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DOLE FOOD COMPANY INC. NYSE : DOLE


Date:

10/02/2011

Symbol:

DOLE

Exchange:

NYSE

Industry:

Food: Major Diversified

Sector:

Consumer Goods

Recommendation: Strong Buy Target Price:

$22.00

Current Price: 14.33 USD

Summary

Fundamental Data

Market Cap ($M):

1.26

Avg.Vol (10Day):

591,138

52 Week High/Low:

14.89-8.57

P/E ratio (TTM):

64.55

P/B ratio:

1.49

Dividend yield (%):

N/A

ROA (%):

3.41

ROE (%):

2.57

Profit Margin (%):

0.28

Operating Margin (%): 3.45

Dole is the world’s largest producer of fresh fruit, fresh vegetables

For the Q3 year 2010, Dole generated revenues of approximately $6.87 billion

Dole owns an impressive base of tangible assets, including 131,000 acres of farms and other land holdings, including 26,000 acres of farmland in Oahu, Hawaii

Food Prices are rising around the world


Snapshot INTRA-DAY INTERACTIVE CHART

SUMMARY

Change

-0.240 (-1.647%)

Bid

N.A.

Ask

N.A.

Open

14.450

High

14.620

Low

14.190

Volume 52-Week Range 1-Yr Return

N.A. 14.89 - 8.57 26.144%

Earnings EARNINGS

FUNDAMENTALS

Earnings Past 12 Months

0.270

Quarter Est. EPS (12/10)

0.18

Market Cap (Millions)

Quarter Est. EPS (03/11)

0.30

Float (Millions)

35.740

Year Est. EPS (12/10)

0.93

Return on Equity

13.542

Price/Earnings (Trailing) Relative P/E Earnings Growth Rate Estimated P/E

53.074 3.370 -35.600 15.600

Shares (Millions)

Short Interest

88.227 1,264.297

7,613,336.000

Last Dividend Reported

N.A.

Dividend Yield (ttm)

N.A.

Relative Dividend Yield

N.A.


Company Information Founded in Hawaii in 1851, Dole Food Company, Inc., with 2007 revenues of $6.9 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables. Dole markets a growing line of packaged and frozen foods, and is a produce industry leader in nutrition education and research. The Company does business in more than 90 countries and employs, on average, 36,000 full-time, regular employees and 23,000 full-time seasonal or temporary employees, worldwide.

Dole is the world’s largest producer of fresh fruit, fresh vegetables and one of the world’s largest producers of bananas and pineapples, a leading exporter of Chilean deciduous fruit and an industry leader in packaged fruit products, packaged salads and fresh vegetables. For the Q3 year 2010, Dole generated revenues of approximately $6.87 billion. The DOLE brand was introduced in 1933 and is one of the most recognized for fresh and packaged produce in the United States with 68% unaided consumer brand awareness – almost three times that of Dole’s nearest competitor. Dole sources or sells over 200 products in more than 90 countries. Dole’s fully integrated operations include sourcing, growing, processing, distributing and marketing.

Dole is an asset rich company, providing significant competitive advantages to our operations. Dole owns an impressive base of tangible assets, including 131,000 acres of farms and other land holdings, including 26,000 acres of farmland in Oahu, Hawaii. Dole also has the largest dedicated refrigerated containerized fleet in the world, which includes 14,800 refrigerated containers, 11 owned and 13 chartered vessels. Dole also owns over 60 ripening and distribution centers in Europe and Asia, and over one million square feet of vegetable processing facilities globally. Additionally, the company’s packaged food business processes its product lines in over 1.9 million square feet of owned manufacturing facilities. Dole’s rich asset base is one of the key drivers behind its strong operating performance, positioning Dole to capitalize on future growth opportunities.


Recent News WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Dole Food Company, Inc. (NYSE:DOLE - News) today announced that Dolefil, a Dole operating subsidiary in the Philippines, recently hosted the latest of three medical missions to the Philippines since 2007. Coordinated in partnership with the Philippine Medical Society of Florida, Mahintana Foundation and the Mt. Matutum Health Care Foundation, the week-long mission provided medical and surgical care by ten doctor and six nurse team to residents of the provinces of South Cotabato, Sarangani and in General Santos City, Philippines.

The Dolefil missions have evolved to not only provide medical care in the Philippines, but to coordinate the treatment of patients with more complex needs in the United States. On a previous medical mission, Dolefil handled the U.S. travel, passport and visa requirements for two children who needed series of surgeries. They stayed in Florida for 11 months while recovering before returning home.

“Dole has a long and proud history of contributing to the communities where we operate around the world,” said David A. DeLorenzo, Dole’s President and CEO. “The efforts surrounding this latest mission to the Philippines represent some of the best in our people and are a testament to the partnerships and relationships we work hard to foster everywhere we work.”

"What we have with Dolefil is more than just a partnership but rather a friendship fostered by a common desire to help the community," said Dr. Francis Ong, head of the mission during a welcome dinner for the team.

Supplies for the mission were transported for delivery by Dolefil container vans ahead of the medical team along with hospital equipment being donated to public hospitals in the province.

Dole is the world’s largest producer and marketer of high-quality fresh fruit and fresh vegetables, and is the leading producer of organic bananas. Dole markets a growing line of packaged and frozen fruit and is a produce industry leader in nutrition education and research.


EU lawmakers OK banana duty cuts for Latin America * EU votes to cut Latin American banana duties 35 pct * EU plans 200 mln euro aid for growers in former colonies * Deal expected to end WTO case by Latin Americans, U.S. BRUSSELS, Feb 3 (Reuters) - European Union lawmakers on Thursday approved a deal to cut EU import tariffs on bananas from Latin America, ending the world's longest-running trade row, a European Parliament official said. A majority in the European Parliament voted to cut duties on Latin American bananas by 35 percent over six years, potentially improving the competitive edge of producers such as Chiquita (CQB.N) and Dole (DOLE.N) over smaller growers in Africa, the Caribbean, Pacific and the European Union. "This agreement is already being implemented provisionally and now needs final approval from the members of the World Trade Organization," the parliamentary spokeswoman said. Once rubber-stamped by the WTO later this year, the deal will mark a victory by the world's largest banana producers in a near 20-year battle for cheap access to the EU, the world's largest consumer of the fruit. It is expected to persuade the United States and 11 Latin American countries, led by Ecuador, to drop a legal challenge accusing Europe of imposing illegally high tariffs to protect banana producers in its Caribbean territories and the Canary Islands, as well as in former colonies of member states. The deal will cut duties on imports from Latin America to 114 euros ($158) per tonne in 2017, from 176 euros at present. AFRICAN PERSPECTIVE The EU banana import regime, dating from 1993, had given duty-free access to mostly small producers in former colonies and imposed tariffs on Latin American bananas, most of which are produced by the large U.S. multinationals. Latin American countries planning free trade agreements with the EU -- such as Peru and Colombia -- have already secured duty cuts to about 75 euros, so Thursday's deal will largely benefit Ecuador, which in 2009 refused a trade pact with Europe. African, Caribbean and Pacific producers, who oppose the cuts, will retain their duty-free access to EU markets. Separately, the EU will now decide on an aid package worth up to 200 million euros to support fledgling banana production in Ivory Coast, Cameroon, the Dominican Republic and Suriname. Lawmakers will also debate aid for European producers. "The future for small banana producers and sustainable production is now even more uncertain," said Catherine Greze, a Green Party EU lawmaker who voted against the motion. She said funds for encouraging banana production could reduce the EU's available budget for other development projects. The EU imported about 4.8 million tonnes of bananas in 2008 worth a total of some 2.9 billion euros, according to European Commission data. Nearly three quarters of all bananas consumed in Europe come from Latin America.


Wal-Mart, Michelle Obama team up on healthy food Wal-Mart announces food initiatives with Michelle Obama * To cut sodium, sugar, some fats in packaged food by 2015 * Aims to lower costs of fresh fruits, vegetables * To trim or eliminate price premium on some healthy foods * Moves should not cut profit forecast, may boost it (Adds food maker and analyst reactions; updates stock activity) CHICAGO, Jan 20 (Reuters) - Wal-Mart Stores Inc (WMT.N) will promote and cut prices on healthier food at its stores, a move that was eagerly endorsed by the U.S. first lady and one that could push food companies to overhaul more products. The initiative comes as the world's largest retailer tries to overcome political and union opposition to its expansion in urban areas like New York City, Chicago and Washington, D.C., by touting its ability to bring lower-priced fruits, vegetables and other healthy foods to "food deserts" in both cities and rural areas that lack traditional grocery chains. Michelle Obama, who leads an administration initiative to combat child obesity, joined Wal-Mart executives as they announced the plan in Washington on Thursday. "To say I'm excited is probably an understatement because we're really gaining some momentum on this issue," Michelle Obama said, speaking in front of crates packed with fruits and vegetables. "We are seeing a fundamental shift in our national conversation about how we make and sell food. That's something that wasn't happening just a year ago." Some may have been surprised to see the Obama administration publicly endorsing the work of a company that has come under fire from labor unions and others for its business practices. The Center for Science in the Public Interest, a consumer group often at odds with the food industry, applauded Wal-Mart and urged the government to do more. "I hope this move emboldens the Food and Drug Administration and U.S. Department of Agriculture, which should immediately pull the plug on partially hydrogenated oil and set reasonable limits on sodium levels in different categories of packaged foods," CSPI Executive Director Michael Jacobson said in a statement. IMPACT BEYOND WAL-MART'S OWN STORES Wal-Mart's efforts have the potential to affect everyone from farmers to grocery stores, drugstores and even dollar stores, which have been beefing up their food offerings. Still, this is not the first change the industry has seen. "In this area, they're at least three to five years behind," said Jefferies & Co analyst Scott Mushkin, who follows grocers and food makers.

Many of Wal-Mart's vendors, such as Campbell Soup (CPB.N) and Hormel Foods (HRL.N), have reduced sodium in their foods and made other changes to make their products healthier. Even grocer Supervalu Inc (SVU.N), which is struggling to compete with larger rivals, highlights healthy fare with shelf labels, cut produce prices and gets more food from local farms. But Wal-Mart's move is likely to have the biggest impact since it can try to influence the 140 million weekly visitors to its stores and the food producers that count Wal-Mart as their biggest customer. "Wal-Mart is such a big buyer of foods, period, and if they're going to insist on healthier food, this could change the food chain," said Gene Grabowski, senior vice president of Levick Strategic Communications, who handles issues such as food recalls and previously worked for the Grocery Manufacturers of America trade association. The U.S. Centers for Disease Control and Prevention has found that 68 percent of U.S. adults are overweight and half of these are obese, with a body mass index of 30 or higher. A third of U.S. children are obese.


PROFIT PROJECTIONS Wal-Mart can afford to take a hit on food margins more than smaller grocers, due to its size and the breadth of its business. It is already the nation's largest seller of food. By 2015, Wal-Mart plans to cut the amount of sodium and added sugars in packaged foodsIt will also remove any industrially produced trans fats from its goods. The company said it would work with suppliers to improve the nutritional quality of its own Great Value brand and national food brands. It also said it could save shoppers about $1 billion per year on fresh produce by cutting costs, through changes such as buying more produce from local farms. The retailer will put a new seal on its own healthier foods, such as whole grain cereals and unsweetened canned fruit, later this year and offer use of the seal to suppliers for products that meet its criteria. Thursday's announcement comes three months after Wal-Mart announced plans to double the sales of fresh produce from local farms in its U.S. stores by the end of 2015. That move was part of a broader strategy to revamp its global produce supply chain Food is big business for Wal-Mart, accounting for 51 percent of sales at its U.S. discount stores in its latest fiscal year. The new efforts should not eat into its profits. "The initiative that we're launching today will hopefully be additive but most definitely won't be dilutive to any of the earnings projections that we've talked about earlier," said Bill Simon, president and chief executive officer of WalMart's U.S. business. Brad Bartlett, president of Dole Food's (DOLE.N) Dole Packaged Foods North America which recently launched fruit bowls with no added sugar, said, "If the Wal-Marts and the other major retailers are getting into doing this, it's better for Dole's business. We'll sell more, we'll get more shelf space." Wal-Mart shares were up $1.10, or 2 percent, at $56.13 in New York Stock Exchange trading amid a rally in retail stocks.


Dole Is A Healthy Stock 08.03.10, 3:00 PM ET Since President Obama took office, Americans have seen a major focus toward nutrition as result of a signature policy initiative led by the First Lady's campaign to stem childhood obesity. Let's face it, a lot of Americans are fat--approximately 34%, more than 104 million, according to the Centers for Disease Control and Prevention. Many of them are kids. If we do not stop it, a whole new generation of health problems beyond diabetes will come crashing down on the health care system. So after years of being boring, nutrition has become cool; the rage among local governments, celebrities and school boards. It could not have happened soon enough. Childhood obesity has tripled in the last 30 years, says the CDC. Changing this trend will be tough and require a behavioral change, not simply restocking the cupboard with 100-calorie cookies. Americans will simply need to eat more of what is nutritious. That the American diet is in the middle of a makeover means that certain companies will reap healthy rewards. Which brings me to the Dole Food Company-- a stock that is undervalued, underestimated and misunderstood. In late October of 2009, and with almost no pomp and circumstance, Dole went public on the New York Stock Exchange. Very few on Wall Street realize that Dole has tens of thousands of employees worldwide and is the world's biggest grower of nutritious food. Dole is the world's farmer. In short, Dole is perfectly positioned to inherit the windfall of consumer demand as Americans seek healthier products at the grocery stores. At Dole nutrition is a kind of religion. Its owner, David H. Murdock, is an evangelist for healthy living. The cafeteria at its Westlake Village, Calif. headquarters is probably what the White House had in mind when it envisioned remaking our kids' cafeterias. I couldn't find any soda for sale. Instead, there are only fresh fruits and dishes prepared to order on-site using fresh ingredients. Not surprisingly, Murdock has donated close to $1 billion of his personal money for the development of a major nutrition research center, the North Carolina Research Center. His vision for NCRC is to create a world-class research hub that can become the world's epicenter of nutrition and disease research. Currently researchers from several of the nation's top universities are conducting work at the 350-acre center.

This is where the Dole Nutrition Research Laboratory does its work. Currently it is tasked with researching how to develop a type of nutrition label for every fruit and vegetable the company produces, noting all the nutrients and phytochemicals and their potential benefits on human health. Recently I spoke with Nick Gillitt, director of the lab, who said, "So many companies want to talk about what is not in their foods and we want to tell you what is and how good it can be for you." Gillitt is indeed onto something. In the gold rush mentality of Michelle Obama's "Let's Move" initiative, all kinds of producers of basically unhealthy foods have come out of the woodwork to vow and make their products more healthy. This is admirable, but it raises the question of how bad for our health these products were in the first place. Candy companies and soda makers can tout the reductions in sugar and sodium in their products, but this is still not real progress in fighting the obesity epidemic in America. Literally it's our bad eating habits that are killing us. While "Let's Move" has sparked a national debate on nutrition, there is more work to be done. Lawmakers would do well by embracing the kind of work being done by fruit and vegetable growers like Dole. Quietly Dole has been one of the first organizations actively trying to remake food in the school cafeteria. The company has donated salad bars to 50 schools in California and created new programs like Dole SuperKids. It's been doing this work for the last 20 years, dating back to the Dole "Five-a-Day" initiative. As a result, Dole estimates that it has reached more than 145,000 teachers and more than 48,000 schools through these efforts. This number will undoubtedly increase as Dole looks to donate an additional 15 salad bars in Washington, D.C.; Kannapolis, N.C. and California next month.


The company is also making serious ground in its social responsibility efforts. This year it introduced a process that reduces the water used in its banana harvesting by 80%.The innovative process, called the New Millennium Packing System, specifically targets reducing the use of water by a factor of 10 and energy use by 50%, compared to a traditional packing plant. So that banana you are eating is probably more "green" than you may think. The headlines on nutrition, however, have gone to the Pepsi's of the world, who are vowing to remove their products from our children's schools. Instead of merely applauding such moves, Washington should do more and insist that our food supply shed the sugar, sodium and transfats sooner and push fresh foods more aggressively. It's a nutrition arms race and it will be interesting to see who wins--those who grow and sell fresh food or those who are trying to make unhealthy food less unhealthy in a laboratory. With more than 31 million children taking part in our National School Lunch program and 11 million more in the breakfast program, the U.S. has a lot on the line. And for me, an investment manager, equities analyst and a specialist in green companies, I have a lot on the line, too. I am always screening and searching for the companies that will do well within an evolving cultural, social and legislative environment. Dole is best portioned to thrive as our kids finally start to eat right.


REVENUE Periods

2009

2010

March

1596.59

1605.87

June

1714.72

1741.52

October

1938.17

1988.57

January

1529.04

Note: Units in Millions of U.S. Dollars

EARNINGS PER SHARE Periods

2009

2010

March

1.96074

0.24929

June

0.38445

0.36588

October

-1.04943

-0.62592

January

0.17674

Note: Units in U.S. Dollars

CONSENSUS ESTIMATES ANALYSIS # of Estimates

Mean

High

Low

1 Year Ago

Quarter Ending มี.ค.-54

6

1,592.72

1,653.10

1,489.40

1,687.50

Quarter Ending มิ.ย.-54

6

1,731.04

1,795.30

1,649.70

1,789.40

Year Ending ธ.ค.-54

8

6,960.02

7,127.18

6,661.03

7,223.30

Quarter Ending มี.ค.-54

6

0.30

0.34

0.25

--

Quarter Ending มิ.ย.-54

6

0.57

0.83

0.46

--

Year Ending ธ.ค.-54

8

1.35

1.75

1.10

2.19

LT Growth Rate (%)

3

9.67

15.00

6.00

9.00

SALES (in millions)

EARNINGS (per share)

Sales and Earnings Figures in U.S. Dollars (USD)


VALUATION RATIOS Company

Industry

Sector

S&P 500

86.95

22.85

14.84

18.28

P/E High - Last 5 Yrs.

8.99

7,219.72

1,818.47

83.89

P/E Low - Last 5 Yrs.

8.99

15.67

14.80

12.38

--

0.61

0.58

1.30

Price to Sales (TTM)

0.18

1.19

1.65

2.25

Price to Book (MRQ)

1.49

0.95

1.32

2.74

--

0.83

9.61

4.14

9.91

11.43

10.13

8.04

19.76

11.58

10.96

35.43

--

--

--

--

Company

Industry

Sector

S&P 500

Dividend Yield

--

1.79

1.88

1.55

Dividend Yield - 5 Year Avg.

--

1.43

1.25

2.28

Dividend 5 Year Growth Rate

--

8.33

9.03

-5.58

0.00

27.49

9,360.89

34.27

Company

Industry

Sector

S&P 500

Sales (MRQ) vs Qtr. 1 Yr. Ago

2.60

131.08

35.98

10.50

Sales (TTM) vs TTM 1 Yr. Ago

-0.36

11.65

7.26

11.52

5.10

9.63

11.31

7.88

EPS (MRQ) vs Qtr. 1 Yr. Ago

40.36

21.56

12.23

63.38

EPS (TTM) vs TTM 1 Yr. Ago

-86.82

--

--

--

EPS - 5 Yr. Growth Rate

-11.87

6.46

7.81

4.91

P/E Ratio (TTM)

Beta

Price to Tangible Book (MRQ) Price to Cash Flow (TTM) Price to Free Cash Flow (TTM)

% Owned Institutions DIVIDENDS

Payout Ratio(TTM) GROWTH RATES

Sales - 5 Yr. Growth Rate


Capital Spending - 5 Yr. Growth Rate

-12.82

7.79

8.89

4.39

Company

Industry

Sector

S&P 500

Quick Ratio (MRQ)

1.02

0.84

0.69

0.54

Current Ratio (MRQ)

1.65

1.14

0.94

0.82

LT Debt to Equity (MRQ)

184.97

20.80

22.33

106.53

Total Debt to Equity (MRQ)

189.66

33.15

32.45

151.07

1.35

0.46

0.62

16.17

Company

Industry

Sector

S&P 500

Gross Margin (TTM)

10.77

20.82

21.09

30.77

Gross Margin - 5 Yr. Avg.

10.33

32.03

34.86

29.30

EBITD Margin (TTM)

5.25

--

--

--

EBITD - 5 Yr. Avg

5.45

10.61

12.76

18.14

Operating Margin (TTM)

3.58

5.79

6.03

--

Operating Margin - 5 Yr. Avg.

3.33

7.24

9.51

14.93

Pre-Tax Margin (TTM)

0.57

5.74

6.10

14.81

Pre-Tax Margin - 5 Yr. Avg.

0.66

7.55

9.62

14.54

Net Profit Margin (TTM)

0.19

4.00

4.56

10.84

Net Profit Margin - 5 Yr. Avg.

0.53

5.14

6.54

10.77

Effective Tax Rate (TTM)

67.80

18.02

12.79

19.19

Effecitve Tax Rate - 5 Yr. Avg.

20.76

34.45

29.99

24.61

FINANCIAL STRENGTH

Interest Coverage (TTM) PROFITABILITY RATIOS


EFFICIENCY Company

Industry

Sector

S&P 500

175,576

12,677,347

8,118,687

351,100

Net Income/Employee (TTM)

325

428,072

269,465

47,347

Receivable Turnover (TTM)

9.38

2.19

282.44

8.44

Inventory Turnover (TTM)

8.60

2.02

1.78

5.52

Asset Turnover (TTM)

1.58

0.31

0.28

0.46

Company

Industry

Sector

S&P 500

Return on Assets (TTM)

0.29

1.35

1.52

5.06

Return on Assets - 5 Yr. Avg.

0.78

6.93

7.40

4.76

Return on Investment (TTM)

0.41

2.01

2.24

6.50

Return on Investment - 5 Yr. Avg.

1.04

15.19

12.57

6.17

Return on Equity (TTM)

1.98

3.46

4.62

13.80

Return on Equity - 5 Yr. Avg.

7.51

20.19

16.34

6.97

Revenue/Employee (TTM)

MANAGEMENT EFFECTIVENESS


Contact Detail: Chutinush Taksinapinunt Business Development Director Heffernan Capital Management Email: chutinush@heffernan-inc.com Chutinush Taksinapinunt holds a Bachelor of Business Administrators degree Majoring in Finance and Banking. Chutinush Taksinapinunt is an experienced market maker and Portfolio Manager, having worked with some of Thailand’s largest Securities Company and Financial Institutions. Price Estimate by Shayne Heffernan PhD Shayne Heffernan of Ebeling Heffernan holds a PhD in Economics serves as CEO of Heffernan Holdings Inc and Co Founder of Ebeling Heffernan www.ebeling-heffernan.com Bangkok Suite 53 Athenee Tower 63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 THAILAND Tel: +66 2 126 8000 Fax: +66 2 126 8080 New York 347 5th Avenue, Suite 1402-508 Ny, NY 10016 Tel: +1 646-403-9881 Fax: +1 646-403-8014 Singapore 3 Raffles Place #07-01 Bharat Building Singapore 048617 Tel: +65 6329 6408Fax: +65 6329 9699


Disclaimer

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Dole Food Company, Inc. NYSE:DOLE Urgraded to Strong Buy