Centrale del Latte d'Italia (CLI)

Business description

Centrale del Latte d'Italia produces and distributes fresh and long-life milk (UHT and ESL), and dairy products such as cream, yoghurt and cheese. It has a leading position in milk in the Piedmont region of northern Italy, and it has expanded to the Veneto, Liguria and Tuscany regions.

Stock data

Market cap.€47.6m
Last close€3.40
High / Low (52 weeks)€4.3 / €2.8
Stock market listingIM
Forecast net debt (€m)67.8
Forecast gearing ratio (%)109
TeamConsumer
SectorFood & Drink

Price performance

%1m3m12m
Actual5.9(4.5)19.8
Relative *(0.9)(4.2)(0.1)

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 119.8 2.9 (2.1) (19.57) N/A N/A
2017A 187.5 7.2 (0.1) (2.21) N/A 5.6
2018E 184.4 7.8 0.3 1.54 220.8 6.0
2019E 186.2 8.3 1.4 6.30 54.0 6.0

Last updated on 21/03/2018

Latest research

Sales improvement

Update | Food & Drink | 19/03/2018

Recovery continues

Update | Food & Drink | 15/11/2017

Strong revenue growth

Update | Food & Drink | 09/08/2017

Steady

Outlook | Food & Drink | 22/06/2017

Integration progressing

Update | Food & Drink | 09/03/2017

Integration proceeding to plan

Update | Food & Drink | 18/11/2016

CLI emerges

Update | Food & Drink | 11/10/2016

Challenging backdrop

Update | Food & Drink | 05/08/2016

Doubling up

Initiation | Food & Drink | 13/07/2016

Investment summary

Price increases implemented during Q217 were successful and continue to drive revenue growth. Newer initiatives, such as vegetable-based drinks and the export business continue to generate good growth. Now that the CLF business has been owned for a full year, revenue synergies are coming through and there has been scope for some cost efficiencies.

Last updated on 06/04/2018

Industry outlook

The Italian fresh milk and extended shelf-life market was worth €574m in 2015 (source: IRI Infoscan Hypermarkets + Supermarkets), but is very localised, with different players in different regions. The market has contracted over the last few years, mainly as a result of volume declines caused by the economic crisis and a fashion for dairy-free diets, although there are now initial signs of stabilisation. CLI has been gaining share in the regions in which it operates and the Mukki brand acquired through CLF presents interesting opportunities for expansion.

Last updated on 06/04/2018

Key management

Luigi Luzzati, Chairman
Vittorio Vaudagnotti, CFO

Company address

Via Filadelfia 220
Turin
10137
Italy
+39 011 3240200
View website