Claranova

EU: CLA

€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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Katherine Thompson

Director
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 24.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 24.8 15.4 97.5
Relative* 22.0 6.2 44.1
52-week high/low €8.8/€3.8
*% relative to local index
Key management
Pierre Cesarini CEO
Jean-Yves Quentel CFO
Sébastien Martin Executive Vice-President
Company website

Content on Claranova

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Claranova – Profitable growth in H121

TMT research
Update
7 April 2021
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Claranova – Managing supply and demand

TMT research
Update
12 February 2021
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Claranova – Demand held up in Q121

TMT research
Update
5 November 2020
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Claranova – On track for strong earnings growth

TMT research
Outlook
15 October 2020

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