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 invest in the business in order to enhance its competitive position. Our fair value moves to €13.60 (from €15.40), to reflect our lower forecasts.Den vollständigen Artikel lesen ...