Added to YB: 2026-05-18
Pitch date: 2026-05-14
NWL.MI [bullish]
NewPrinces S.p.A.
+25.64%
current return
Author Info
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Company Info
NewPrinces S.p.A. engages in the agri-food sector in Italy, Germany, the United Kingdom, and internationally.
Market Cap
EUR 796.9M
Pitch Price
EUR 17.16
Price Target
31.22 (+45%)
Dividend
N/A
EV/EBITDA
4.49
P/E
2.34
EV/Sales
0.28
Sector
Food Products
Category
value
NewPrinces update
NWL.MI (increased position): FY25 rev €2.96B (+80%), EBITDA €240M (8.1% margin), moved to net cash ex-IFRS16, €160M FCF (84% conversion). Manufacturing EBITDA €206M solid; Carrefour Italia 1-mo contribution unclear. Mgmt expects Carrefour cash neutral 2026, retail breakeven 2028. Trading 5.3x '25 EBITDA, 7.5x FCF pre-Carrefour value. Bull: margin expansion to 10% mfg/5% retail by 2030, M&A pipeline, €1B+ real estate floor. Bear: Carrefour burn risk, buybacks reducing float, opaque FCF. PT €31.22 (+82% upside) valuing mfg only, treating Carrefour as free option.
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