Smartphoto group Why can't it be “Christmas the Whole Year Round”?
Despite the difficult market conditions, the traditionally lower volumes in 1H compared to 2H (with a huge peak in the Christmas and New Year period), combined with higher material, personnel and transport costs, Smartphoto group's 1H23 EBITDA was stable y/y. We maintain our € 40 Target Price and Buy rating as Smartphoto indicated that in 2H23, the focus will continue to be on growth, both for the activities of smartphoto as well as for naYan.We maintain our Buy and € 40 Target Price after the 1H23 results.
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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