La Doria

MI: LD

€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
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Sector
Consumer
Share price graph
Balance sheet
Forecast net debt (€m) 130.3
Forecast gearing ratio (%) 44
Price performance
%
1m
3m
12m
Actual 4.5 3.9 37.8
Relative* (0.1) (11.1) 46.9
52-week high/low €14.2/€6.2
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager

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