Treatt has had an outstanding year as the positive trends in its markets continue to play out. We believe the company is building a strong platform for the longer term and the performance continues to improve as the strategy progresses under the stewardship of Daemmon Reeve. Following the pre-close trading update, we upgrade our forecasts by c 10% at the EPS level to reflect the improved outlook. Our DCF-derived fair value increases to 240p (from 204p), which represents c 10% upside.