Claranova

EU: CLA

€319.5m market cap

€8.55 last close

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

Investment summary

Revenue growth accelerated in Q419, resulting in Claranova reporting revenue growth of 62% and organic revenue growth of 37% for FY19. Revenue from both the mobile and internet businesses came in ahead of our forecasts, with FY19 constant currency organic growth of 40% and 14% respectively. Increased investment in customer acquisition was behind much of this growth. Claranova completed the acquisition of Personal Creations (PC) post year-end, adding a new range of personalised products to PlanetArt’s US business. We have revised our forecasts to reflect recent trading, the PC acquisition and the recent reverse stock split.

Y/E Jun
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 130.2 (5.0) (6.6) (17.90) N/A N/A
2018A 161.5 3.9 3.1 6.31 135.5 60.6
2019E 262.3 14.2 10.9 22.95 37.3 35.5
2020E 425.8 30.0 26.4 50.94 16.8 10.4
Last updated on 09/08/2019
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) 16.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.9 (5.8) (4.1)
Relative* 4.1 (4.4) (3.4)
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Pierre Cesarini CEO
Sébastien Martin FD