On 11 July 2018, Portobello S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 13 July 2018.
Integrae SIM acted as Nomad, Global Coordinator of Private Placement.
The total equivalent of the resources raised through the operation amounts to Euro 2.0 million, through the issuance of 444,300 newly issued shares.
The placement price The unit price of the shares resulting from the placement was set at Euro 4.40; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 12.0 million.
The enterprise. Founded in 2016, it operates on the market through 3 business units active in the media & advertising, B2C, and B2B sectors. The Company deals with the resale of advertising space, owned or purchased by third parties, for monetary consideration or through the barter system. The Company has started and manages retail stores and a proprietary e-commerce channel.
Ultima Ricerca Portobello
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UPDATE – 04.04.2023
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In the Consolidated Financial Statements as at December 31, 2022, Portobello confirmed its growth trend by recording a Value of Production of € 130.48 million, up 48.0% on its 2021 result of € 88.18 million, thanks to the double-digit growth of all of its Business Units, despite the negative macroeconomic scenario. EBITDA for the period amounted to € 18.16 million, up from € 16.52 million in FY21A, and with a margin on revenues of 13.9%. EBIT, after depreciation, amortization and depreciation of € 4.68 million, came in equal to € 13.48 million, versus € 13.89 million in the previous year, with an EBIT Margin of 10.3%, while Net Income was also positive for € 7.66 million. On the balance sheet, NFP showed a deterioration from € 17.30 million to € 42.43 million in FY22A.
In light of the results published in the annual report for FY22A, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate an FY23E Value of Production of € 180.00 million and an EBITDA of € 27.00 million, corresponding to a margin of 15.0%. In the following years, we expect the Value of Production to rise to € 250.00 million (CAGR 22Y-25E: 24.2%) in FY25E, with EBITDA equal to € 48.50 million (corresponding to a margin of 19.4%), up from € 18.16 million in FY22A (corresponding to an EBITDA Margin of 13.9%).
We conducted our valuation of the equity value of Portobello based on the DCF method. The DCF method (including, for prudential purposes, a specific risk of 1.5% in the calculation of the WACC) returned an equity value of € 249.3 million. The target price is therefore equal to € 71.00 (prev. €78.00), BUY rating and MEDIUM risk.
Latest Research Portobello
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UPDATE – 04.04.2023
In the Consolidated Financial Statements as at December 31, ...
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UPDATE – 22.09.2022
The results in 1H22A show how the Company has been able to s...