{"id":13650,"date":"2022-12-08T14:55:13","date_gmt":"2022-12-08T13:55:13","guid":{"rendered":"https:\/\/integrae.it\/?p=13650"},"modified":"2022-12-08T14:55:14","modified_gmt":"2022-12-08T13:55:14","slug":"update-22-09-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/","title":{"rendered":"UPDATE &#8211; 22.09.2022"},"content":{"rendered":"\n<p>The results in 1H22A show how the Company has been able to successfully continue its growth path, despite the known critical macroeconomic issues. Portobello recorded a turnover of \u20ac 48.82 million and value of production equal to \u20ac 49.01 million, an increase of 66.5% compared to 1H21A, which amounted to \u20ac 29.44 million. EBITDA for the period amounted to \u20ac 6.43 million, a decrease compared to 1H21A (\u20ac 7.32 million), and the EBITDA margin went from 24.9% of 1H21A to 13.1%, due to the increasing costs for promotional activity. Net Income is positive, equal to \u20ac 2.75 mln, but we see a deterioration in NFP, equal to \u20ac 27.58 mln, because of the large cash absorption due to the opening of new stores during the period.<\/p>\n\n\n\n<p>In the light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate FY22E value of production equal to \u20ac 140.00 million and EBITDA of \u20ac 22.45 million, corresponding to a marginality of 16.0%. For subsequent years, we expect the value of production to increase up to \u20ac 250.00 million (CAGR FY21A &#8211; FY25E: 29.76%) in FY25E, with EBITDA of \u20ac 50.00 million (corresponding to an EBITDA margin of 20.0%), up from \u20ac 16.52 million in FY21A (corresponding to an EBITDA margin of 18.7%).<\/p>\n\n\n\n<p>We have conducted the valuation of Portobello&#8217;s equity value based on the DCF methodology. The DCF method (which, in the calculation of WACC, includes a specific risk of 1,5% for prudential purposes) provides an equity value equal to \u20ac 273.9 million. <strong>The target price, therefore, is \u20ac 78.00 (prev. \u20ac 85.00). We confirm BUY rating and MEDIUM risk.&nbsp;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The results in 1H22A show how the Company has been able to successfully continue its growth path, despite the known critical macroeconomic issues. Portobello recorded a turnover of \u20ac 48.82 million and value of<\/p>\n","protected":false},"author":5,"featured_media":11523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[200],"class_list":["post-13650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-portobello-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 22.09.2022 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 22.09.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The results in 1H22A show how the Company has been able to successfully continue its growth path, despite the known critical macroeconomic issues. Portobello recorded a turnover of \u20ac 48.82 million and value of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-08T13:55:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:55:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/portobello400x400-o8s3sk886yd84g1g33tldugpkzbiwz44e9kp2l255s.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 22.09.2022 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 22.09.2022 - integrae.it \u2013 Financial Boutique","og_description":"The results in 1H22A show how the Company has been able to successfully continue its growth path, despite the known critical macroeconomic issues. Portobello recorded a turnover of \u20ac 48.82 million and value of","og_url":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2022-12-08T13:55:13+00:00","article_modified_time":"2022-12-08T13:55:14+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/portobello400x400-o8s3sk886yd84g1g33tldugpkzbiwz44e9kp2l255s.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/portobello400x400-o8s3sk886yd84g1g33tldugpkzbiwz44e9kp2l255s.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/portobello400x400-o8s3sk886yd84g1g33tldugpkzbiwz44e9kp2l255s.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/","name":"UPDATE - 22.09.2022 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/#primaryimage"},"datePublished":"2022-12-08T13:55:13+00:00","dateModified":"2022-12-08T13:55:14+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-22-09-2022\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-22-09-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 22.09.2022"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=13650"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13650\/revisions"}],"predecessor-version":[{"id":13651,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/13650\/revisions\/13651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11523"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=13650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=13650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=13650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}