Claranova

EU: CLA

Market Cap€268.9m

Last Close €5.85

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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Investment summary

Claranova has agreed to buy out a proportion of the 7.7% minority interest held in its PlanetArt subsidiary. The buy-out will be conducted in stages, with an initial purchase of 25% of the stake by March and up to a further 40% acquired over four six-monthly periods (linked to divisional EBITDA), reducing the minority interest stake to at least 2.7% for a cost of up to $38m/€33.5m. This follows the recent acquisition of the Avanquest minority interest and further simplifies the corporate structure.

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 29.2 N/A
2021A 471.9 37.8 25.5 39.83 14.7 N/A
2022E 506.1 42.6 31.3 49.50 11.8 N/A
2023E 561.1 50.0 37.6 62.79 9.3 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 21/01/2022
Content on Claranova
Claranova – Increasing stake in PlanetArt
TMT | Update | 17 January 2022
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Claranova – Adapting to post-pandemic normal
TMT | Outlook | 19 November 2021
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Claranova – Post-lockdown hangover
TMT | Update | 6 October 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 12
Forecast gearing ratio (%) 9
Price performance
%
1m
3m
12m
Actual 10.8 3.3 (20.3)
Relative* 9.2 (1.3) (35.3)
52-week high/low €8.8/€4.4
*% relative to local index
Key management
Pierre Cesarini CEO
Jean-Yves Quentel CFO