I have recently opened a position in Sanlorenzo SpA $SL (-0,58 %) , a leading player in the luxury yacht and superyacht market.
It is currently trading at ~P/E 9.8, below its historical average and in line with peers. The company combines a strong brand, disciplined production (exclusivity & craftsmanship), and strategic geographic expansion (US & Asia) with a solid financial profile — low leverage, strong interest coverage, and net debt essentially under control.
Key points:
- Valuation: Market is pricing in modest FCF growth (~6%) compared to historical double-digit levels.
- Financial strength: Low debt/equity, high interest coverage, prudent capital allocation.
- Order book: Backlog covering over a year of revenues, 88% from final clients, providing visibility and stability.
- Growth prospects: Expansion in US and Asia, addition of Nautor Swan to the portfolio, investment in sustainable technologies, and a buyback program of up to 10% of shares.
The combination of a resilient business model, predictable revenues, and measured growth initiatives positions Sanlorenzo as a potentially interesting long-term opportunity that I decided to catch.
This post is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
