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Portobello SpA (MIL: POR)

Currency in EUR

Last close As at 21/09/2023

EUR13.20

▲ 1.45 (12.34%)

Market capitalisation

EUR41m

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 | edison tv

Portobello SpA – executive interview

Consumer | Outlook

Portobello SpA — Value appeal

Consumer | Flash note

Portobello SpA — FY22 underlying results ahead of expectations

Consumer | edison tv

Portobello – Executive Interview
Woman shopping vegetables at the supermarket
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Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Mirco Di Giuseppe

    CFO

  • Pietro Peligra

    Chairman

  • Roberto Panfili

    Co-founder and COO

  • Simone Prete

    CEO

Balance Sheet

Forecast net debt (€m)

43.5

Forecast gearing ratio (%)

76

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (16.7) (38.0) (22.4)
Relative (18.4) (39.9) (39.3)
52 week high/low €34.3/€11.7

Financials

Portobello’s underlying profitability in FY22 was ahead of our expectations despite the more difficult operating environment affecting revenue growth. Portobello’s multi-distribution model enabled its B2B activities to partially compensate for the slower-than-expected but still strong Retail and Media growth. Despite a more cautious outlook for profitability due to inflationary pressures in FY23, we still expect 30% underlying EBITDA growth in both FY23 and FY24.

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 5.0 2.5
2022A 129.9 24.6 18.6 462.8 2.9 1.8
2023E 183.4 27.8 22.1 474.2 2.8 1.6
2024E 222.5 35.5 30.8 556.2 2.4 1.3

Research

Outlook

Consumer

Portobello SpA — Value appeal
Woman shopping vegetables at the supermarket

Flash note

Consumer

Portobello SpA — FY22 underlying results ahead of expectations

Consumer

edison tv

Portobello SpA – executive interview

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 – July 2023

thematic

Consumer

ConsumerWatch – April 2023

thematic

Consumer

ConsumerWatch – January 2023

thematic

Consumer

ConsumerWatch – October 2022
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