Photo-Me International - Laundry opportunities and Japanese restructuring
Photo-Me’s (PHTM’s) FY18 results confirmed a successful business model divided by mutually exclusive sectors. A choppy market in Asia squeezed segment revenues but restructuring plans potentially improve profitability beyond FY19. FX headwinds and reduced tax benefited margins, although politically driven tax breaks can’t be assumed to be permanent. The aggressive laundry unit roll-out helped to drive the top line with segment revenue mix shifting in Portugal and Ireland. We expect consensus to be downgraded temporarily but expansion in underpenetrated markets supports low single-digit growth over coming years.Photo-Me International is a provider of automated instant-service equipment. Co.'s business is focused on three principal areas: Identification, which provides proprietary software for photo identification and technologies that offer governments secure integrated solutions, including biometric data capture and 3D facial image capture via Co.'s photobooths; Laundry, which operates in outdoor self-service laundry units and launderette shops and provides business to business distribution and leasing of laundry and catering equipment; and Kiosks, which operates printing kiosks that enable printing from smartphones and is integrated with primary social media networks for printing.
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