Claranova (PAR: CLA)

Currency in EUR

Last close As at 26/05/2023


−0.05 (−2.54%)

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 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



MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform


MediaWatch – January 2023


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