Portobello SpA

Portobello SpA (MIL: POR)

Currency in EUR

Last close As at 28/11/2023

EUR7.70

▲ −0.36 (−4.47%)

Market capitalisation

EUR27m

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. 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

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

Consumer |
Flash note

23.03.23

Portobello SpA — FY22 underlying results ahead of expectations

Woman shopping vegetables at the supermarket

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Sector

Consumer

Equity Analyst

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.