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Breaking News, Research 7 Aug 2023

BREAKING NEWS – 07.08.2023

In the press release of August 4th, 2023, Saccheria F.lli Franceschetti SpA, the leading Italian propylene raffia fabric industrial packaging company listed on the Euronext Growth Milan (EGM) market, announced that as of June 30th, 2023, it had generated € 9.80 million of operating revenues non subject to audit (€ 12.60 million in the same period of the year 2022).

It should be noted that the Company serves as a substitute for collection on behalf of CONAI, the revenues and costs of which in the income statement are canceled. Net of the effect of this contribution, as of June 30, 2023, the Company reported revenues of € 9.80 million, compared to € 12.30 million in 1H22A.

Analyzing revenue performance with reference to the main product categories (both commercialized and manufactured), it can be noted that:
big bags generated revenues of € 7.20 million, down from € 8.20 million in 1H22A;
fertilizer bags generated revenues of € 0.90 million in 1H20A, marking a decrease from € 1.20 million in the equivalent period of 2023;
small bags, finally, recorded revenues of € 0.70 million (€ 1.10 million in 1H22A).
Furthermore, an additional double-digit growth of the proprietary e-commerce channel emerges, which shows a 26.0% increase over 1H22A.

The above press release reinforces our positive view on the security. Therefore, we confirm our estimates: rating BUY, Target Price € 2.95, and risk MEDIUM.
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