La Doria - Steady performance

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.

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