Smartbroker Holding: From the Investment Phase to the Scaling Phase – Smartbroker+ with Significant Margin Potential - GBC
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Smartbroker Holding: From the Investment Phase to the Scaling Phase – Smartbroker+ with Significant Margin Potential - GBC

Following a 2025 fiscal year marked by strong growth but investment-heavy earnings, Smartbroker Holding AG is now in a crucial scaling phase. Consolidated revenue rose significantly by 30.1% to €68.28 million in fiscal year 2025 (previous year: €52.48 million), thereby exceeding the original forecast by a noticeable margin. The main growth driver was the transaction business centered on Smartbroker+, whose revenue increased to €40.14 million (previous year: €27.23 million). The media business also performed well, with revenue of €28.14 million (previous year: €25.25 million), and continued to serve as the Group’s stable earnings anchor. As a result, the revenue structure is increasingly shifting in favor of the faster-growing brokerage business, while the media segment continues to deliver reach, brand awareness, and potential lead generation.

Based on our DCF model, the fair value per share is €17.80 (previously: €17.60). The valuation reflects the increasing scale of the brokerage business, the stable earnings base of the media segment, and the expected return to positive annual results starting in 2027. Additional potential from the B2B trading API, new account and portfolio types, AI-powered trading features, offerings for heavy traders, and the retirement savings portfolio is only partially factored into our forecasts. Against this backdrop, we assign a BUY rating to Smartbroker Holding AG shares with a price target of €17.80.
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