Sanlorenzo presented today 1H23 with great results, beating in revenue and EBITDA, a significant rise in the guidance, and some positive notes on the outlook for the next two/three years.
Revenue of €388MM (+12.6% YoY), EBITDA up by 20.3% to €67.7MM, with an almost 100% FCF conversion, and net income of €39MM (+20.3% YoY) despite a highest effective tax rate.
- Net Cash position of €140.5MM (+40MM in 6 months)
- Order intake >€350MM in 1H23, resulting in a backlog of €1421MM
- Raised FY23 EBITDA guidance to €160MM with a margin of 18.7% and a net profit of €87.5MM in FY23
We remain positive in this segment as the penetration rate of UHNWI with a superyacht remains below the long-term average due to the sharp increase in the number of UHNWI and the limited offer.