Claranova

EU: CLA

€300.6m market cap

€0.76 last close

Claranova consists of three businesses focused on mobile and internet technologies: PlanetArt (digital photo printing), Avanquest (consumer software) and myDevices (Internet of Things). It is headquartered in Paris with operations in Europe, the US and Canada.

Investment summary

Claranova has reported another strong quarter – reported revenues grew 69% y-o-y in Q319. Organic constant currency revenue growth of 33% y-o-y was maintained at a similar rate to H119. Geographic and product expansion are driving PlanetArt growth, while the recent acquisitions by Avanquest have reinvigorated the division. We have revised our revenue forecasts up to reflect stronger than expected growth, with minimal impact at the EBITDA level. At the recent EGM, shareholders approved a reverse stock split (one for 10) and conversion of the company’s legal form to a European Company.

Y/E Jun
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 130.2 (5.0) (6.6) (1.79) N/A N/A
2018A 161.5 3.9 3.1 0.67 113.7 N/A
2019E 253.9 18.0 14.6 2.95 25.8 N/A
2020E 317.9 30.0 26.7 5.01 15.2 N/A
Last updated on 25/07/2019
Industry outlook

The digital photo printing business is benefiting from the growth in smartphone photography as well as geographical expansion. The consumer software business recently acquired a group of Canadian businesses to accelerate growth and is looking to leverage website traffic. The IoT business is targeting the SME space with its myDevices platform, which provides a simple and effective way to deploy IoT applications.

Last updated on 25/07/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 16
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.0 (14.4) (9.0)
Relative* 3.4 (14.6) (10.4)
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Pierre Cesarini CEO
Sébastien Martin FD