Claranova (1K) | Buy | Transition still weighing on growth

研报英文原文证据摘录

Claranova (1K) | Buy | Transition still weighing on growth

#EstimatesRevision

Release date: 22 May 2026

Company research

Buy Claranova

France | IT services & software Beta Profile: MCap: EUR49.8m

Target Price: EUR1.90 (2.60) Change in TP: -26.9% Bloomberg: ALCLA FP Reuters: ALCLA.FP

Current Price: EUR0.87 Change in Sales: -17.0% 26E/-15.6% 27E Free float na

Avg. daily volume (EURm) 0.1 Up/downside: 118.4% Change in Adj EBIT: -25.3% 26E/-15.6% 27E

YTD abs performance -31.9%

Market data: 21 May 2026 Change in Adj. EPS: NM- 26E/-17.8% 27E

52-week high/low (EUR) 3.16/0.62

Transition still weighing on growth Price performance

Why this report?

Claranova delivered a weak Q3, reflecting a still-challenging operating 3.5

environment and continued pressure on advertising revenues. While 3.0

management is increasingly prioritizing higher-quality revenues focused on 2.5

recurring and higher-margin streams, the transition continues to weigh on 2.0

topline momentum, and the broader outlook remains unfavourable at this 1.5

stage. Visibility on a return to growth also remains limited despite reiterated 1.0

mid-term ambitions. In parallel, discussions regarding the refinancing of the 0.5

May 25 Nov 25 May 26

Cheyne debt are still ongoing despite expectations of a resolution before

summer, leaving uncertainty around the group’s financial visibility. After Price Stoxx Europe 600 (rebased)

cutting our estimates, we lowered our TP from EUR2.6 to EUR1.9. An

undemanding valuation and expectations of topline reacceleration in FY2027

justify our rating.

FY to 30/06 (EUR) 06/26E 06/27E 06/28E

Key findings Sales (m) 93.3 101.0 109.3

▪Claranova reported weak Q3 sales, down 17% LFL to EUR23m (KECH: EUR26m), EBITDA adj (m) 18.7 22.5 25.1

highlighting a still-challenging commercial environment.