BREAKING NEWS – 18.01.2024

In a press release of January 16th, 2024, Saccheria F.lli Franceschetti SpA, the leading Italian company in industrial packaging made of polypropylene raffia fabric, listed on the Euronext Growth Milan (EGM) market, announced that the Board of Directors, took note of the unaudited operating revenues, which, as of December 31st, 2023, stood at € 17.80 million compared to € 23.20 million recorded at the end of 2022. More specifically, revenues of the main production categories (both commercialized and manufactured) amounted to:  € 13.30 million for “big bags,” compared to € 15.60 million recorded in FY22A;  € 1.10 million for “fertilizer bags,” compared to € 1.90 million in FY22A;  € 1.30 million for “small bags,” compared to € 2.20 million in FY22A. It should be noted that, since the Company acts as a substitute for collection on behalf of CONAI, the related revenues and costs recorded in the income statement are cancelled. Net of the effect of the CONAI contribution, operating revenues amounted to € 17.70 million at the end of 2023, compared to € 22.80 million recorded as of December 31st, 2022. The reduction in turnover affecting the period does not appear to be associated with an equivalent reduction in sales volumes. In fact, the normalization of transportation and raw material costs, which occurred following the peak observed in 2022, the positive outcome of prudent purchasing management and the adoption of a targeted pricing policy, allowed Saccheria F.lli Franceschetti, to preserve good levels of profitability. In addition, the data concerning 2023 show an excellent performance of the proprietary e-commerce, which recorded a double-digit increase of about +31.0% over last year. While waiting to meet with management and assess the results for 2023, we confirm our estimates: rating BUY, Target Price € 3.05 and risk MEDIUM

Leggi il pdf