Portobello SpA (MIL: POR)

Currency in EUR

Last close As at 25/03/2023


−0.10 (−0.41%)

Market capitalisation


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.

Woman shopping vegetables at the supermarket



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Mirco Di Giuseppe


  • Pietro Peligra


  • Roberto Panfili

    Co-founder and COO

  • Simone Prete


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.4 (9.0) (34.0)
Relative 2.6 (18.1) (38.3)
52 week high/low €39.2/€15.8


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. Our forecasts are under review and will be updated following publication of Portobello’s full financial statements in English.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 62.7 10.9 8.3 195.58 12.3 6.2
2021A 85.5 16.5 13.0 260.74 9.2 4.5
2022E 137.9 22.2 17.8 332.60 7.2 3.7
2023E 211.0 34.0 28.0 506.86 4.7 2.5



ConsumerWatch – January 2023


ConsumerWatch – October 2022


IPO apocalypse

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