La Doria - Recovery coming through
Following a significant improvement in the pulses and vegetables line and the sauces business, La Doria has reported an impressive 7.6% growth in revenue at constant currency for 9M17, which implies 8.0% growth during the latest quarter. The growth was mainly volume-driven, which is positive. As expected, group margins were lower during the period. Overall guidance, however, has been raised as volume growth is ahead of management expectations and the margin contraction has been less than feared. We raise our FY17 forecasts again in light of the positive 9M17 results. Our fair value increases to €16.90 from €15.54/share.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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