SMARTPHOTO GROUP - A personalised gifting machine turning into a Free Cash Flow machine SMAR BB
Smartphoto promised, despite the lower profitability in 1H21, that there would be y/y growth in both turnover and EBITDA for FY21. The preliminary numbers showed that -although just a tad below our forecasts- they realised, after the temporary boost from Covid-19 in FY20, further steady growth in 2021. We made some small changes to our FY21-24E forecasts but maintain our Buy and € 40 Target Price.Smartphoto Group is a diversified photo and multimedia group. It has two core activities that are structured into two separate divisions, the Retail Group and the Imaging Group. The Retail Group focuses on consumer electronics and on multimedia products on several local markets. Imaging Group provides goods and services that are directly concerned with both analogue and digital photography in the broad sense. These are mainly products and services concerned with the production of photo prints, which implies a specific production process for 'photofinishing'. Several entities in the Imaging Group deal in goods required for taking photos and printing them.
We are a financial services provider for several types of professional clients, each with distinct needs.
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