Smartphoto group [FIRST LOOK] Stagnating turnover and further investments in naYan
After a weak 1H24 release, we will have to lower our FY24E forecast slightly (no impact on our €38 Target Price and Buy rating) as Smartphoto group expect -despite the uncertain general economic outlook- a stabilization of both EBITDA and EBIT in 2H24. To reach our €80.2m FY24E sales and € 13.7m FY24E EBITDA, Smartphoto group would need a 6.5% y/y 2H24 sales growth and 2H EBITDA-margin improvement from 20.8% to 22.5%.They highlight that -for Smartphoto- 2H will be focused on innovation in the marketing approach and faster delivery times. NaYan will further focus on growth by acquiring new customers for its 'E-commerce as a Service' (EaaS). TopFanZ will also continue to focus on growth through geographical expansion and expansion of its product range.
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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