Specialty food ingredients manufacturer Tate & Lyle continues to transform itself, a process which has been on-going since its mid-20th century role as one of Britain's main sugar refiners, having recently invested in a new innovation centre in the US Midwest - in Chicago - and launching a drive into emerging markets. As well, it has been streamlining its back-office functions, de-risked some of its future pension liabilities and made material capital investments in IT (50% than had been expected). It will not be plain sailing, and the company is still subject to corn price volatility. Nevertheless, the firm believes that the platform for growth has been established, and the extra investment indicates that it has identified greater opportunities and savings from its early implementation. Furthermore, the valuation looks undemanding, says The Times's Tempus. Tate&Lyle's transformation from a bulk ingredients outfit to a specialty ingredients manufacturer continues apace, as was evident in yesterday's earnings report from the company. Thus, going forward, the exposure to volatility in corn prices, which negatively impacts on its bulk segment should decrease. As well, the company has a strong balance sheet and corn prices are expected to moderate this year. That ought to free up cash flow as a result of lower working capital requirements due to the reduced need to stock inventories in anticipation of price rises. That will allow for both greater organic growth as well as through acquisitions. Still, the share price's strong run over the last three years has pushed its 'forward' earnings per share (EPS) ratio to 14 times expected earnings, such that its premium over US rival Ingredion is now at a historical high. That looks sweet enough for now, says the Financial Time's Lex column. Yesterday's ghastly first quarter update from do-it-yourself retailer Kingfisher was greeted by markets with a large rise in its share price. It would thus seem that investors do believe the company's figures purportedly showing how the poor weather gouged its bottom line. Operating profit slumped 28% to £114m, whereas analysts had been expecting a figure closer to £140m. That comes as analysts are now forecasting that the company's earnings will hit bottom this year, with earnings per share expected to rise by 7% in 2014 and 12% in 2015. Indeed, the stock is trading at a forward price to earnings ratio (PER) of 9.1, a discount to competitors. However, "given the market backdrop and weak consumer confidence in its major markets," the Daily Telegraph's Questor team keeps a hold.Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.AB