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.
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Flash note
Eric Gareau
CEO
Marc Goldberg
Chairman
Forecast net debt (€m)
93.5
Forecast gearing ratio (%)
1508
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 6.4 | 12.6 | 39.7 |
Relative | 7.2 | 4.3 | 31.7 |
52 week high/low | €2.9/€1.3 |
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. We are reviewing our forecasts.
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 | 24.7 | 4.0 |
2023A | 507.0 | 36.3 | 2.2 | 4.54 | 58.3 | 3.4 |
2024E | 499.8 | 47.5 | 20.8 | 25.26 | 10.5 | 3.1 |
2025E | 529.7 | 53.4 | 26.2 | 31.55 | 8.4 | 2.8 |