reports
- 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.
Smartphoto Group: 1 director
A director at Smartphoto Group bought 30,000 shares at 26.500EUR and the significance rating of the trade was 100/100. 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 cle...
- Benjamin Wolff
- Guy Sips
- Hilde Van Boxstael
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Thomas Couvreur
- Wim Lewi
- Russell Waller
KPN (Buy, TP: €4.0, +32%) Q4 22: Slightly weaker 2023 EBITDAal guidan...
KPN has reported a solid set of results vs consensus expectations, and revenue trends are encouraging, but new 2023 EBITDAal guidance is for €2,410m, +0.2% y/y vs guidance at the Q3s of 0%-2% growth y/y, and is -0.5% below consensus of €2,421m. In effect the guidance range has been cut to 0%-1% from 0%-2%, due to a higher-than-expected labour agreement and slightly worse than expected competitive environment in fixed.
- Guy Sips
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
- Guy Sips
- Michiel Declercq
- Olivier Vandewoude
- Wim Hoste
Morning Note: EKOP BB, GIMB BB, LOTB BB, SIP BB, TERB BB, UMI BB
Ekopak: Making steps for (and expanding) ‘Waterkracht’ Gimv: Takes 30% interest in Picot Lotus Bakeries: Let's bake the future Sipef: AGM: approves dividend of € 2.0 ps Ter Beke: Offering its shareholders an optional dividend Umicore: European Parliament rules to stop ICE sales in 2035
- Guy Sips
- Jeroen Van Den Bossche
- Michiel Declercq
- Olivier Vandewoude
- Ruben Devos
- Thomas Vranken
KBCS New Horizon Conference Book AGFB BB, ARCAD NA, ASML NA, BAR BB, B...
On Thursday 9 June, we organise our first New Horizon Conference in London. Following listed companies will be presented: • ASML • Agfa • Arcadis • Barco • Biotalys • D'Ieteren • Ebusco • Ekopak • Hyloris • IBA • Mithra • TKH We give a summary of our view on the companies we welcome, with key investment metrics that can serve as a guide during your meeting(s).
- Guy Sips
- Olivier Vandewoude
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Lewi
Morning Note: ASC BB, AZE BB, BTLS BB, COFB BB, EKOP BB
Ascencio: 1H21/22 Slightly ahead of expectations Azelis: Initiation - Formula for success, at a price Biotalys: BioProtection Award 2022 for Best Biofungicide Cofinimmo: Clearing out the old Offices Ekopak: Update on roll-out in France Various: Coverage update
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