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Portobello SpA (MIL: POR)

Last close As at 25/04/2024

EUR5.56

▲ 0.12 (2.21%)

Market capitalisation

EUR30m

Portobello aims to build a national Italian retail presence via a rapid rollout of own-stores and franchises. It uses a combination of barter (own and third-party media) and cash purchases to source branded products from its suppliers.

Portobello’s aspiration is to grow its retail footprint across Italy. If management can execute this strategy, it would produce premium revenue and profit growth in the long term versus its peers. Management is accelerating its store expansion plans from FY22, following the disruption caused by the outbreak of COVID-19.

Latest Insights

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Consumer | Flash note

Portobello SpA — Focus back on the operations

Consumer | Update

Portobello SpA — Focusing on cash generation

Consumer | edison tv

Portobello SpA – executive interview

Consumer | Outlook

Portobello SpA — Value appeal
Woman shopping vegetables at the supermarket
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director of Content, Consumer and Media

Milo Bussell

Associate Analyst, Consumer and Media

Key Management

  • Mirco Di Giuseppe

    CFO

  • Pietro Peligra

    Chairman

  • Roberto Panfili

    Co-founder and COO

  • Simone Prete

    CEO

Balance Sheet

Forecast net debt (€m)

50.2

Forecast gearing ratio (%)

108

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.6) (23.0) (76.2)
Relative (10.7) (31.0) (80.6)
52 week high/low €23.6/€4.0

Financials

Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management’s focus on cash generation and the company’s inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €20m, have improved the company’s financial position. The requirement to improve the balance sheet further is likely to necessitate a focus on managing costs and cash generation in FY24. Ahead of the publication of the full financial statements and greater clarity on the company’s trading strategy for the year ahead, we withdraw our estimates.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 85.5 16.5 13.0 262.8 2.1 1.0
2022A 129.9 24.6 18.6 462.8 1.2 0.8
2023E 160.8 21.9 16.5 372.1 1.5 0.9
2024E 197.3 28.2 24.2 436.9 1.3 0.7

Research

Woman shopping vegetables at the supermarket

Update

Consumer

Portobello SpA — Focusing on cash generation

edison tv

Consumer

Portobello SpA – executive interview
Woman shopping vegetables at the supermarket

Consumer

Flash note

Portobello SpA — Focus back on the operations

Woman shopping vegetables at the supermarket

Outlook

Consumer

Portobello SpA — Value appeal
Woman shopping vegetables at the supermarket

Flash note

Consumer

Portobello SpA — FY22 underlying results ahead of expectations

edison tv

Consumer

Portobello – Executive Interview

Update

Consumer

Portobello SpA — Offering value in tough times

Flash note

Consumer

Portobello SpA — Creating an omnichannel presence

edison tv

Consumer

Portobello SpA – executive interview
Woman shopping vegetables at the supermarket

Initiation

Consumer

Portobello — Scaling to a national presence

Thematics

thematic

Consumer

ConsumerWatch – At least someone loves me

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

Consumer

ConsumerWatch – Falling into the fall

thematic

Consumer

ConsumerWatch – Making the most of the summer
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