Report
Adam Kindreich, CFA
EUR 147.86 For Business Accounts Only

Tate & Lyle is moving up the value chain in sweetener ingredients.

Tate & Lyle, or T&L, had a mixed start to the year, during the first three months to end June. The company didn't divulge precise figures, but bulk ingredients' profitability is up strongly, while speciality ingredients' profitability, typically a far higher margin than bulk, is up, but not strongly. This is a reversal of the long-term trends we would expect to see, but are mostly the result of one-off factors. We maintain our no-moat and stable moat trend ratings and our fair value esti...
Underlying
TATE & LYLE PUBLIC LIMITED COMPANY

Tate & Lyle and its subsidiaries are engaged in providing ingredients and solutions to the food, beverage and other industries. Co. has two segments: Specialty Food Ingredients (SFI) and Bulk Ingredients (BI). The SFI segment develops ingredients and solutions for customers globally for food and drink. Co. focuses on three areas of this market: texturants, sweeteners, and health and wellness. The BI segment provides food ingredients and industrial products primarily for customers in the North American market. The main product lines include: bulk sweeteners, industrial starches, acidulants, and commodities.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Adam Kindreich, CFA

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