La Doria - Working towards a transformation
The challenging economic backdrop continues, as expected, but La Doria has delivered a good start to 2019. There was some benefit due to UK customers stockpiling ahead of a potential hard Brexit, but it is hard to quantify. Organic growth of 2% was mainly volume-driven, while margins were down due to higher production costs, which were only partially offset by increased volumes and pricing. The industrial plan set out in March 2018 continues to be delivered, with several new production lines added during FY18 and the UK logistics platform undergoing a significant upgrade. We leave our estimates unchanged ahead of the all-important seasonal campaigns and our fair value remains €13.60.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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