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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Flash note
Pierre Cesarini
CEO
Forecast net debt (€m)
93.5
Forecast gearing ratio (%)
1508
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (1.6) | 41.4 | 34.0 |
Relative | (4.6) | 31.4 | 16.1 |
52 week high/low | €2.9/€1.3 |
Claranova reported a small increase in H124 revenue on a constant currency basis, as good growth in Avanquest and myDevices offset lower revenue in the larger PlanetArt division. Management expects H124 EBITDA to be at least 50% higher year-on-year, with PlanetArt up c 30%, Avanquest up c 70% and myDevices breaking even, highlighting the focus on profitability over growth. We increase our group revenue forecasts to reflect stronger revenue in Avanquest but we maintain our group EBITDA and EPS forecasts. H124 results are scheduled for 20 March.
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 | 24.3 | 3.9 |
2023A | 507.0 | 36.3 | 2.2 | 4.54 | 57.2 | 3.3 |
2024E | 499.8 | 47.5 | 20.8 | 25.26 | 10.3 | 3.1 |
2025E | 529.7 | 53.4 | 26.2 | 31.55 | 8.2 | 2.8 |