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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. 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.€38.6m
Last close€2.76
High / Low (52 weeks)€3.9 / €2.7
Stock market listingIM
Forecast net debt (€m)66.7
Forecast gearing ratio (%)105
SectorFood & Drink

Price performance

Relative *1.53.6(16.7)

* % 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 0.0 (1.63) N/A N/A
2018E 184.4 8.0 0.5 2.54 108.7 N/A
2019E 186.2 8.8 1.9 8.71 31.7 N/A

Last updated on 23/09/2018

Latest research

Steady progress

Update | Food & Drink | 06/08/2018

Solid performance

Outlook | Food & Drink | 16/05/2018

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


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 have been driving growth. Newer initiatives, such as vegetable-based drinks and the export business continue to witness excellent growth, albeit from a low base. Management is continuing to invest in the business to keep it competitive and the sale of the prepared salads plant should reduce costs going forward.

Last updated on 28/09/2018

Industry outlook

The Italian fresh milk and extended shelf-life market was worth €543m in 2017 (source: IRI Infoscan Hypermarkets + Supermarkets), but is localised, with different players in different regions. The market has stabilised following a few years of contraction as a result of volume declines caused by the economic crisis and a fashion for dairy-free diets. 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 28/09/2018

Key management

Luigi Luzzati, Chairman
Vittorio Vaudagnotti, CFO

Company address

Via Filadelfia 220
+39 011 3240200
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