La Doria - Investing for the future
The environment remains challenging, but La Doria has posted a robust set of FY17 results. The company has announced its updated three-year rolling industrial plan, and as part of this there will be a major investment plan to expand capacity while streamlining the business to reduce costs. The result should be an expansion of the higher margin lines, allowing the company to drive revenue growth by increasing volumes, while also structurally improving margins in the longer term. We adjust our forecasts to reflect the investment plan and the competitive environment, hence trimming our near-term sales and EBITDA forecasts, while increasing our net debt assumptions. Our fair value moves to €16.10 from €16.90.
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