Review of SMARTBROKER Holding AG's Preliminary Results and Outlook

SMARTBROKER Holding AG recently released its preliminary results for the 2023 financial year. These results show a decrease in sales to 46.3 million euros, which is 12% lower than the previous year, with a significant decline in media sales and transactions. EBITDA stood at 0.5 million euros, down by 94% compared to the previous year. This performance reflects the challenges faced in the stock market as well as the negative consequences of migrating to the S+ system.

Despite these mixed results and a conservative outlook for 2024, SMARTBROKER continues to focus on improving its products and services. The company plans to launch new features for S+ and revamp the user interface for several media portals. These enhancements, coupled with increased marketing expenses, are expected to support sales and EBITDA growth in the coming year.

In conclusion, despite a challenging year marked by below-expectation results, SMARTBROKER Holding AG remains optimistic for 2024, viewing this period as a year of transition and potential growth. The buy recommendation is maintained with a price target reduced to €9.50.