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.
Consumer |
Update
Consumer |
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Consumer |
Outlook
Consumer |
Flash note
Mirco Di Giuseppe
CFO
Pietro Peligra
Chairman
Roberto Panfili
Co-founder and COO
Simone Prete
CEO
Forecast net debt (€m)
50.2
Forecast gearing ratio (%)
108
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (13.8) | (30.1) | (71.4) |
Relative | (18.9) | (38.5) | (78.3) |
52 week high/low | €23.8/€4.0 |
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 | 2.4 | 1.2 |
2022A | 129.9 | 24.6 | 18.6 | 462.8 | 1.3 | 0.9 |
2023E | 160.8 | 21.9 | 16.5 | 372.1 | 1.7 | 1.0 |
2024E | 197.3 | 28.2 | 24.2 | 436.9 | 1.4 | 0.8 |