reports
Smartphoto Group NV: 1 director
A director at Smartphoto Group NV bought 31,109 shares at 28.097EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
Smartphoto group A stronger performance in 2H24 although just below ou...
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 ...
- Russell Waller
KPN (Neutral, TP: €4.0, +12%) Q4 24: B2C SR outlook is a concern – res...
KPN has reported a slightly weak set of numbers with SR -0.7% light and EBITDAaL -0.2% below consensus expectations. Guidance for 2025 EBITDAaL is in-line with medium-term ambitions but c0.5% below consensus that was ahead of those targets. Adjusting for the various M&A deals, B2C SR is weaker at +1.0% y/y from +2.7% y/y, with B2C mobile +0.3% y/y from +6.7% y/y and B2C fixed +1.3% y/y from +1.0% y/y. Given the slowdown here, and the slightly disappointing EBITDA guidance, we think Neutral remai...
- Guy Sips
- Jacob Mekhael
- Michiel Declercq
- Sharad Kumar S.P
- Thomas Vranken
- Guy Sips
Smartphoto group UK acquisition of System Insight, active in event and...
Smartphoto group announced the acquisition of System Insight Holdings, a UK company specialized in event and souvenir photography under the commercial name Image Insight. With this acquisition, Smartphoto adds a new component to its growing B2B division. This acquisition will join Smartphoto's B2B division alongside TopFanZ, a previously acquired company specializing in fan merchandise in the sports and entertainment sector. Event and attraction photography is a growing market worldwide, driven ...
- Russell Waller
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Guy Sips
Smartphoto group [FIRST LOOK] Stagnating turnover and further investme...
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...
- Guy Sips
Smartphoto group Acquiring TopFanZ, active in merchandising for sports...
Smartphoto group announced the acquisition of TopFanZ (Halen, Belgium), active in merchandising for the sports and entertainment sector, with European ambition. Smartphoto group acquired 100%, for an initial purchase price of €1.1m in cash. In addition to this initial purchase price, Smartphoto will pay an additional consideration depending on (undisclosed) future results. TopFanZ will operate as a separate division in Smartphoto group, under their current commercial name TopFanZ.
- Russell Waller
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Smartphoto group Model update after FY23 saw -a small- growth in turno...
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.
- Russell Waller
Odido (T-Mobile NL) Q3 23: Fixed revenue growth accelerates again; sp...
Odido reported Q3 23 results today. SR trends are good, but slowed slightly thanks to mobile; fixed revenue growth though accelerated again to +12.9% y/y from +10.9% y/y in Q2 23, and on the call Odido said that it expected net adds to be higher in 2024 than in 2023.
- Guy Sips
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
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...
- Russell Waller
KPN (Neutral, TP: €3.8, +16%) Feedback from NDR with CFO and CEO
We recently hosted KPN CEO Joost Farwerck and KPN CFO Chris Figee for a post Q2 roadshow. We provide feedback in this report. All-in-all, we continue to think that KPN is one of, if not the best high quality safe haven names in the sector. We see a possible upside opportunity over the medium-term as OpEx and capex falls post the fibre roll finishing.
- Benjamin Wolff
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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