Claranova - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

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TMT |
Update

12.02.24

Claranova — Guiding to strong H124 EBITDA growth

TMT |
Outlook

13.12.23

Claranova — Moving closer to 10% EBITDA margin target

TMT |
Update

09.08.23

Claranova — Focused on profitability

TMT |
Flash note

07.06.23

Claranova — Potential sale of non-core Avanquest activities

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Eric Gareau

CEO
Marc Goldberg

Chairman

Balance Sheet

Forecast net debt (€m)

93.5

Forecast gearing ratio (%)

1508

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	6.4	12.6	39.7
Relative	7.2	4.3	31.7
52 week high/low	€2.9/€1.3

Financials

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	24.7	4.0
2023A	507.0	36.3	2.2	4.54	58.3	3.4
2024E	499.8	47.5	20.8	25.26	10.5	3.1
2025E	529.7	53.4	26.2	31.55	8.4	2.8

Research

Update

TMT

20.05.22

Claranova — Stable performance year to date

Update

TMT

11.02.22

Claranova — Gradual return to growth

TMT

Update

Claranova — Flat revenue in a challenging year

Update

TMT

17.01.22

Claranova — Increasing stake in PlanetArt

Outlook

TMT

19.11.21

Claranova — Adapting to post-pandemic normal

Update

TMT

06.10.21

Claranova — Post-lockdown hangover

Update

TMT

27.08.21

Claranova — Simplifying the corporate structure

Update

TMT

13.05.21

Claranova — PlanetArt growth accelerates

Update

TMT

07.04.21

Claranova — Profitable growth in H121

Update

TMT

12.02.21

Claranova — Managing supply and demand

Update

TMT

05.11.20

Claranova — Demand held up in Q121

Outlook

TMT

15.10.20

Claranova — On track for strong earnings growth

Flash note

TMT

03.09.20

Claranova — PlanetArt acquires CafePress

Update

TMT

13.08.20

Claranova — Strong finish to the year

Update

TMT

15.05.20

Claranova — Lockdown drives FreePrints user growth

Update

TMT

15.04.20

Claranova — Factoring in potential COVID-19 risks

Flash note

TMT

18.03.20

Claranova — COVID-19 update

Update

TMT

13.02.20

Claranova — Q2 boosted by Personal Creations contribution

Update

TMT

08.11.19

Claranova — Q1 growth supports FY20 forecasts

Flash note

TMT

01.11.19

Claranova — Taking 100% ownership of the Internet business

Outlook

TMT

08.10.19

Claranova — Raising growth targets

Update

TMT

09.08.19

Claranova — Boosting organic growth with US acquisition

Update

TMT

15.05.19

Claranova — Growth strategy paying off

Update

TMT

11.04.19

Claranova — Confident outlook

edison tv

TMT

08.04.19

Executive interview – Claranova

Update

TMT

08.02.19

Claranova — Organic growth across the board

Update

TMT

08.11.18

Claranova — Strong organic growth in Q1

Update

TMT

08.10.18

Claranova — FY18 results confirm positive momentum

Flash note

TMT

14.09.18

Claranova — Adding new sales channels for myDevices

Initiation

TMT

10.09.18

Claranova — Clear path to profitability

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back