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Claranova (PAR: CLA)

Last close As at 23/11/2024

EUR1.30

▲ −0.02 (−1.36%)

Market capitalisation

EUR75m

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 — Building the foundations for profitable growth

TMT | Update

Claranova — EBITDA improvement across all divisions

TMT | Update

Claranova — Guiding to strong H124 EBITDA growth

TMT | Outlook

Claranova — Moving closer to 10% EBITDA margin target
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Eric Gareau

    CEO

  • Marc Goldberg

    Chairman

Balance Sheet

Forecast net debt (€m)

102.4

Forecast gearing ratio (%)

4267

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.3) (9.6) (10.2)
Relative (5.2) (6.1) (9.5)
52 week high/low €2.9/€1.3

Financials

Claranova reported FY24 results with revenue of €496m (-2% y-o-y) and adjusted EBITDA of €46m (our forecast: €44m), resulting in an adjusted EBITDA margin of 9.3%, close to the company’s 10% target. The company also announced the results of its strategic review, introducing ‘One Claranova’. This calls for the PlanetArt and Avanquest divisions to work more closely together, including sharing best practice and seeking cost synergies, while disposing of myDevices, as it is no longer deemed to be a core business. 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 12.2 2.0
2023A 507.0 36.3 2.2 4.59 28.4 1.7
2024E 495.5 49.6 18.3 22.75 5.7 1.5
2025E 523.5 55.0 29.9 39.11 3.3 1.4

Research

Update

TMT

Claranova — EBITDA improvement across all divisions

Update

TMT

Claranova — Guiding to strong H124 EBITDA growth

TMT

Update

Claranova — Building the foundations for profitable growth
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Thematics

thematic

TMT

MediaWatch – One step forward, two steps back

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat
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