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IPO -- DOLE unfavorably compared to DLM (Delmonte Food) & FDP (Fresh Delmonte Prodce)

|Includes: DLM, Dole Food Company, Inc. (DOLE), FDP

Dole Food Co (NYSE:DOLE) expected to price $500mm Thursday for trading Friday, Oct 23
 Notice unfavorable ‘compare & contrast’ with Delmonte Food (NYSE:DLM) & Fresh Delmonte Produce (NYSE:FDP) below in analyst report
. Branded, highly leveraged commodities business
. 63% of operating income went to interest payments, over $200mm per year on an annualized basis -- using June quarter interest payments of $50mm

. Annualized P/E ratio of 14.6 based on June quarter, way too high for this commodities company that reported a dismal June quarter
. Assets are fully & overly secured by lenders
. No margin or error or wriggle room at this stage for public equity investors, who are going to be at risk.
. SEC filing is confusing, creates investor uncertainty and reduces IPO demand

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