Claranova consists of three businesses focused on mobile and internet technologies: PlanetArt (digital photo printing; personalised gifts), Avanquest (consumer software) and myDevices (internet of things/IoT).
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After several years of rapid growth, Claranova reported flat revenue in FY22. This reflected a post COVID-19 slowdown and a tougher customer acquisition environment for PlanetArt, offset by organic growth in Avanquest and myDevices. We reduce our revenue and EBITDA forecasts to reflect a slower recovery in growth for PlanetArt and a higher group cost base exiting H222. Claranova continues to trade at a substantial discount to its peers – solving the customer acquisition challenge in PlanetArt in a cost-effective manner in our view will be an important step to reducing this discount.
Y/E Jun |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 409.1 | 20.6 | 11.3 | 20.04 | 13.5 | N/A |
| 2021A | 470.6 | 36.5 | 24.2 | 36.86 | 7.4 | N/A |
| 2022E | 473.7 | 33.7 | 19.6 | 31.57 | 8.6 | N/A |
| 2023E | 528.1 | 48.5 | 34.6 | 57.84 | 4.7 | N/A |
Industry outlook
PlanetArt is evolving from a digital photo printing business into a personalised e-commerce business and is focused on expanding its product offering geographically. Avanquest, the consumer software business, is focused on developing and marketing software in three key product areas: PDF, photo editing and security/privacy. The IoT business’s myDevices platform provides a simple and effective way for SMEs and corporates to deploy IoT applications.
Last updated on 30/11/2022Content on Claranova
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (€m) | 61.3 |
| Forecast gearing ratio (%) | 274 |
Price performance
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Key management |
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| Pierre Cesarini | CEO |
| Xavier Rojo | CFO |