Claranova

EU: CLA

€264.7m market cap

€6.71 last close

Claranova consists of three businesses focused on mobile and internet technologies: Printing & Gifting (digital photo printing; personalised gifts), Software and Internet of Things (IoT). Its headquarters are in Paris, and it has operations in Europe, the US and Canada.

Investment summary

Claranova has bolstered its position in the personalised product market with the acquisition of CafePress for an undisclosed amount. CafePress products are developed almost entirely by third-party content contributors and sold via CafePress websites in the US, the UK, Canada and Australia as well as via custom stores that can be set up by any user. The acquisition brings new product categories, a marketplace platform and licences from properties such as Marvel and Hasbro. We see scope for both cost and revenue synergies once integrated into the PlanetArt division; we will update our forecasts with FY20 results on 30 September.

Y/E Jun
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 161.5 3.9 3.1 6.31 106.3 N/A
2019A 262.3 16.0 12.0 24.66 27.2 N/A
2020E 408.6 19.2 11.1 19.74 34.0 N/A
2021E 459.3 32.5 24.1 35.08 19.1 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 29/09/2020
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Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 15.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (0.7) 28.5 (2.8)
Relative* 2.8 30.6 13.1
52-week high/low €9.3/€3.0
*% relative to local index
Key management
Pierre Cesarini CEO
Jean-Yves Quentel CFO
Sébastien Martin Executive Vice-President

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