La Doria (LD)

Business description

La Doria is the leading manufacturer of private-label preserved vegetables and fruit for the Italian (20% revenues) and international (80% revenues) market. It enjoys leading market share positions across its product ranges in the UK, Italy, Germany and Australia.

Stock data

Market cap.€334.8m
Last close€10.80
High / Low (52 weeks)€11.9 / €7.1
Stock market listingMI
Forecast net debt (€m)95.1
Forecast gearing ratio (%)41
TeamConsumer
SectorFood & Drink

Price performance

%1m3m12m
Actual(2.7)19.1(9.6)
Relative *(0.7)12.1(26)

* % Relative to local index

Other companies in sector Show

Company news

Australia slaps anti-dumping duties on canned Italian tomatoes

Thu, 11 Feb 2016 09:00:00 GMT

Stop Thinking About Banca Monte Dei Paschi, Italy Has More

Fri, 13 Jan 2017 19:07:30 GMT

BRIEF-La Doria Q1 net profit down at EUR 5.2 million

Fri, 12 May 2017 16:05:03 GMT

Australian govt suspects Italian tomato exporters of dumping

Mon, 04 Nov 2013 22:07:20 GMT

Slain Quincy College professor 'wanted others to succeed'

Sun, 08 May 2016 16:12:47 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 748.3 77.6 57.4 144.6 7.5 5.8
2016A 653.1 56.3 37.3 108.8 9.9 5.1
2017E 643.3 47.7 32.7 78.1 13.8 9.2
2018E 681.9 58.1 42.1 99.1 10.9 8.5

Last updated on 07/06/2017

Latest research

As expected

Outlook | Food & Drink | 07/06/2017

Recovery expected from H2

Update | Food & Drink | 20/03/2017

A tough environment

Update | Food & Drink | 21/11/2016

A challenging environment

Update | Food & Drink | 05/10/2016

Weathering the storm

Outlook | Food & Drink | 31/05/2016

Another strong year

Update | Food & Drink | 02/03/2016

Another strong quarter

Update | Food & Drink | 20/11/2015

Acquisition bearing fruit

Update | Food & Drink | 22/09/2015

A winning combination

Outlook | Food & Drink | 29/05/2015

Daily comment

Institutional Comment | Food & Drink | 09/03/2015

Continuing to beat expectations

Update | Food & Drink | 09/03/2015

Daily comment

Institutional Comment | Food & Drink | 11/12/2014

Investment summary

Following tough tomato campaigns in 2015 and 2016, La Doria management has delivered another quarter of results in line with expectations. The overarching strategy of shifting the production mix towards non-seasonal, value-added products with higher operating margins and lower volatility remains in place, and some recovery should come through from Q4 this year. The shares continue to trade at a significant P/E discount to their peers, and our DCF value of €12.49 (from €12.59) suggests 16% upside to the share price.

Last updated on 07/06/2017

Industry outlook

La Doria's strategic objectives, published as part of the updated three-year plan, remain broadly unchanged: the main 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, sterling devaluation is not helpful and the 2016 tomato campaign was tough.

Last updated on 01/06/2017

Key management

Antonio Ferraioli, CEO
Alberto Festa, CFO
Patrizia Lepere, IR Manager

Company address

Via Nazionale
320 ANGRI
84012
Italy
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