A strong start to H114 follows on from Treatt's encouraging acceleration in performance reported in H213, and gives early credibility to management's long-term strategic ambitions. While not guiding consensus numbers up at this stage, with a P/E and EV/EBITDA at a 32% and 27% discount to its peer group respectively for CY14, and a 28% and 27% discount respectively for CY15, we think the share price continues to look attractive. At an EGM on 15 May a 5 for 1 stock split was approved by the board, with affect from 19 May.

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