Claranova

PAR: CLA

Market Cap€125m

Last Close €2.71

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

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 30/11/2022
Content on Claranova
Claranova – Mixed performance in FY22
TMT | research Outlook | 24 November 2022
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Claranova – Flat revenue in a challenging year
TMT | research Update | 10 August 2022
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Claranova – Stable performance year to date
TMT | research Update | 20 May 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 61.3
Forecast gearing ratio (%) 274
Price performance
%
1m
3m
12m
Actual 15.0 (14.8) (41.7)
Relative* 7.4 (21.8) (40.9)
52-week high/low €6.4/€2.3
*% relative to local index
Key management
Pierre Cesarini CEO
Xavier Rojo CFO