Fruit and vegetable giant Dole is expected to go public later today and commence trading on the New York Stock Exchange Friday under the ticker symbol "DOLE," according to a Form F-1 filed with the US Securities and Exchange Commission.
The company slashed its price range on the offering to $16 to $17 per share from $20 to $23 per share, a move that slices its targeted valuation by more than $400 million.
The IPO news comes months after Dole Food Company merged with Ireland's Total Produce to form the world's largest fruit and vegetable supply business.
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| Latest market close | $14.71 |
|---|---|
| 52-week range | $10.51 - $17.12 |
| 50-day moving average | $16.25 |
| 200-day moving average | $13.54 |
| Wall St. target price | $16.88 |
| PE ratio | 7.5178 |
| Dividend yield | $0.08 (2.16%) |
| Earnings per share (TTM) | $1.97 |
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Historical closes compared with the close of $14.71 from 2024-11-19
| 1 week (2024-11-13) | -1.80% |
|---|---|
| 1 month (2024-10-18) | -8.92% |
| 3 months (2024-08-20) | -5.71% |
| 6 months (2024-05-20) | 12.89% |
| 1 year (2023-11-20) | 26.92% |
|---|---|
| 2 years (2022-11-18) | 51.90% |
| 3 years (2021-11-19) | 18.17% |
| 5 years (2019-11-17) | N/A |
Valuing Dole stock is incredibly difficult, and any metric has to be viewed as part of a bigger picture of Dole's overall performance. However, analysts commonly use some key metrics to help gauge the value of a stock.
Dole's current share price divided by its per-share earnings (EPS) over a 12-month period gives a "trailing price/earnings ratio" of roughly 8x. In other words, Dole shares trade at around 8x recent earnings.
That's relatively low compared to, say, the trailing 12-month P/E ratio for the NASDAQ 100 at the end of 2019 (27.29). The low P/E ratio could mean that investors are pessimistic about the outlook for the shares or simply that they're under-valued.
However, Dole's P/E ratio is best considered in relation to those of others within the farm products industry or those of similar companies.
Dole's EBITDA (earnings before interest, taxes, depreciation and amortisation) is $344.2 million.
The EBITDA is a measure of a Dole's overall financial performance and is widely used to measure a its profitability.
To put Dole's EBITDA into context you can compare it against that of similar companies.
| Revenue TTM | $8.4 billion |
|---|---|
| Operating margin TTM | 2.34% |
| Gross profit TTM | $594.7 million |
| Return on assets TTM | 3.37% |
| Return on equity TTM | 11.31% |
| Profit margin | 2.23% |
| Book value | $14.63 |
| Market Capitalization | $1.4 billion |
TTM: trailing 12 months
Dividend payout ratio: 25.2% of net profits
Recently Dole has paid out, on average, around 0% of net profits as dividends. That has enabled analysts to estimate a "forward annual dividend yield" of 0% of the current stock value. This means that over a year, based on recent payouts (which are sadly no guarantee of future payouts), Dole shareholders could enjoy a 0% return on their shares, in the form of dividend payments. In Dole's case, that would currently equate to about $0.08 per share.
While Dole's payout ratio might seem fairly standard, it's worth remembering that Dole may be investing much of the rest of its net profits in future growth.
Dole's most recent dividend payout was on 2 October 2024. The latest dividend was paid out to all shareholders who bought their shares by 10 December 2024 (the "ex-dividend date").
Dole's dividend payout ratio is perhaps best considered in relation to those of similar companies.
Over the last 12 months, Dole's shares have ranged in value from as little as $10.5145 up to $17.12. A popular way to gauge a stock's volatility is its "beta".
Beta is a measure of a share's volatility in relation to the market. The market (NYSE average) beta is 1, while Dole's is 0.857. This would suggest that Dole's shares are less volatile than average (for this exchange).
To put Dole's beta into context you can compare it against those of similar companies.
Dole plc engages in sourcing, processing, marketing, and distribution of fresh fruit and vegetables worldwide. The company operates through three segments: Fresh Fruit; Diversified Fresh Produce - EMEA; and Diversified Fresh Produce - Americas and ROW. It offers bananas, pineapples, grapes, berries, avocados, organic produce, cherries, apples, potato, and onion. The company offers its products under DOLE brand. It serves retailers, wholesalers, and foodservice customers. Dole plc was incorporated in 2017 and is headquartered in Dublin, Ireland. .
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