DAVY VIEW

Following conclusion of the IPO blackout, we have today published our Dole financial model. The combination of Total Produce and Dole creates the global leader in fresh produce and continues management’s multi-year consolidation strategy. Synergy and growth opportunities will underscore earnings momentum over the medium term. Trading on just 7x FY22E EV/EBITDA, we believe the equity is mis-priced and fails to reflect management’s track record. We initiate with an ‘Outperform’ rating and US$21.50 price target, offering over 30% upside to the equity.