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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.€326.7m
Last close€10.54
High / Low (52 weeks)€17.5 / €10.3
Stock market listingMI
Forecast net debt (€m)119.8
Forecast gearing ratio (%)46
TeamConsumer
SectorFood & Drink

Price performance

%1m3m12m
Actual(5.9)(10.7)(1.5)
Relative *(5)(4.5)(3.5)

* % 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)
2016A 653.1 56.3 37.3 108.8 9.7 5.0
2017A 669.1 60.1 39.7 98.1 10.7 8.2
2018E 689.2 59.2 42.2 99.3 10.6 6.3
2019E 709.8 64.5 45.5 107.1 9.8 7.0

Last updated on 21/06/2018

Latest research

Strength in a tough environment

Outlook | Food & Drink | 29/05/2018

Investing for the future

Update | Food & Drink | 03/04/2018

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

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 updated business plan includes an industrial plan which entails significant investment in the business over the next three years in order to boost capacity in the higher margin products, and also structurally reduce costs in the longer term. The main catalyst in the shorter term will be the result of the 2018 fruit and vegetable campaigns, which will become apparent with the Q2 results in September.

Last updated on 29/06/2018

Industry outlook

La Doria's strategic objectives, published as part of its four-year plan, are broadly unchanged: the 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.

Last updated on 29/06/2018

Key management

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

Company address

Via Nazionale
320 ANGRI
84012
Italy
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