Edison Investment Research - Centrale del latte di Italia (CLI) Centrale del Latte dItalia - Sales improvement

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Edison Investment Research

Sara Welford

Centrale del Latte d'Italia - Sales improvement

Centrale del Latte dâ€™Italiaâ€™s (CLI) price increases, implemented during H1, continue to drive revenue growth, with total revenue of â‚¬187m in FY17 above our forecast of â‚¬181m. Newer initiatives, such as vegetable-based drinks and the export business continue to generate good growth. We have raised our revenue forecasts to reflect the higher FY17 base, but trim our EBITDA forecast as the FY17 figure was below our forecast. Now that the CLF business has been owned for a full year, revenue synergies are coming through and there has been scope for some cost efficiencies. We therefore raise our medium-term EBIT margin growth by 10bp per annum to capture the potential for further cost containment. Our fair value rises to â‚¬3.30/share (from â‚¬3.25 previously).

19/03/2018 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 - Sales improvement

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

Centrale del Latte d'Italia - Deteriorating consumer environment

Centrale del Latte d'Italia - Steady progress

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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