Claranova (PAR: CLA)

Last close As at 23/05/2024

EUR2.29

0.03 (1.33%)

Market capitalisation

EUR131m

Claranova consists of three businesses focused on mobile and internet technologies: PlanetArt (digital photo printing; personalised gifts), Avanquest (consumer software) and myDevices (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.

Latest Insights

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TMT | Update

Claranova — Guiding to strong H124 EBITDA growth

TMT | Update

Claranova — Focused on profitability

Sector

TMT

Equity Analyst

Key Management

  • Eric Gareau

    CEO

  • Marc Goldberg

    Chairman

Balance Sheet

Forecast net debt (€m)

105.7

Forecast gearing ratio (%)

1602

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (14.1) (13.8) 14.7
Relative (14.3) (15.4) 5.1
52 week high/low €2.9/€1.3

Financials

On relatively flat H124 revenue, Claranova grew adjusted EBITDA more than 50% year-on-year as the focus on profitability over growth started to deliver. With Avanquest’s loss-making non-core business reducing, myDevices hitting break-even and customer acquisition costs back under control in PlanetArt, the company is better positioned to drive profitable growth. Management is targeting an adjusted EBITDA margin of c 10% in FY24. The company has refinanced its debt, providing funds to repay the OCEANE convertible debt that was due for repayment from August, with the maturity of the new debt extended to April 2028. A new CEO and chairman have been appointed and a strategic review is underway.

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 473.7 28.3 7.2 10.70 21.4 N/A
2023A 507.0 36.3 2.2 4.59 49.8 N/A
2024E 502.3 48.7 17.3 21.05 10.9 N/A
2025E 535.6 54.9 29.8 38.46 5.9 N/A

Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

TMT

MediaWatch – Still waiting…

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