La Doria

MI: LD

€281.5m market cap

€9.08 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 seasonal campaigns are still ongoing, as are customer negotiations, and these will determine the shape of H219 and more importantly, H120.

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 9.3 8.0
2018A 687.9 52.8 33.1 88.2 10.3 5.8
2019E 690.0 53.0 35.0 82.4 11.0 6.8
2020E 717.6 58.7 39.7 93.5 9.7 6.0
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’. The economic backdrop remains challenging.

Last updated on 11/11/2019
Sector
Consumer
Share price graph
Balance sheet
Forecast net debt (€m) 147.9
Forecast gearing ratio (%) 55
Price performance
%
1m
3m
12m
Actual 5.7 15.7 (12.2)
Relative* (0.1) 0.6 (27.0)
52-week high/low €10.2/€7.5
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager

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