reports
- Kate Heseltine
Portobello SpA - Focus back on the operations
Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management’s focus on cash generation and the company’s inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €2...
- Kate Heseltine
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 reduc...
- Kate Heseltine
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...
- Kate Heseltine
Portobello SpA - FY22 underlying results ahead of expectations
Portobello’s underlying profitability in FY22 was ahead of our expectations despite the more difficult operating environment affecting revenue growth. Portobello’s multi-distribution model enabled its B2B activities to partially compensate for the slower-than-expected but still strong Retail and Media growth. Our forecasts are under review and will be updated following publication of Portobello’s full financial statements in English.
- Kate Heseltine
Portobello - Offering value in tough times
Portobello demonstrated strong revenue growth in H122 as it executed its retail-focused expansion strategy. Significantly, given the greater pressures on consumer discretionary income, the more established stores grew on an underlying basis, according to management. It believes the value-based retail offer is well positioned for more difficult economic times. Lower profitability reflects price investment to drive footfall and upfront investment in new trading space. Our operational estimates are...
- Kate Heseltine
Portobello - Creating an omnichannel presence
Portobello’s proposed acquisition of ePrice Operations as a joint venture with Riba Mundo Tecnologia will lead to Portobello becoming an omnichannel operator from its current store-based focus and enable it to grow ePrice’s core volume (consumer electronics and household appliances) while adding complementary products from Portobello’s range. The enhanced volume, purchasing power of Portobello and Riba and cost synergies should lead to enhanced revenue growth and prospects for ePrice’s activitie...
Portobello SpA (POR): Initiation - Scaling to a national presence
Edison Investment Research Limited 13-Apr-2022 / 07:00 GMT/BST London, UK, 13 April 2022 Portobello SpA (POR): Initiation - Scaling to a national presence Portobello's unique business model, primarily the use of media barter, enables it to source branded products at extremely competitive prices for sale, in its own retail outlets and to other distributors in Italy, at a significant discount to its competitors. Management's aspiration is to leverage this competitive advantage to grow its retail operations to national coverage over the long term, which suggests significant potent...
- Kate Heseltine
Portobello - Scaling to a national presence
Portobello’s unique business model, primarily the use of media barter, enables it to source branded products at extremely competitive prices for sale, in its own retail outlets and to other distributors in Italy, at a significant discount to its competitors. Management’s aspiration is to leverage this competitive advantage to grow its retail operations to national coverage over the long term, which suggests significant potential for new space from its current low market penetration versus its pe...
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