A director at La Doria Spa sold 34,500 shares at 16.500EUR and the significance rating of the trade was 92/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Edison Investment Research is terminating coverage on Riber (ALRIB), Gemfields Group (GEM), Securities Trust of Scotland PLC (STS), Gresham House Strategic (GHS), La Doria (LD) and Studio Retail Group (STU). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
La Doria has confirmed the shareholders subject to the shareholders’ agreement, who hold 63% of the issued share capital, are in negotiations with Investindustrial Holdings, a private equity investor. The proposed agreement would include the transfer of the entire 63% holding to an Investindustrial Group company at a price of €16.50 per share and the subsequent launch of a public tender offer for the rest of La Doria’s outstanding shares, also at €16.50 per share. A number of the selling shareho...
La Doria has confirmed the shareholders subject to the shareholders’ agreement, who hold 63% of the issued share capital, are in negotiations with Investindustrial Holdings, a private equity investor. The proposed agreement would include the transfer of the entire 63% holding to an Investindustrial Group company at a price of €16.50 per share and the subsequent launch of a public tender offer for the rest of La Doria’s outstanding shares, also at €16.50 per share. A number of the selling shareho...
Yet again, La Doria has posted strong H1 results notwithstanding the tough comparatives. Revenues were down 4.1%, as expected, as food consumption normalised compared to the pandemic peak in Q220. EBITDA was up 22%, with an impressive 210bp increase in margin to 9.8%. The outlook for the sector remains favourable, and the seasonal tomato campaign has been successful in terms of industrial yields and product quality. We see upside to our FY21 forecasts given the strong performance so far, though ...
Yet again, La Doria has posted strong H1 results notwithstanding the tough comparatives. Revenues were down 4.1%, as expected, as food consumption normalised compared to the pandemic peak in Q220. EBITDA was up 22%, with an impressive 210bp increase in margin to 9.8%. The outlook for the sector remains favourable, and the seasonal tomato campaign has been successful in terms of industrial yields and product quality. We see upside to our FY21 forecasts given the strong performance so far, though ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Edison Investment Research Limited La Doria (LD): Looking ahead with confidence 28-May-2021 / 07:00 GMT/BST London, UK, 28 May 2021 La Doria (LD): Looking ahead with confidence La Doria has posted another strong quarter, with revenue and EBITDA growth notwithstanding the strong base. Revenue growth was mainly price-driven, and mostly driven by the UK business. While the outlook for the sector remains favourable, the company continues to expect revenues and volumes to fall during 2021 as consumption gradually returns to normal and following the exceptionally strong performanc...
La Doria has posted another strong quarter, with revenue and EBITDA growth notwithstanding the strong base. Revenue growth was mainly price-driven, and mostly driven by the UK business. While the outlook for the sector remains favourable, the company continues to expect revenues and volumes to fall during 2021 as consumption gradually returns to normal and following the exceptionally strong performance during FY20. Management expects EBITDA to improve as the benefits of the investment plan start...
La Doria has had an outstanding year, driven by record volume growth as consumers were forced to eat more meals at home. Volumes were up an impressive 16.2% during the year, which led to significant operating leverage. Margins also benefited from the cost savings coming through from the industrial plan launched in 2018, hence were up 200bps at the EBITDA level. The board has proposed a dividend of €0.50/share, and has approved a new three-year strategic plan, given that the FY20 results exceeded...
The group has continued to grow strongly in Q3, albeit at a slightly reduced pace compared to H1. Revenues for the first nine months (9M) were significantly higher than last year due to higher volumes as consumers were at home, particularly during Q2. Margins expanded owing to higher operating leverage and improved industrial efficiency as the 2018 investment plan is almost complete and starting to bear fruit. We continue to see upside to our forecasts, as La Doria benefits from the prolonged pa...
During Q2, La Doria continued to benefit from the shift in consumption caused by the COVID-19 pandemic, with more food consumed at home and only a slow and partial return to the horeca channel, to which La Doria has little exposure. As in Q1, revenue growth was entirely volume-led, which benefited margins. We expect the trend to persist until at least the end of the year, as consumers continue to favour eating at home while the pandemic is ongoing. We see upside to our forecasts, as La Doria ben...
La Doria has posted a stellar performance for Q120, with revenues up 16.4%. The COVID-19 pandemic caused consumers to seek ambient food with a long shelf-life, and at-home consumption increased due to widespread closure of the horeca channel (which La Doria does not service). The revenue increase was volume-led, which in turn benefited margins. We expect the benefit to continue in Q2, but to a lesser extent as lockdowns are eased across the world. H2 will also be somewhat dependent on the outcom...
La Doria has reported a good set of FY19 results, with like-for-like growth of 3.8% and EBITDA margins up 10bp. The outlook for 2020 is more subdued: increased costs in the red line will cause EBITDA margins to suffer although they are still expected to be up, while the Sauces business is now expected to see EBITDA margins decline due to increased raw material costs. As expected, management has published its new rolling three-year business plan, which is strategically in line with the prior plan...
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.
La Doria continues to post good sales growth, despite the ongoing tough economic backdrop. Organic sales growth of 2.3% in H119 builds on a good H118. The important variables at this time of year are the outcomes of the seasonal campaigns and the corresponding customer negotiations. Raw materials continue to experience inflation, while customers continue to apply downward pressure to prices thus resulting in an unfavourable margin environment. Indeed, the EBITDA margin was down 50bp to 6.5% in H...
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 add...
La Doria’s FY18 results were broadly in line with our expectations: organic revenues were up by a healthy 3.4%, but EBITDA margins were lower than expected, down 130bp due to increased production costs and a challenging competitive environment. Looking ahead, the company has released its updated three-year rolling plan and has cut guidance for the 2019–21 period. FY19 guidance has suffered the most, with target revenue cut by 3% and EBITDA by 19%. Management reiterated its 2018 plan to inves...
The consumer environment remains tough for La Doria and the adverse weather conditions for the seasonal tomato campaign have led management to slightly edge down its FY18 profit outlook earlier this year. During 9M18, underlying sales were up 2%, which represents a slowdown from the +3.7% in H1. This was caused by a deceleration in growth in the “other lines†of the trading business during Q3, ie the non-core part. Management is forging ahead with its four-year investment plan and the Acerra...
La Doria’s results again demonstrate the strength of the business and the underlying strategy. Despite a continued challenging macroeconomic backdrop and a tough trading environment, sales were up 2.5% during the period, and 3.7% at constant currency, entirely driven by volume growth. As ever, the important factor at this stage in the year is the outcome of the seasonal campaigns. With regard to tomatoes, the 2018 campaign was critical due to adverse weather conditions, which caused volumes to...
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