Portobello SpA - Value appeal
Portobello’s management has a very clear strategy to expand its retail presence across Italy over the long term from its current low penetration of 35 stores. It believes the company’s relatively unique business model, the use of its own and third-party media in exchange for inventory, enables it to source products more competitively than its peers. Recent M&A should enable Portobello to shift from a historical land-based focus to an omni-channel presence and enhance its product offer so that it appeals to a greater number of retail and B2B customers. The shares continue to trade at a significant discount to its (imperfect) quoted peer group, and our revised discounted cash flow (DCF) based valuation of €91/share.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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