€304.5m market cap
€0.77 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
Claranova reported 53% year-on-year revenue growth for Q219, with organic growth of 36%. All divisions contributed to organic growth, and the Canadian businesses acquired by Avanquest also performed well. While H119 revenue growth rates are ahead of our FY19 growth forecasts, we are maintaining estimates until further detail on profitability is disclosed on 27 March. We believe that the risk to earnings is on the upside.
Y/E Jun |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 130.2 | (5.0) | (6.6) | (1.79) | N/A | N/A |
| 2018A | 161.5 | 3.9 | 3.1 | 0.67 | 115.2 | N/A |
| 2019E | 234.6 | 16.9 | 13.6 | 2.06 | 37.5 | N/A |
| 2020E | 274.8 | 28.5 | 25.3 | 3.93 | 19.6 | N/A |
| Last updated on 21/03/2019 | ||||||
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 21/03/2019
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Share price graph
Balance sheet |
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| Forecast net debt (€m) | 0 |
| Forecast gearing ratio (%) | 0 |
Price performance
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Key management |
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| Pierre Cesarini | CEO |
| Sébastien Martin | FD |
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