Tate & Lyle PLC Cranswick plc

   200

9201

0 2011201

2201

3200

9 2010 2011 2012201

3

Profitability

Operating Margin% 7.06 8.88 10.8

811 10.7 11 4.2 7.8 10.8 9.7

Profit Margin % 5.77 6.79 9.3 10.1 9.83 6.77 1.12 3.87 6.69 6.23

ROE% 13.5 22.3 16.4

117.3 20 17.9 2.68 9.24 20.39 18.9

ROCE% 9.86 10.4 14.5

317.2 18.5 10.6 0.87 4.2 9.19 8.98

Financial Health

Interest Cover x 4.66 4.13 6.5 10.8 11.7 10.4 4.48 5.04 8.32 8.81

Quick Ratio r 0.98 1.25 1.39 1.24 1.44 0.85 1.09 1.16 1.34 1.55

Current Ratio r 1.36 1.72 1.93 1.91 2.31 1.51 1.85 1.97 2.27 2.53

Growth

Norm EPS Growth % 13.8 48 -25.2 15.8 13.3 35.9 -84.7 307.4 141.8 2.82

CAPEX PS p 49.5 14.2 7.15 27.5 28.2 5.78 3.98 3.64 4.23 4.56

Table 1: Accounting ratios for Tate & Lyle PLC and competitor

Ratios are analyzed based on data collected from Annual reports (CRANSWICK, 2013 & Tate & Lyle, 2013)

Table 2: The horizontal trends for Tate & Lyle PLC and competitor: Income Statement

  2010 2011 2012 2013

Tate & Lyle PLC  

Revenue -28.7 7.4 13.5 5.4  Operating Profit (reported) -126.8 788.6 33.3 -16.8

 

Pre-tax Profit -202.7 311.2 54.7 -18.5  

Profit After Tax -122.3 1033.3 56.6 -15.3  

Cranswick plc  

Revenue -6.9 18.9 42.4 10.4  

Operating Profit -64.7 121.6 97.9 -0.4  

Pre-tax Profit -71.6 139.1 115.6 1.3  

Profit After Tax -84.6 312.2 146.2 2.9  

Data for Tate & Lyle are in thousand GBP and for Cranswick are in thousand USD collected from annual report (CRANSWICK, 2013 & Tate & Lyle, 2013)

Table 3: The horizontal trends for Tate & Lyle PLC and competitor: Position Statement

  2010 2011 2012 2013

Tate & Lyle PLC  Total Non Current Assets -14 -20 13 -12

Stock -24 11 -1 13

Debtors -41 -26 6 16

Cash and Securities 3 21 -36 -8

Total Current Assets -22 5 -17 6

Total Assets -18 -7 -5 -4

Current -38 -4 -20 -13

Non-Current -1 -21 -5 -1

Total Liability -18 -15 -11 -5

Equity -16 14 9 -2

Total Liabilities and Equity -18 -7 -5 -4

Cranswick plc  Total Non Current Assets 0 74 -3 1Stock -13 72 13 8Debtors -30 67 14 -3Cash and Securities 64 73 33 57Total Current Assets -19 68 20 12Total Assets -8 72 5 5Current -34 58 4 1Non-Current -27 212 4 -3Total Liability -30 144 4 -2Equity 21 18 6 16Total Liabilities and Equity -8 72 5 5

Data for Tate & lyle are in thousand GBP and for Cranswick are in thousand USD collected from annual report (CRANSWICK, 2013 & Tate & Lyle, 2013)

2009 2010 2011 2012 2013 2009 2010 2011 2012 20130

5

10

15

20

25

Operating Margin % Profit Margin %ROE % ROCE %

2009 2010 2011 2012 2013 2009 2010 2011 2012 20130

2

4

6

8

10

12

14

Interest Cover x Quick Ratio r Current Ratio r

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

-150

-100

-50

0

50

100

150

200

250

300

350

Norm EPS Growth % CAPEX PS p

2010 2011 2012 2013

-40.0-30.0-20.0-10.00.0

10.020.030.040.050.0

-28.7

7.413.5

5.4

Tate & Lyle PLC  Cranswick plc

2010 2011 2012 2013-200.0

0.0

200.0

400.0

600.0

800.0

1000.0

Tate & Lyle PLC  Cranswick plc

2010 2011 2012 2013

-40

-20

0

20

40

60

80

Total Assets Total Assets

2010 2011 2012 2013

-40

-20

0

20

40

60

80

Tate & Lyle PLC  Cranswick plc

PER (E)

Dividend Yield (E)

Price Earning Growth (E)

Return o

n Capital Emp

loyed

Opera

ting M

argin

EPS G

rowth (E)

EV/EB

ITDA

Net Gearing

Net Tangible Asset Value Per Share

Price to Tangible Book Value

Price/Cash

 Flow

Price/Sa

les-50

0

50

100

150

200

Tate &Lyle Market Sector

  Tate &LyleSecto

rMarke

tPER (E) 13.17 18.84 14.59Dividend Yield (E) 3.67 2.98 3.76Price Earning Growth (E) 3.8 3.7 1.04Return on Capital Employed 18.52 46.23 27.16Operating Margin 10.72 11.52 24.06EPS Growth (E) 3.46 5.15 8.99EV/EBITDA 9.21 7.43 19.15Net Gearing 49.71 37.24 30.73Net Tangible Asset Value Per Share 142.5 1.02 1.84Price to Tangible Book Value 5.47 -6.1 -0.53Price/Cash Flow 14.36 13.74 -39.02Price/Sales 1.11 1.51 2.81

Data for Tate & lyle are in thousand GBP and for Cranswick are in thousand USD collected from annual report (CRANSWICK, 2013 & Tate & Lyle, 2013)

  2009 2010 2011201

2201

3Tate & Lyle PLC

Revenue3,55

3 2,5332,72

03,08

83,25

6Operating Profit (reported) 164 -44 303 404 336Pre-tax Profit 113 -116 245 379 309Profit After Tax 94 -21 196 307 260

Cranswick plc

Revenue3,94

4 3,6724,36

76,21

96,86

8Operating Profit 434 153 339 671 668Pre-tax Profit 405 115 275 593 601Profit After Tax 267 41 169 416 428

 200

9201

0201

1201

2201

3Tate & Lyle PLC

Total Non Current Assets2,070

1,779

1,425

1,617

1,425

Stock 538 409 454 450 510Debtors 729 428 316 335 387Cash and Securities 634 654 789 504 465

Total Current Assets1,901

1,491

1,559

1,289

1,362

Total Assets3,999

3,288

3,051

2,906

2,787

Current1,417

878 841 676 590

Non-Current1,569

1,556

1,237

1,172

1,161

Total2,986

2,434

2,078

1,848

1,751

Equity1,013

854 973 1,058

1,036

Total Liabilities and Equity

3,999

3,288

3,051

2,906

2,787

Cranswick plc

Total Non Current Assets1,910

1,907

3,318

3,215

3,232

Stock 454 394 678 769 834Debtors 627 440 735 837 814Cash and Securities 107 175 302 401 628

Total Current Assets1,297

1,045

1,753

2,102

2,360

Total Assets3,207

2,952

5,071

5,317

5,592

Current 859 565 891 926 933

Non-Current 964 7062,204

2,287

2,222

Total1,823

1,271

3,095

3,213

3,155

Equity1,384

1,681

1,976

2,104

2,437

Total Liabilities and Equity

3,207

2,952

5,071

5,317

5,592

Income Statement Position Statement