New Risk • Mar 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to €28.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Commercial Services industry in Europe. Total returns to shareholders of 5.1% over the past three years. Price Target Changed • Feb 04
Price target decreased by 20% to €32.00 Down from €40.00, the current price target is provided by 1 analyst. New target price is 53% above last closing price of €20.90. Stock is down 24% over the past year. The company is forecast to post earnings per share of €1.56 for next year compared to €1.92 last year. Buy Or Sell Opportunity • Dec 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €26.70. The fair value is estimated to be €21.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 4.0%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Reported Earnings • Aug 28
First half 2024 earnings released: EPS: €0.13 (vs €0.36 in 1H 2023) First half 2024 results: EPS: €0.13 (down from €0.36 in 1H 2023). Revenue: €29.8m (down 3.0% from 1H 2023). Net income: €463.0k (down 64% from 1H 2023). Profit margin: 1.6% (down from 4.2% in 1H 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Aug 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director Alexandra Leunen was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €1.77 to €2.02. Revenue forecast unchanged at €80.7m. Net income forecast to grow 5.4% next year vs 27% growth forecast for Commercial Services industry in Belgium. Consensus price target of €38.00 unchanged from last update. Share price rose 2.5% to €28.40 over the past week. New Risk • Apr 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.1m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€94.1m market cap, or US$100.0m). Reported Earnings • Apr 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €1.92 (up from €1.49 in FY 2022). Revenue: €79.1m (up 1.6% from FY 2022). Net income: €6.93m (up 26% from FY 2022). Profit margin: 8.8% (up from 7.1% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Commercial Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. New Risk • Mar 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Oct 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €95.0m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Market cap is less than US$100m (€95.0m market cap, or US$100.0m). New Risk • Aug 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Belgian stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.6% average weekly change). Upcoming Dividend • May 08
Upcoming dividend of €0.70 per share at 3.4% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Belgian dividend payers (6.4%). Higher than average of industry peers (2.9%). Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: €1.39 (vs €1.40 in FY 2021) Full year 2022 results: EPS: €1.39 (down from €1.40 in FY 2021). Revenue: €78.9m (up 24% from FY 2021). Net income: €5.49m (flat on FY 2021). Profit margin: 7.0% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buying Opportunity • Dec 02
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €39.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.6%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director Alexandra Leunen was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 27
First half 2022 earnings released: EPS: €0 (vs €0.22 loss in 1H 2021) First half 2022 results: EPS: €0 (up from €0.22 loss in 1H 2021). Revenue: €30.5m (up 43% from 1H 2021). Net income: €975.0k (up €1.80m from 1H 2021). Profit margin: 3.2% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 16% growth forecast for the Commercial Services industry in Belgium. Upcoming Dividend • May 09
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Belgian dividend payers (5.8%). Lower than average of industry peers (2.8%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director Alexandra Leunen was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: €1.40 (vs €2.13 in FY 2020) Full year 2021 results: EPS: €1.40 (down from €2.13 in FY 2020). Revenue: €63.7m (up 3.0% from FY 2020). Net income: €5.50m (down 35% from FY 2020). Profit margin: 8.6% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 24%, compared to a 25% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 08
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €1.40 (down from €2.13 in FY 2020). Revenue: €64.7m (up 4.7% from FY 2020). Net income: €5.50m (down 35% from FY 2020). Profit margin: 8.5% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 22%, compared to a 26% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 04
Smartphoto Group NV to Report Fiscal Year 2022 Results on Mar 03, 2023 Smartphoto Group NV announced that they will report fiscal year 2022 results Pre-Market on Mar 03, 2023 Reported Earnings • Mar 08
Full year 2020 earnings released: EPS €2.13 (vs €1.76 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €62.9m (up 21% from FY 2019). Net income: €8.40m (up 21% from FY 2019). Profit margin: 13% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Mar 08
Revenue misses expectations Revenue missed analyst estimates by 0.06%. Over the next year, revenue is forecast to grow 4.4%, compared to a 29% growth forecast for the Commercial Services industry in Belgium. Announcement • Mar 05
Smartphoto Group NV to Report Fiscal Year 2021 Results on Mar 03, 2022 Smartphoto Group NV announced that they will report fiscal year 2021 results Pre-Market on Mar 03, 2022 Is New 90 Day High Low • Feb 02
New 90-day high: €31.80 The company is up 63% from its price of €19.50 on 03 November 2020. The Belgian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: €27.20 The company is up 43% from its price of €19.00 on 24 September 2020. The Belgian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: €25.20 The company is up 37% from its price of €18.40 on 08 September 2020. The Belgian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 20% share price gain to €24.20, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 11.9x. This compares to an average P/E of 19x in the Commercial Services industry in Europe. Total returns to shareholders over the past three years are 53%. Is New 90 Day High Low • Nov 16
New 90-day high: €20.20 The company is up 3.0% from its price of €19.60 on 18 August 2020. The Belgian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 6.0% over the same period.