Edison Investment Research - Centrale del latte di Italia (CLI) Centrale del Latte dItalia - Steady progress

Report

Edison Investment Research

Sara Welford

Centrale del Latte d'Italia - Steady progress

Despite the continued challenging consumer environment in Italy and across Western Europe during H118, Centrale del Latte dâ€™Italiaâ€™s (CLIâ€™s) business continued to perform well, in part due to the price increases implemented during Q217. Vegetable-based drinks and the export business remained stand-out performers, albeit from a low base, and fresh milk also performed well. We leave our FY18 revenue forecasts unchanged, but we adjust our estimates for the sale of the prepared salads plant. Our EBITDA forecast increases as labour costs are reduced thanks to the new agreement and our fair value nudges up to â‚¬3.35 per share (from â‚¬3.30).

06/08/2018 5 EN

Underlying

Centrale del latte di Italia

Centrale del Latte d'Italia SpA, formerly Centrale del Latte di Torino & C SpA, is an Italy-based company engaged in the dairy products sector. The Company deals with the processing, transformation and sale of milk and dairy products. The Company offers packaged products in the fresh and ultra-fresh, and fresh vegetables. Its product's portfolio encompasses fresh pasteurized milk, ultra-high temperature processing (UHT) milk, yogurt, creams, fresh pasteurized and UHT cream, fresh-cut products, including vegetables and fruits, as well as other packaged products. Its offer consists of salads, juices, desserts, eggs, butter, fermented milk using acidophilus and bifida, and a range of pastas and cheeses, among others. Production is carried out in production units located in Turin, Casteggio (Pavia), Bardineto (Savona), Vicenza and Rapallo (Genoa). The Company operates through Latte Rapallo SpA, Centrale del Latte di Firenze Pistoia Livorno SpA, and Centrale del Latte di Vicenza SpA.

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IT0003023980 Italy

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sara Welford

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Centrale del Latte d'Italia - Steady performance in a tough environment

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Centrale del Latte d'Italia - Steady progress

Centrale del Latte d'Italia - Steady performance in a tough environment

Centrale del Latte d'Italia - Deteriorating consumer environment

Sylvania Platinum - Annual guidance maintained, despite strike

1Spatial - Investing in the transformational SaaS opportunity

Datatec - FY24 underlying EPS more than doubles y-o-y

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