La Doria (BIT: LD)
Intro La Doria is an Italian listed company and is a leading producer of tomato-based products, pulses-vegetables, ready-made sauces and fruit juices. With its more than 60 years of history, La Doria is the number one producer of peeled and chopped tomatoes in Italy and number one for private label canned tomatoes in the UK. Biggest clients are, amongst others, Tesco, Sainsbury’s, Lidl, Carrefour, Coop and Walmart. La Doria is currently boosting its production capacity, especially for ready-made sauces and cans, but also for tomatoes and pulses. This expansion plan will have total costs of approx. €125 million in the years from 2018 to 2021. It is estimated that after this investment program, CAPEX will be reduced significantly which will lead to an even stronger free cash flow generation. The founding family (Ferraioli) still holds around 63% of the shares, with the remainder being free float. Valuation Back in 2011, revenue stood at €484 million with an EBITDA of €31 mi...