Smartphoto group Model update after FY23 saw -a small- growth in turnover and profitability
Although Smartphoto group showed in FY23 resilience and confirms with growth in turnover and profitability the preliminary FY23 numbers were just below our forecasts. We updated our numbers resulting in a slight decrease of our (DCF-based) Target Price to € 38 (was € 40). We maintain our Buy-rating.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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