LA DORIA S.P.A. 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 performance during FY20. Management expects EBITDA to improve as the benefits of the investment plan start to flow through in full. We leave our estimates unchanged. Our DCF model indicates a fair value of EUR20.00 per share (unchanged), or c 15% upside from the current share price. La Doria trades on a P/E of 11.3x FY21e, a c 35% discount to its private-label peer group. On EV/EBITDA it trades at 7.6x FY21e, a c 10% discount, and its dividend is well covered, with a yield of 2.3%. We believe La Doria remains an attractive proposition, given the strength of its market position in the private-label segment. Management remains committed to improving the stability of the business, while continuing to invest to maintain its competitive edge. Click here to view the full report or here to sign up to receive research as it is published. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Sara Welford +44 (0)20 3077 5700 consumer@edisongroup.com Russell Pointon +44 (0)20 3077 5700 consumer@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv =---------------------------------------------------------------------------------------------------------------------- Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =----------------------------------------------------------------------------------------------------------------------
1201653 28-May-2021
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May 28, 2021 02:00 ET (06:00 GMT)
