<

EDISON INVESTMENT RESEARCH LIMITED (LON:KEFI) Claranova (CLA): Adapting to post-pandemic normal

Transparency directive : regulatory news

22/11/2021 08:00

Edison Investment Research Limited
Claranova (CLA): Adapting to post-pandemic normal

22-Nov-2021 / 07:00 GMT/BST


 

London, UK, 22 November 2021

 

Claranova (CLA): Adapting to post-pandemic normal

Claranova reported Q122 revenue of €88m (-2% y-o-y), slightly better than its end-September expectation of a 5% decline. Now that the transition to subscription licensing is complete, Avanquest is seeing revenue growth accelerate. PlanetArt saw organic revenue declines in the last two quarters, but management is confident of a return to growth in Q222. We have revised our forecasts to reflect FY21 results and the Q1 revenue update.

 

Reflecting the different business models and minority interests for each division, we continue to use a sum-of-the-parts approach to valuation. Using EV/sales multiples that reflect our views on the growth and profitability of each division and are conservative compared to the peer group averages, we calculate a valuation of €10.46 per share (down from €10.55 when we last wrote). In our view, consistent growth in revenues and margins towards the company's FY23 targets will be key to reducing the discount to peers. In the near term, resumption of growth in PlanetArt from Q222 and sustained profitable growth in Avanquest will be the key triggers.  


Click here to view the full report or here to sign up to receive research as it is published.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Katherine Thompson +44 (0)20 3077 5730 tech@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        www.linkedin.com/company/edison-group-/

Twitter           www.twitter.com/Edison_Inv_Res

YouTube       www.youtube.com/edisonitv



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

1250763  22-Nov-2021 

fncls.ssp?fn=show_t_gif&application_id=1250763&application_name=news&site_id=symex


Other stories

29/03/2024 07:14
29/03/2024 06:51
29/03/2024 01:37
29/03/2024 07:00
29/03/2024 08:43
29/03/2024 03:31
29/03/2024 09:19
28/03/2024 16:29
29/03/2024 03:31
28/03/2024 18:06
29/03/2024 05:39
29/03/2024 07:00
28/03/2024 21:00
28/03/2024 22:24
29/03/2024 09:14
29/03/2024 05:12
29/03/2024 00:37
29/03/2024 06:02
27/03/2024 15:52
27/03/2024 19:23
28/03/2024 12:03
27/03/2024 22:02
29/03/2024 08:26
28/03/2024 21:58
29/03/2024 03:19
29/03/2024 03:31
29/03/2024 00:29
28/03/2024 23:33
29/03/2024 04:12
29/03/2024 07:21
29/03/2024 01:26
27/03/2024 21:46
28/03/2024 17:55
28/03/2024 12:18
28/03/2024 13:25
29/03/2024 00:01
28/03/2024 12:57
28/03/2024 10:00