Recovery expected from H2
The operating environment remains challenging for La Doria, with sales price deflation, raw material cost inflation and Brexit continuing to feature. FY16 results were in line with expectations, and management still believes a recovery will begin in H217, when the new tomato campaign will start to come through. We roll forward our DCF to commence in 2017 and our fair value increases to €12.59 per share, from €10.99.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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