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.

Some notes:
- 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.
![Image upload](https://cdn.commonstock.com/f75ac1b5ed12bf7336e9e05a9b0db77143eb17cbfd369806c268e95c9b865c9e-1000x563.png)

More detailed analysis: [moram.eu/2q23-earnings/](https://moram.eu/2q23-earnings/)

Full thesis: [moram.eu/sanlorenzo/](https://moram.eu/sanlorenzo/)

Moram

Analysis of the 2Q23 earnings season results for our entire universe of companies and general market comments.

2Q23 Earnings Season - MORAM

Sanlorenzo 1H23 Results

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