Download full report with analyst certification and important disclosures
Apr 13 2026, 07:00 IST/BST
Treatt plc
Model update: 7% PBTE cut as volatile dynamics weigh on earnings
- Sectors : Foods
- Companies : Treatt plc
DAVY VIEW
Ahead of H1-26 results, we are lowering our profit before tax and exceptional items (PBTE) forecasts by c.7% in FY26, FY27 and FY28. This is driven by North American beverage demand and lower citrus related pricing. Our forecasts for FY26 are H2 weighted, with limited visibility despite a robust order pipeline. We update our price target to £2.32 and reiterate our ‘Neutral’ rating. Upside to the investment case is contingent on clear evidence of a sustained inflection in PBTE margins over the medium term.
