page 1 please read important disclaimer at the end of this document 20 november barclays private clients 02 july 2004 year march turnover bn pre tax profits m eps p e ratio x net div yield 2004a 3 17 251 33 9 8 18 5 7 2005e 14 214 31 10 19 2006e 23 203 35 4 6 0 figures are stated before goodwill amortisation and exceptional items investment conclusion impact higher raw material input costs increased energy prices us dollar weakness that affected last still likely to depress in current thus tate & lyle s erratic earnings record will be maintained for another least rating suffer accordingly until there is more confidence group can sustain a satisfactory level growth shares should not valued on than times expectations gives fair value target 315p which below present share price we initiate coverage with an underperform recommendation risks subject
