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

For Q120, Claranova reported revenue growth of 45% y-o-y and organic constant currency growth of 25%. The recently acquired Personal Creations was consolidated for the first time, contributing €8.5m to the Mobile division’s revenues. Based on Q1 growth rates, we maintain our forecasts. On 31 October, Claranova announced plans to buy out the minority interests in its Internet business for a total of €87.9m in a mixture of cash and equity. On completion, Claranova will own 100% of its Internet business (up from the current c 40% level) and the sellers will own 15.87% of Claranova.

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