Portobello demonstrated strong revenue growth in H122 as it executed its retail-focused expansion strategy. Significantly, given the greater pressures on consumer discretionary income, the more established stores grew on an underlying basis, according to management. It believes the value-based retail offer is well positioned for more difficult economic times. Lower profitability reflects price investment to drive footfall and upfront investment in new trading space. Our operational estimates are unchanged, but our DCF-based valuation reduces to €115/share (€121/ share previously) to reflect a higher bond yield and net debt position.Den vollständigen Artikel lesen ...