€416.6m market cap
€13.44 last close
La Doria is the leading manufacturer of private-label preserved vegetables and fruit for the Italian (18% FY19 revenues) and international (82%) market. It has leading market share positions across its product ranges in the UK, Italy, Germany and Australia.
Investment summary
The COVID-19 pandemic has increased demand as consumers eat more meals at home. The ongoing industrial plan is boosting capacity in the higher-margin products and structurally reducing costs in the longer term. The past three quarters have benefitted significantly from increased home consumption, and we expect the trend to continue for the rest of FY20. We believe there will also be a structural increase in home consumption once restrictions are lifted, as more flexible working arrangements will continue. The commercial landscape is currently favourable, with high demand levels owing to the pandemic. We therefore expect FY21 profitability to improve, with increased pricing and a more positive industry backdrop.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 687.9 | 52.8 | 33.1 | 88.2 | 15.2 | 8.6 |
| 2019A | 717.7 | 56.0 | 32.7 | 64.0 | 21.0 | 10.8 |
| 2020E | 839.7 | 72.3 | 53.8 | 133.5 | 10.1 | 7.6 |
| 2021E | 814.5 | 72.5 | 52.0 | 129.2 | 10.4 | 7.3 |
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 21/01/2021
Sector |
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| Consumer |
Share price graph
Balance sheet |
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| Forecast net debt (€m) | 130.3 |
| Forecast gearing ratio (%) | 44 |
Price performance
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Key management |
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| Antonio Ferraioli | CEO |
| Alberto Festa | CFO |
| Patrizia Lepere | IR Manager |
