Portobello SpA - Focusing on cash generation
Portobello’s (POR’s) H123 results demonstrated strong revenue growth as the store expansion continued against an increasingly challenging macroeconomic backdrop. However, profitability was negatively affected by inflationary cost pressures. The unexpected and unfavourable out-of-court settlement to pay a counterparty’s VAT means POR will focus on cash generation in the near term, allowing its existing store base to mature and pausing the new store opening programme, likely through H124. We reduce our FY23–24 revenue forecasts by 11–12% and our EBITDA forecasts by c 21%.Portobello SpA is an Italy-based company active in the business to consumer (B to C) industry. The Company manages an e-commerce store in addition to different retail stores. Its offering includes a wide range of products divided in Electronics, House Hold Products, Do-It-yourself (DIY), Home Apparel, House and Personal Care, Hobby and Free Time, and Fashion. The Company is active locally.
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