€324m market cap
€8.16 last close
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)).
Investment summary
Claranova made good progress in H121, with organic constant currency revenue growth of 17% y-o-y and EBITDA growth of 106% y-o-y. Recent acquisitions made by PlanetArt are progressing well and the division is seeing growing demand in its target markets. Avanquest has completed most of the shift to subscription licensing, positively affecting margins. We have revised our forecasts to reflect stronger growth and profitability for PlanetArt.
Y/E Jun |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2019A | 262.3 | 16.0 | 12.0 | 24.66 | 33.1 | N/A |
2020A | 409.1 | 20.6 | 11.3 | 20.04 | 40.7 | N/A |
2021E | 479.2 | 40.0 | 29.2 | 45.81 | 17.8 | N/A |
2022E | 564.1 | 45.0 | 35.4 | 52.90 | 15.4 | 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 13/04/2021
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Balance sheet |
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Forecast net cash (€m) | 24.3 |
Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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Pierre Cesarini | CEO |
Jean-Yves Quentel | CFO |
Sébastien Martin | Executive Vice-President |
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