{"id":16146,"date":"2023-04-04T13:09:03","date_gmt":"2023-04-04T12:09:03","guid":{"rendered":"https:\/\/integrae.it\/?p=16146"},"modified":"2023-04-04T13:09:04","modified_gmt":"2023-04-04T12:09:04","slug":"update-04-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-04-04-2023\/","title":{"rendered":"UPDATE &#8211; 04.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the Consolidated Financial Statements as at December 31, 2022, Portobello confirmed its growth trend by recording a Value of Production of \u20ac 130.48 million, up 48.0% on its 2021 result of \u20ac 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 \u20ac 18.16 million, up from \u20ac 16.52 million in FY21A, and with a margin on revenues of 13.9%. EBIT, after depreciation, amortization and depreciation of \u20ac 4.68 million, came in equal to \u20ac 13.48 million, versus \u20ac 13.89 million in the previous year, with an EBIT Margin of 10.3%, while Net Income was also positive for \u20ac 7.66 million. On the balance sheet, NFP showed a deterioration from \u20ac 17.30 million to \u20ac 42.43 million in FY22A.<br><br>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 \u20ac 180.00 million and an EBITDA of \u20ac 27.00 million, corresponding to a margin of 15.0%. In the following years, we expect the Value of Production to rise to \u20ac 250.00 million (CAGR 22Y-25E: 24.2%) in FY25E, with EBITDA equal to \u20ac 48.50 million (corresponding to a margin of 19.4%), up from \u20ac 18.16 million in FY22A (corresponding to an EBITDA Margin of 13.9%).<br><br>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 \u20ac 249.3 million. <strong>The target price is therefore equal to \u20ac 71.00 (prev. \u20ac78.00), BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the Consolidated Financial Statements as at December 31, 2022, Portobello confirmed its growth trend by recording a Value of Production of \u20ac 130.48 million, up 48.0% on its 2021 result of \u20ac 88.18<\/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-16146","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 - 04.04.2023 - 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-04-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the Consolidated Financial Statements as at December 31, 2022, Portobello confirmed its growth trend by recording a Value of Production of \u20ac 130.48 million, up 48.0% on its 2021 result of \u20ac 88.18\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-04-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-04T12:09:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-04T12:09:04+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 - 04.04.2023 - 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-04-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 04.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"In the Consolidated Financial Statements as at December 31, 2022, Portobello confirmed its growth trend by recording a Value of Production of \u20ac 130.48 million, up 48.0% on its 2021 result of \u20ac 88.18","og_url":"https:\/\/integrae.it\/en\/research\/update-04-04-2023\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-04-04T12:09:03+00:00","article_modified_time":"2023-04-04T12:09:04+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; 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