Edison Investment Research - La Doria (LD) Update: An excellent start to the year

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Edison Investment Research

Update: An excellent start to the year

La Doria has announced H114 results ahead of budget and reflecting a significant improvement on H113. Although the company is not upgrading guidance for 2014 and beyond at this stage due to the relative importance of Q3 to the FY14 and FY15 results, we believe that forecast risk is to the upside. Our DCF values the shares at â‚¬7.80, an attractive 22% upside.

04/09/2014 5 EN

Underlying

La Doria

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Italy

Provider

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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Outlook: Weathering the storm

Following a tough tomato campaign in 2015, La Doria management has kept costs under control and delivered another quarter of results in line with expectations. The overarching strategy of shifting the production mix towards non-seasonal, value-added products with higher operating margins and lower volatility is paying off. La Doria continues to trade at a significant discount to its peers, and our DCF value of â‚¬15.84 (unchanged) suggests 26% upside to the share price.

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Update: Another strong year

La Doria has reported yet another strong set of results. The updated three-year plan provides strategic continuity. As previously highlighted, due to the unfounded fears of tomato overproduction at the start of the campaign, lower sales prices were achieved for new contracts. Following the FY results and updated business plan, we have cut our sales forecasts to reflect the lower 2016 base, left our EBITDA forecasts broadly unchanged, and increased our PBT and net profit estimates in line with the new guidance.

March 2, 2016 March 2, 2016 5 EN

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Update: An excellent start to the year

La Doria - Investing for the future

Outlook: Weathering the storm

Update: Another strong year

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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