CEWE Stiftung & Co. KGaA : Keep moments forever
CEWE is an innovative photo and online printing service as well as a technology and market leader with 14 high-tech production sites and 27 sales offices in Europe. The company operates in the areas of Photofinishing, Commercial Online Printing and Retail (photo hardware business). On the back of growing turnover (CAGR of +3.2%, 2023 to 2026e) and EBIT margins (+30bp to 11.1% in 2026e vs 2023), a solid financial profile (equity ratio > 60%, average positive FCF of ca. € 64m, 2024e to 2026e) as well as extremely reliable dividends, we initiate coverage with an Outperform recommendation and a target price of € 145.CEWE Color is involve in the industrial photofinishing of analogue photos and digital photo products. Co. operates in three business areas: Photofinishing, Retail, and Online Printing. Photofinishing involves Co.'s photo products business is based on digital data. Co.'s products include CEWE PHOTOBOOK, CEWE CALENDARS, CEWE CARDS and CEWE WALL ART. Co.'s Proprietary Retail business has multi-channel retailing operations in Poland, the Czech Republic, Slovakia, Norway and Sweden. Co.'s Online Printing business includes its CEWE PHOTOBOOK software.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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