€307.2m market cap
€9.91 last close
La Doria is the leading manufacturer of private-label preserved vegetables and fruit for the Italian (20% revenues) and international (80%) market. It enjoys leading market share positions across its product ranges in the UK, Italy, Germany and Australia.
Investment summary
The consumer environment remains challenging, but La Doria’s results have been encouraging. The business plan includes an industrial plan that entails significant investment in the business over three years to boost capacity in the higher-margin products and structurally reduce costs in the longer term. This should set the business in good stead to remain competitive in future. The Q3 results demonstrated good volume-driven sales momentum, though margins are coming under some pressure from rising input costs.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 669.1 | 60.1 | 39.7 | 98.1 | 10.1 | 8.7 |
| 2018A | 687.9 | 52.8 | 33.1 | 88.2 | 11.2 | 6.4 |
| 2019E | 690.0 | 53.0 | 35.0 | 82.4 | 12.0 | 7.4 |
| 2020E | 717.6 | 58.7 | 39.7 | 93.5 | 10.6 | 6.6 |
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’. The economic backdrop remains challenging.
Last updated on 20/01/2020
Sector |
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| Consumer |
Share price graph
Balance sheet |
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| Forecast net debt (€m) | 147.9 |
| Forecast gearing ratio (%) | 55 |
Price performance
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12m |
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Key management |
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| Antonio Ferraioli | CEO |
| Alberto Festa | CFO |
| Patrizia Lepere | IR Manager |
