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Claranova (PAR: CLA)

Last close As at 15/04/2024

EUR2.69

▲ 0.31 (13.03%)

Market capitalisation

EUR154m

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

Claranova — Guiding to strong H124 EBITDA growth

TMT | Outlook

Claranova — Moving closer to 10% EBITDA margin target

TMT | Update

Claranova — Focused on profitability

TMT | Flash note

Claranova — Potential sale of non-core Avanquest activities
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Pierre Cesarini

    CEO

Balance Sheet

Forecast net debt (€m)

93.5

Forecast gearing ratio (%)

1508

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 17.7 30.9 37.1
Relative 19.1 21.2 29.1
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 25.1 4.1
2023A 507.0 36.3 2.2 4.54 59.3 3.4
2024E 499.8 47.5 20.8 25.26 10.6 3.2
2025E 529.7 53.4 26.2 31.55 8.5 2.9

Research

Outlook

TMT

Claranova — Moving closer to 10% EBITDA margin target

Update

TMT

Claranova — Focused on profitability

TMT

Update

Claranova — Guiding to strong H124 EBITDA growth
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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