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|In the press release of 9 May 2023, Saccheria F.lli Franceschetti SpA, a leading company in Italy in industrial packaging in propylene raffia fabric, listed on the Euronext Growth Milan (EGM) market, announced that operating revenues as of 31 March 2023, not audited, amounted to € 5.55 million, compared to € 6.02 million as of 31 March 2022.|
Specifically, the revenues of the main product categories (both commercialized and manufactured) “big bags”, “fertilizer bags” and “small bags” amount to € 4.00 million, € 0.70 million, and € 0.30 million respectively.
Regarding the proprietary e-commerce channel, on the other hand, the latter recorded a double-digit increase with a performance of +40.0% over 1Q22.
It should be noted that the Company operates as a substitute for the collection on behalf of CONAI, which revenues and costs in the income statement are cancelled: not considering the effect of this contribution, operating revenues in 1Q23 stood at € 5.53 million, compared to € 5.88 million in 1Q22.
The press release reinforces our positive view on the security. For this reason, we confirm our estimates: BUY rating, Target Price € 2.95, and MEDIUM risk.