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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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) |
EBITDA (€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 30/06/2022Content on Claranova
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (€m) | 57.2 |
| Forecast gearing ratio (%) | 213 |
Price performance
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Key management |
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| Pierre Cesarini | CEO |
| Xavier Rojo | CFO |