La Doria - A tough environment
The consumer environment remains tough for La Doria and the adverse weather conditions for the seasonal tomato campaign have led management to slightly edge down its FY18 profit outlook earlier this year. During 9M18, underlying sales were up 2%, which represents a slowdown from the +3.7% in H1. This was caused by a deceleration in growth in the “other lines†of the trading business during Q3, ie the non-core part. Management is forging ahead with its four-year investment plan and the Acerra plant has now closed. We trim our forecasts in line with the revised outlook and our fair value moves to €15.40 from €16.10.La Doria is a food product manufacturing company based in Italy. Co. specializes in the manufacture and production of foodstuffs, particularly tomato-based products (canned tomatos and ready-to-serve sauces), and other canned products such as pulses and fruit. The main products are peeled tomatoes, chopped tomatoes, tomato puree. Co. mostly sells its production to Italian and European retail groups such as GS Euromercato, Sainsbury, Tesco and Safeway; these companies distribute La Doria products under their own labels. Other lines include canned beans, vegetables, and pasta products.
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