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...
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.
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.
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...
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...
Argenx: FY21: Veni, vidi, Vyvgart Balta: Launch of tender & exchange offer on Notes EVS: The future belongs to those who prepare for it today MDxHealth: FY21: A turning point toward growth Ontex: Rumours about a potential bid from GBL Oxurion: Strengthening the investor base Smartphoto group: Efficiency improvements providing further potential Tessenderlo: New organic fertilizer production line in France Various: DTPL – Sit still when Sheared
Smartphoto promised, despite the lower profitability in 1H21, that there would be y/y growth in both turnover and EBITDA for FY21. The preliminary numbers showed that -although just a tad below our forecasts- they realised, after the temporary boost from Covid-19 in FY20, further steady growth in 2021. We made some small changes to our FY21-24E forecasts but maintain our Buy and € 40 Target Price.
Adyen: 1.25% of share total issued for eBay warrant Brederode: Another private equity boost CFE: Flash Note: Unlocking the true potential – finally... Crescent: Ambition is to enable the next IoT transition Quest for Growth: NAV of € 10.34 ps Smartphoto group: Acquiring online personalised gift packages player UCB: The BD machine is on a roll
Balta: Preview 2Q: easy comparable but rawmat inflation IBA: 1H21: Conf. call feedback Picanol: 1H21 adj EBITDA +21%, FY guidance upped Smartphoto group: Demand for personalized gifts will increase y/y in 2H Tessenderlo: 1H adjusted EBITDA +1.5%, FY guidance confirmed
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Argenx: Ready for commercial transformation Banimmo: Improved results due to revaluations & lower costs Boskalis: Good 2H20 performance, improving net cash Euronext: Remaining iBabs stake acquisition EVS: New € 23 TP as EVS will emerge stronger in 2021 Galapagos: Initial MANTA(-Ray) data shows no hiccups Sioen: FY20 results Smartphoto group: Strong growth in turnover and profitability Various: DTPL update : (+) Elia, EVS and Melexis
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.