Claranova (PAR: CLA)

Currency in EUR

Last close As at 30/03/2023


0.02 (1.06%)

Market capitalisation


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.



Equity Analyst

Key Management

  • Pierre Cesarini


  • Xavier Rojo


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.8) (30.2) (57.6)
Relative (7.4) (35.8) (59.3)
52 week high/low €4.5/€1.9


Claranova’s Q223 revenue update confirmed its PlanetArt division has returned to underlying growth, helping the group to report organic constant currency growth for the first time since Q321. The company noted that to strengthen its customer base it had increased marketing spend in both PlanetArt and Avanquest; while this would weigh on H1 profitability, it should have a positive impact on H2 profitability. Partly due to the inflationary environment, we have trimmed our EBITDA forecasts for FY23 and FY24.

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 5.1 2.0
2022A 473.7 28.3 7.2 10.70 17.8 2.9
2023E 526.5 38.0 15.5 23.87 8.0 2.3
2024E 552.3 43.2 20.7 31.83 6.0 2.0


Claranova — COVID-19 update


Claranova — Confident outlook


Executive interview – Claranova