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 and Italy.

Stock data

Market cap.€502.2m
Last close€16.20
High / Low (52 weeks)€17.5 / €8.3
Stock market listingMI
Forecast net debt (€m)98.6
Forecast gearing ratio (%)42
TeamConsumer
SectorFood & Drink

Price performance

%1m3m12m
Actual(4.7)(5.2)76.1
Relative *(9.5)(9.9)43.0

* % Relative to local index

Other companies in sector Show

Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 748.3 77.6 57.4 144.6 11.2 8.6
2016A 653.1 56.3 37.3 108.8 14.9 7.6
2017E 666.2 52.8 37.8 90.1 18.0 14.9
2018E 696.2 60.7 44.7 105.3 15.4 11.6

Last updated on 12/12/2017

Latest research

Recovery coming through

Update | Food & Drink | 20/11/2017

A good summer

Update | Food & Drink | 27/09/2017

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

Investment summary

La Doria's overarching objective is to reduce the volatility of the business and improve visibility. The UK is La Doria's biggest market by some margin (c 50% of sales) and sterling weakness has affected results. The 2017 tomato processing campaign was positive, thanks to ongoing sector destocking and lower tomato production, and vegetable harvests were positive. A recovery is therefore starting to come through, which we expect will continue into FY18.

Last updated on 13/12/2017

Industry outlook

La Doria's strategic objectives, published as part of its three-year plan, are 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 is easing somewhat, sterling weakness is not helpful, but the 2017 tomato campaign and vegetable harvests were benign, as expected.

Last updated on 13/12/2017

Key management

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

Company address

Via Nazionale
320 ANGRI
84012
Italy
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