Portobello SpA (MIL: POR)

Last close As at 27/03/2024

EUR6.18

−0.20 (−3.13%)

Market capitalisation

EUR34m

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 (13.8) (30.1) (71.4)
Relative (18.9) (38.5) (78.3)
52 week high/low €23.8/€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 2.4 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

thematic

Consumer

ConsumerWatch – A Spring in the step

thematic

Consumer

ConsumerWatch – January sales

thematic

Consumer

ConsumerWatch – Bargains galore

thematic

Consumer

IPO apocalypse

thematic

Consumer

Food tech – At the forefront of food innovation

thematic

TMT

ESG, moving beyond the box tick

thematic

Consumer

ConsumerWatch – Value emerging

thematic

Consumer

Circular economy business models

thematic

Consumer

Moving from a vegan January to a sustainable one

thematic

Consumer

Meating Demand – The lean, green money-making machine

thematic

Consumer

Illuminator: August Update

thematic

Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide