TATE

Tate & Lyle PLC

Food, Beverage and Tobacco First-pass screen £1.6bn

380/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 55

Valuation 25% 30

Downside protection 15% 45

First-pass take

Defensive food-ingredient compounder with strong margin expansion (EBITDA +170bps pro forma, +350bps 5yr) and robust FCF (£190m, 82% conversion). However, not AI-exposed, lacks valuation data, carries 2.2x post-acquisition leverage, and faces tariff headwinds. Misaligned with AI-focused strategy.

Flags

no-valuation-datanot-ai-beneficiaryacquisition-integration-ongoingtariff-exposuredefensive