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 outcomes of the seasonal campaigns. We raise our estimates to reflect the benefits from the current consumption shift. Our fair value moves to €13.50 as a result (€13.00 previously).Den vollständigen Artikel lesen ...