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Currency in EUR
Last close As at 30/03/2023
EUR1.90
▲ 0.02 (1.06%)
Market capitalisation
EUR88m
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.
Director
Pierre Cesarini
CEO
Xavier Rojo
CFO
Forecast net debt (€m)
87.9
Forecast gearing ratio (%)
1628
| % | 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 |
