Claranova (PAR: CLA)

Last close As at 20/04/2024


−0.07 (−2.68%)

Market capitalisation


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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TMT | Update

Claranova — Guiding to strong H124 EBITDA growth

TMT | Update

Claranova — Focused on profitability



Equity Analyst

Key Management

  • Eric Gareau


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.9 18.4 33.3
Relative 8.3 9.7 26.2
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 23.7 3.9
2023A 507.0 36.3 2.2 4.54 55.9 3.2
2024E 499.8 47.5 20.8 25.26 10.1 3.0
2025E 529.7 53.4 26.2 31.55 8.1 2.7




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