Report

La Doria - Steady performance

9M19 results were in line with expectations. Consolidated revenues were up 4% on the prior year, with good performances from pulses and vegetables and ready-made sauces, while the red line and the fruit line were broadly stable. Q3 revenues were up an impressive 7%. The outlook for FY19 remains unchanged and management is forging ahead with its four-year investment plan. We leave our forecasts and fair value of €14.00/share unchanged.
Underlying
La Doria

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.

Provider
Edison Investment Research
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
Kate Heseltine

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