La Doria

MI: LD

€559.2m market cap

€18.04 last close

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.

Investment summary

The COVID-19 pandemic has increased demand as consumers eat more meals at home. The industrial plan has boosted capacity in the higher-margin products and structurally reduced costs in the longer term. FY20 benefitted significantly from increased at-home consumption and we expect volumes to normalise in FY21. That said, we believe there will 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, and low industry stocks. We therefore expect FY21 profitability to remain high, 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)
2019A 717.7 56.0 32.7 64.0 28.2 14.5
2020A 848.1 83.1 63.3 182.8 9.9 10.2
2021E 805.7 83.8 61.8 153.5 11.8 8.1
2022E 813.8 89.5 66.5 164.1 11.0 7.9
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 13/04/2021
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Sector
Consumer
Share price graph
Balance sheet
Forecast net debt (€m) 100.8
Forecast gearing ratio (%) 30
Price performance
%
1m
3m
12m
Actual 23.6 33.2 105.5
Relative* 20.7 22.9 47.0
52-week high/low €18.2/€9.4
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager

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