Claranova (PAR: CLA)

Currency in EUR

Last close As at 25/01/2023

EUR2.60

−0.13 (−4.76%)

Market capitalisation

EUR123m

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.

Sector

TMT

Equity Analyst

Key Management

  • Pierre Cesarini

    CEO

  • Xavier Rojo

    CFO

Balance Sheet

Forecast net debt (€m)

61.3

Forecast gearing ratio (%)

274

Share Price Performance

Price Performance
% 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

Financials

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

Thematics

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

TMT

Direct tech investors

Consumer

Circular economy business models

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