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Breaking News, Research 17 Feb 2023

BREAKING NEWS – 17.02.2023

In the press release of 16 February 2023, Saccheria F.lli Franceschetti S.p.A., a leading company in Italy in industrial packaging in propylene raffia fabric, listed on the Euronext Growth Milan market (EGM), announced that it had examined and approved operating revenues as of 31 December 2022, not subject to audit.
Saccheria F.lli Franceschetti closes 2022 with Revenues equal to € 23.20 million, with an increase of 20.1% compared to € 19.30 million in the fiscal year 2021, and in line with our estimates of €23.65 million.
It should be noted that the Company offers a broad product portfolio to more than 10,000 active clients in 25 sectors including industry, environment, pharmaceuticals, metallurgy, construction, agriculture, mining, plastics, and chemicals. The positive result obtained during the 2022 fiscal year derives mainly from the growth driven by double-digit performance for all the main product categories, specifically:
Big bags, which represent 67.0% of revenues, amounted to € 15.60 million, with an increase of 24.0% compared to € 12.60 million in FY21A;
Small bags recorded an increase of +19.0% compared to the previous fiscal year ended on 31 December 2021;
Fertilizer bags are up +46.0% compared to FY21A.
Finally, the proprietary e-commerce channel contributed to a 43.0% increase in total Revenues generated compared to 2021. The latter represents a unique feature in the Italian competitive landscape, allowing the Company to reach clients of any sector and size in a widespread manner. The online store has registered more than 30,000 annual users and allowed the acquisition of more than 2,500 new clients since its launch in November 2019.
In light of the approved operating revenues, waiting to evaluate the overall results of the 2022 fiscal year, we confirm our estimates: target price € 2.94, BUY rating and risk medium.
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