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Currency in EUR
Last close As at 26/05/2023
EUR1.92
▲ −0.05 (−2.54%)
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)
90.7
Forecast gearing ratio (%)
4535
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 2.0 | (9.0) | (35.6) |
| Relative | 6.1 | (9.1) | (42.7) |
| 52 week high/low | €3.9/€1.9 |
Claranova reported Q323 revenue of €91m, which was 2% higher y-o-y on a constant currency organic basis. PlanetArt revenue was lower than expected due to a focus on profitability versus growth, while Avanquest and myDevices both grew at double-digit rates in the quarter. Management has maintained its FY23 guidance for revenue and EBITDA growth. We have revised down our revenue forecasts to reflect lower growth for PlanetArt but we maintain 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 | 2.1 |
| 2022A | 473.7 | 28.3 | 7.2 | 10.70 | 17.9 | 2.9 |
| 2023E | 526.5 | 36.0 | 9.8 | 16.52 | 11.6 | 2.5 |
| 2024E | 552.6 | 48.0 | 22.3 | 33.73 | 5.7 | 1.8 |
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