509

17,635

17,853

19,676

20,713

21,430

Cash

629

1,477

6,588

500

500

500

Other

432

134

4

0

0

0

Current Liabilities

 

 

(16,005)

(13,481)

(16,388)

(17,660)

(26,706)

(24,799)

Creditors

(12,729)

(12,675)

(15,834)

(16,383)

(17,693)

(18,401)

Short term borrowings

(2,356)

(567)

(487)

(1,277)

(9,012)

(6,398)

Provisions

(920)

(239)

(67)

0

0

0

Long Term Liabilities

 

 

(12,602)

(11,760)

(17,021)

(9,951)

(13,618)

(12,111)

Long term borrowings

(7,857)

(7,065)

(7,755)

(639)

(4,506)

(3,199)

Other long term liabilities

(4,745)

(4,695)

(9,266)

(9,312)

(9,112)

(8,912)

Net Assets

 

 

28,760

33,185

37,187

45,805

53,188

60,647

CASH FLOW

Operating Cash Flow

 

 

3,528

8,667

10,804

13,986

14,973

16,889

Net Interest

(724)

(740)

(703)

(559)

(851)

(1,291)

Tax

(1,552)

(1,469)

(2,022)

(2,939)

(3,220)

(3,331)

Capex

(538)

(924)

(679)

(7,992)

(19,612)

(5,176)

Acquisitions/disposals

(208)

(103)

(861)

0

0

0

Financing

105

147

280

0

0

0

Dividends

(1,899)

(1,978)

(2,095)

(2,257)

(2,892)

(3,169)

Net Cash Flow

(1,288)

3,600

4,724

238

(11,603)

3,921

Opening net debt/(cash)

 

 

8,294

9,584

6,155

1,654

1,416

13,019

HP finance leases initiated

0

0

0

0

0

0

Other

(2)

(171)

(223)

(0)

0

0

Closing net debt/(cash)

 

 

9,584

6,155

1,654

1,416

13,019

9,097

Source: Edison Investment Research, Treatt data

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Treatt and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Treatt and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Greggs — Encouraging start to FY24

Consumer

Tortilla Mexican Grill — Cracking on

Consumer

Hostelworld Group — Backpacking them in

Research: Healthcare

Hutchison China MediTech — Update 27 February 2017

Hutchison China MediTech

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