Portobello SpA

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

Consumer |
Flash note

24.04.24

Portobello SpA — Focus back on the operations

Consumer |
Update

30.10.23

Portobello SpA — Focusing on cash generation

Consumer |
edison tv

20.06.23

Portobello SpA – executive interview

Consumer |
Outlook

20.06.23

Portobello SpA — Value appeal

Woman shopping vegetables at the supermarket

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Sector

Consumer

Equity Analyst

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)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	8.5	(2.0)	(67.7)
Relative	10.3	(10.4)	(74.1)
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.