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).
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.
Pierre Cesarini
CEO
Xavier Rojo
CFO
Forecast net debt (€m)
61.3
Forecast gearing ratio (%)
274
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 1.9 | 12.4 | (51.2) |
Relative | (5.7) | (0.1) | (52.1) |
52 week high/low | €5.5/€2.3 |
After several years of rapid growth, Claranova reported flat revenue in FY22. This reflected a post COVID-19 slowdown and a tougher customer acquisition environment for PlanetArt, offset by organic growth in Avanquest and myDevices. We reduce our revenue and EBITDA forecasts to reflect a slower recovery in growth for PlanetArt and a higher group cost base exiting H222. Claranova continues to trade at a substantial discount to its peers – solving the customer acquisition challenge in PlanetArt in a cost-effective manner in our view will be an important step to reducing this discount.
Y/E Jun | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2020A | 409.1 | 20.6 | 11.3 | 20.04 | 13.0 | N/A |
2021A | 470.6 | 36.5 | 24.2 | 36.86 | 7.1 | N/A |
2022E | 473.7 | 33.7 | 19.6 | 31.57 | 8.2 | N/A |
2023E | 528.1 | 48.5 | 34.6 | 57.84 | 4.5 | N/A |
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