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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.€40.2m
Last close€2.87
High / Low (52 weeks)€4.3 / €2.8
Stock market listingIM
Forecast net debt (€m)67
Forecast gearing ratio (%)106
SectorFood & Drink

Price performance

Relative *(4.2)(6.8)1.1

* % 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 N/A
2018E 184.4 7.8 0.4 1.64 175.0 N/A
2019E 186.2 8.3 1.4 6.43 44.6 N/A

Last updated on 20/06/2018

Latest research

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 continue to drive revenue growth. We should see the effect of this subside during Q218 as we start to cycle a full year of price increases. 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 Turin plant is currently undergoing an upgrade. H1 results will be published on 2 August.

Last updated on 29/06/2018

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 29/06/2018

Key management

Luigi Luzzati, Chairman
Vittorio Vaudagnotti, CFO

Company address

Via Filadelfia 220
+39 011 3240200
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