Claranova (PAR: CLA)

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.

Sector

TMT

Equity Analyst

Key Management

  • Pierre Cesarini

    CEO

  • Xavier Rojo

    CFO

Balance Sheet

Forecast net debt (€m)

87.9

Forecast gearing ratio (%)

1628

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

Financials

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

Research

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Claranova — COVID-19 update

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Claranova — Confident outlook

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Executive interview – Claranova

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Mobile ecosystems

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Mobile ecosystems

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AUS – Edison talks tech

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