Market Cap€160m

Last Close €3.49

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 reported a revenue decline of 1% for the nine months to 31 March 2022, reflecting a strong performance in Avanquest offset by a tougher period for PlanetArt. The slowdown in PlanetArt’s activities has pushed out the company’s target to achieve €700m in revenue from FY23 to FY24 but the EBITDA margin target of 10% for FY23 still stands. We have revised our forecasts to reflect H1 results and Q322 revenue; we cut our PlanetArt growth forecasts for Q422/FY23 and factor in a contribution from pdfforge from FY23, resulting in reduced EBITDA forecasts for both years.

Y/E Jun
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 409.1 20.6 11.3 20.04 17.4 6.6
2021A 471.9 37.8 25.5 39.83 8.8 3.6
2022E 474.7 37.6 23.6 38.25 9.1 4.2
2023E 530.6 48.5 34.6 57.86 6.0 3.3
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 30/06/2022
Content on Claranova
Claranova – Stable performance year to date
TMT | research Update | 20 May 2022
Claranova – Gradual return to growth
TMT | research Update | 11 February 2022
Claranova – Increasing stake in PlanetArt
TMT | research Update | 17 January 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 57.2
Forecast gearing ratio (%) 213
Price performance
Actual 9.5 (16.4) (48.1)
Relative* 20.2 (5.8) (42.3)
52-week high/low €7.9/€2.8
*% relative to local index
Key management
Pierre Cesarini CEO
Xavier Rojo CFO