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Claranova (PAR: CLA)

Currency in EUR

Last close As at 28/11/2023

EUR1.40

▲ 0.01 (0.72%)

Market capitalisation

EUR80m

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.

Latest Insights

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TMT | Update

Claranova — Focused on profitability

TMT | Flash note

Claranova — Potential sale of non-core Avanquest activities

TMT | Update

Claranova — Growth targets maintained

TMT | Update

Claranova — PlanetArt back on a growth path
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Pierre Cesarini

    CEO

  • Xavier Rojo

    CFO

Balance Sheet

Forecast net debt (€m)

92.9

Forecast gearing ratio (%)

4645

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.3) (21.4) (49.8)
Relative (6.3) (21.4) (53.4)
52 week high/low €3.0/€1.3

Financials

Claranova reported FY23 adjusted EBITDA growth of 27.5%, slightly ahead of our forecast and within its guidance range. PlanetArt profitability dipped as cost inflation outweighed revenue growth, Avanquest saw strong revenue and profit growth, helped by the recent acquisitions of PDF Forge and ScannerApp, and myDevices unexpectedly achieved break-even. Claranova continues to target a 10% EBITDA margin in FY24, although this is partially dependent on the success of restructuring in PlanetArt. We are reviewing our forecasts.

Y/E Jun Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 470.6 36.5 24.2 37.47 3.7 1.5
2022A 473.7 28.3 7.2 10.70 13.0 2.1
2023E 507.3 36.0 9.8 16.15 8.6 1.8
2024E 530.9 48.1 22.3 27.65 5.0 1.6

Research

Flash note

TMT

Claranova — Potential sale of non-core Avanquest activities

Update

TMT

Claranova — Growth targets maintained

TMT

Update

Claranova — Focused on profitability

Update

TMT

Claranova — PlanetArt back on a growth path

Update

TMT

Claranova — Resumption of underlying growth

Outlook

TMT

Claranova — Mixed performance in FY22

Update

TMT

Claranova — Flat revenue in a challenging year

Update

TMT

Claranova — Stable performance year to date

Update

TMT

Claranova — Gradual return to growth

Update

TMT

Claranova — Increasing stake in PlanetArt

Outlook

TMT

Claranova — Adapting to post-pandemic normal
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Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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