La Doria

MI: LD

Market Cap€538.8m

Last Close €17.38

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.

More La Doria content >

Investment summary

FY20 benefitted significantly from increased at-home consumption caused by the pandemic 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 – albeit lower volumes – and a more positive industry backdrop. Q1 results confirmed this and the board maintained its outlook.

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 27.2 13.9
2020A 848.1 83.1 63.3 182.8 9.5 9.8
2021E 805.7 83.8 61.8 153.5 11.3 7.8
2022E 813.8 89.5 66.5 164.1 10.6 7.6
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’.

Last updated on 23/07/2021
Content on La Doria
La Doria – Looking ahead with confidence
Consumer | Outlook | 27 May 2021
agriculture-blur-carrots-196643
La Doria – Storming ahead
Consumer | Update | 22 March 2021
agriculture-blur-carrots-196643
La Doria – Pandemic windfall
Consumer | Update | 23 November 2020
agriculture-blur-carrots-196643
View more
Register to receive research on La Doria as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 100.8
Forecast gearing ratio (%) 30
Price performance
%
1m
3m
12m
Actual (3.9) (0.1) 59.2
Relative* (1.9) (2.1) 30.9
52-week high/low €19.5/€10.5
*% relative to local index
Key management
Antonio Ferraioli CEO
Alberto Festa CFO
Patrizia Lepere IR Manager