La Doria - Benefiting from the consumption shift
La Doria has posted a stellar performance for Q120, with revenues up 16.4%. The COVID-19 pandemic caused consumers to seek ambient food with a long shelf-life, and at-home consumption increased due to widespread closure of the horeca channel (which La Doria does not service). The revenue increase was volume-led, which in turn benefited margins. We expect the benefit to continue in Q2, but to a lesser extent as lockdowns are eased across the world. H2 will also be somewhat dependent on the outcomes of the seasonal campaigns. We raise our estimates to reflect the benefits from the current consumption shift. Our fair value moves to €13.50 as a result (€13.00 previously).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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