La Doria

MI: LD

Market Cap€520m

Last Close €16.78

La Doria is the leading manufacturer of private-label preserved vegetables and fruit for the Italian (17% of revenues) and international (83%) market. It enjoys leading market share positions across its product ranges in the UK, Italy, Germany and Australia.

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Investment summary

La Doria has confirmed the shareholders subject to the shareholders’ agreement, who hold 63% of the issued share capital, are in negotiations with Investindustrial Holdings, a private equity investor. The proposed agreement would include the transfer of the entire 63% holding to an Investindustrial Group company at a price of €16.50 per share and the subsequent launch of a public tender offer for the rest of La Doria’s outstanding shares, also at €16.50 per share. A number of the selling shareholders, including CEO Antonio Ferraioli, will continue to be involved in managing La Doria once the transaction has completed. Investindustrial has been granted a period of exclusivity until 20 October to complete its due diligence.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 717.7 56.0 32.7 64.5 26.0 13.4
2020A 848.1 83.1 63.3 185.5 9.0 9.4
2021E 814.2 84.7 62.7 157.9 10.6 7.7
2022E 814.2 89.6 66.6 166.6 10.1 7.0
Industry outlook

La Doria’s strategic objectives, published as part of its three-year plan, are broadly unchanged: the priority is to expand the higher margin and less volatile parts of the business to reduce the dependence on the more unpredictable ‘red line’.

Last updated on 20/10/2021
Content on La Doria
La Doria – Takeover likely
Consumer | Flash note | 28 September 2021
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La Doria – Another strong quarter
Consumer | Update | 16 September 2021
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La Doria – Looking ahead with confidence
Consumer | Outlook | 27 May 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 102.4
Forecast gearing ratio (%) 30
Price performance
%
1m
3m
12m
Actual (1.6) (3.0) 26.7
Relative* (7.1) (12.1) (7.7)
52-week high/low €19.5/€12.1
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager