Smartphoto group A stronger performance in 2H24 although just below our forecasts
Increase in revenue of 4% y/y from € 77.3m in FY23 to € 80.5m (KBCSe € 81.5m) in FY24, driven by a strong 2H and an even stronger 4Q.FY24 EBITDA increased y/y 13.1% to € 11.4m (KBCSe € 12.3m) reflecting ‘targeted investments in people and marketing', which according to Smartphoto already contributed to accelerated turnover growth and a stronger performance in 2H24 although just below our forecasts.
Increase in net cash of 0.8m from € 19.7m end FY23 to € 20.5m end FY24, and this notwithstanding the increased dividend payment, the additional buyback of treasury shares, and the acquisition of TopFanZ at the end of May 2024. We maintain our Buy rating although with a lower TP of € 32 (was € 38) in line with our updated model.
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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