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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.€38.5m
Last close€2.75
High / Low (52 weeks)€3.6 / €2.6
Stock market listingIM
Forecast net debt (€m)66.7
Forecast gearing ratio (%)105
TeamConsumer
SectorFood & Drink

Price performance

%1m3m12m
Actual(0.7)(5.2)(19)
Relative *0.68.3(3.4)

* % 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 2.54 108.3 N/A
2019E 186.2 8.8 1.9 8.71 31.6 N/A

Last updated on 21/11/2018

Latest research

Deteriorating consumer environment

Update | Food & Drink | 12/11/2018

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

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

The economic and consumer environment in Italy remains challenging, and CLI's comparatives are tougher as we are now cycling a full year of price increases. The export business remains the stand-out performer, albeit from a low base. Management is continuing to invest in the business to keep it competitive.

Last updated on 29/11/2018

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 29/11/2018

Key management

Luigi Luzzati, Chairman
Vittorio Vaudagnotti, CFO

Company address

Via Filadelfia 220
Turin
10137
Italy
+39 011 3240200
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