Portobello SpA (MIL: POR)

Last close As at 22/02/2024

EUR7.52

−0.24 (−3.09%)

Market capitalisation

EUR35m

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

View More

Consumer | Update

Portobello SpA — Focusing on cash generation

Consumer | edison tv

Portobello SpA – executive interview

Consumer | Outlook

Portobello SpA — Value appeal

Consumer | Flash note

Portobello SpA — FY22 underlying results ahead of expectations

Woman shopping vegetables at the supermarket

Sector

Consumer

Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

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 (2.8424) (16.0253) (66.9213)
Relative (7.9095) (23.5082) (71.2817)
52 week high/low €24.7/€4.0

Financials

In January 2024 Portobello announced a capital raise of up to €8m, including a significant contribution of €5m from the existing management shareholders. The raise should naturally help improve its working capital liquidity following the unexpected fine for tax payments in 2023.

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 2.9 1.4
2022A 129.9 24.6 18.6 462.8 1.6 1.0
2023E 160.8 21.9 16.5 372.1 2.0 1.2
2024E 197.3 28.2 24.2 436.9 1.7 0.9

Research

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 – October 2023

thematic

Consumer

ConsumerWatch – July 2023

thematic

Consumer

ConsumerWatch – April 2023

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free