Claranova

EU: CLA

€257.2m market cap

€0.65 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 97.5 N/A
2019E 234.6 16.9 13.6 2.06 31.7 N/A
2020E 274.8 28.5 25.3 3.93 16.6 N/A
Last updated on 21/02/2019
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 21/02/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (€m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 0.2 (7.0) (37.8)
Relative* (5.6) (10.5) (35.8)
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Pierre Cesarini CEO
Sébastien Martin FD