Dole plc (DOLE): A Bull Case Theory

We came across a bullish thesis on Dole plc on Value & Error’s Substack. In this article, we will summarize the bulls’ thesis on DOLE. Dole plc's share was trading at $15.68 as of January 27th. DOLE’s trailing and forward P/E were 12.44 and 9.97 respectively according to Yahoo Finance.

Dole PLC (NYSE: DOLE) is one of the world’s largest producers and distributors of fresh bananas, pineapples, and a broad range of fruits and vegetables sourced from over 100 countries. The company operates a vertically integrated model, owning 250 facilities, 114,000 acres of land, 13 vessels, and 75 packing houses, which provides significant operational control and scale advantages. Shares have come under pressure following the Murdock estate’s sale of its 11% stake through a secondary offering, recalling that David Murdock originally took Dole private in 2013 at a 10x EBITDA multiple.

The company is now managed by the McCann family, who bring a 20-year track record from Total Produce, which has since been merged into Dole, signaling strong operational and strategic expertise. Management projects $385 million of EBITDA for the current year, translating to approximately $180 million in free cash flow, underscoring a highly cash-generative business.

Compared to peers, Dole appears attractively valued; for example, Fresh Del Monte trades at an EV/EBITDA multiple of around 7x, suggesting Dole may offer upside potential if the market reassesses its operational performance and cash generation. Given its global scale, vertically integrated operations, and stable cash flows, Dole presents a compelling investment opportunity, particularly at current depressed share levels following the secondary offering, with potential for both strategic and operational catalysts to drive future rerating.

Previously, we covered a bullish thesis on Cal-Maine Foods, Inc. (CALM) by Charly AI in April 2025, which highlighted growth from elevated egg prices, operational efficiency, and strategic acquisitions. CALM’s stock has depreciated by approximately 9.91% since our coverage due to price normalization. Value & Error shares a similar perspective but emphasizes Dole PLC’s (DOLE) global scale, vertical integration, and cash-generative operations.

Dole plc is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held DOLE at the end of the third quarter which was 24 in the previous quarter. While we acknowledge the potential of DOLE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.