Claranova

EU: CLA

€299m market cap

€8.55 last close

Claranova consists of three businesses focused on mobile and internet technologies: Mobile (digital photo printing), Internet (consumer software) and Internet of Things (IoT). It is headquartered in Paris with operations in Europe, the US and Canada.

Investment summary

Claranova has reported another strong quarter of organic growth. In Q120 group revenues were 25% higher on an organic constant currency basis and 45% higher on a reported basis. The recently acquired Personal Creations was consolidated for the first time, contributing €8.5m to the Mobile division’s revenues. Based on the growth rates achieved in Q1, we maintain our forecasts.

Y/E Jun
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 161.5 3.9 3.1 6.31 109.8 N/A
2019A 262.3 16.0 12.0 24.66 28.1 N/A
2020E 411.1 28.8 25.2 33.30 20.8 N/A
2021E 488.8 36.4 32.8 47.90 14.5 N/A
Industry outlook

The digital photo printing business is benefiting from the growth in smartphone photography as well as geographical expansion. The consumer software business recently acquired a group of Canadian businesses to accelerate growth and is looking to leverage website traffic. The IoT business is targeting the SME space with its myDevices platform, which provides a simple and effective way to deploy IoT applications.

Last updated on 09/08/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 26.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.1 (3.6) (28.0)
Relative* (3.8) (6.3) (29.9)
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Pierre Cesarini CEO
Sébastien Martin FD