Portobello SpA (MIL: POR)

Currency in EUR

Last close As at 28/11/2023

EUR7.70

−0.36 (−4.47%)

Market capitalisation

EUR27m

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.

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Woman shopping vegetables at the supermarket

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)

50.2

Forecast gearing ratio (%)

108

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 11.6 (39.8) (59.6)
Relative 3.4 (41.4) (65.9)
52 week high/low €34.3/€4.0

Financials

Portobello’s (POR) H123 demonstrated strong revenue growth as the store expansion continued against an increasingly challenging macroeconomic backdrop. However, profitability was negatively affected by inflationary cost pressures and an unexpected and unfavourable out-of-court settlement to pay a counterparty’s VAT, which will be paid over three instalments by the end of March 2024 from operating cash flow and new financing currently under negotiation. Our forecasts are under review.

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 1.7 1.1
2023E 160.8 21.9 16.5 372.1 2.1 1.2
2024E 197.3 28.2 24.2 436.9 1.8 0.9

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