Ibersol SGPS - On a journey
Ibersol is responding well to the ‘unexpected challenge’ of the late 2022 disposal of its Burger King operations (22% of FY22 EBITDA) with accelerating expansion of other high-quality international brands (Pizza Hut, KFC, Taco Bell and Pret a Manger) including significant new concession contracts at major airports in Spain. Strong finances (net cash at March 2024 of €147m, reinforced by c €250m Burger King sale proceeds) ensure material firepower in this regard. Meanwhile trading is resilient despite consumer spending pressures and intense competition, with Q124 restaurant like-for-like sales up by 6%, boosted by an early Easter and buoyant airport traffic, and EBITDA up over a third, if in the quietest quarter. With improving conditions and a medium-term payoff from maturing concessions, FY25 forecasts show EV/EBITDA of 3.4x.Ibersol SGPS SA. Ibersol SGPS SA is a Portugal-based company primarily engaged in the operation of restaurants. It is active in Portugal and Spain. The Company divides its activities into six business areas: Restaurants and Delivery; Counters; Travel; Coffee Kiosks; Catering, and Concessions. In the Restaurants and Delivery area, it is involved in the operation of restaurant chains under brand names of Pizza Hut, Pasta Caffe and Pizza Movil. In the Counters area, it operates restaurant chains under banners KFC, O Kilo, Burger King and Pans, as well as The Eat-Out Group brand names. The Travel business sector includes the provision of foodservices on highways and airports. The Coffee Kiosks sector consists of coffee retailers under the brand name Delta. In the Catering sector, it is active in the preparation of meals. The Concessions sector includes the management of concessions for provision of foodservices in number of spots in Portugal, such as Serralves Museum and Casa da Musica, among others.
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