La Doria

MI: LD

€247.1m market cap

€7.97 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 tough. The seasonal tomato campaign was affected by adverse weather conditions and the trading business decelerated during Q3. Management therefore reduced its outlook for FY18 and FY19. The business plan includes an industrial plan that entails significant investment in the business over the next three years to boost capacity in the higher-margin products and also structurally reduce costs in the longer term. FY18 results are due on 14 March.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 653.1 56.3 37.3 108.8 7.3 3.8
2017A 669.1 60.1 39.7 98.1 8.1 6.2
2018E 689.2 54.8 37.8 88.9 9.0 5.1
2019E 709.8 60.0 41.0 96.4 8.3 5.7
Last updated on 20/03/2019
Industry outlook

La Doria’s strategic objectives, published as part of its four-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 20/03/2019
Sector
Consumer
Share price graph
Balance sheet
Forecast net debt (€m) 122.3
Forecast gearing ratio (%) 48
Price performance
%
1m
3m
12m
Actual (5.8) 0.0 (39.2)
Relative* (10.1) (12.8) (34.7)
52-week high/low €13.1/€7.9
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager

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