olivLaw · European equity research
Claranova SE ALCLA.PA
France · Euronext Paris · ISIN FR0013426004 · Vertical: Listed companies from France
Claranova SE is a European group of consumer software and digital services, listed on Euronext Paris, with consumer software activity through its Avanquest division and Internet of Things activity through myDevices. Its outlook is under watch because of ongoing legal proceedings and the modest scale of some subsidiaries, according to the annual report for the year ended 30 June 2025.
At the close of 05 Nov 2026, Claranova SE (ALCLA.PA) stock was 0.49 EUR (−1.60% on the day), with market capitalisation 28.1 m EUR, P/E 0.4 on diluted EPS of 1.27 EUR over the last 12 months, beta 0.93, 52-week range 0.47–1.59 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.9
- weak (30–45)
- Bollinger (20, 2)
- 0.48 – 0.53
- in the lower half of the band · %B 0.26 · band width 11.5%
- SMA 50 / 200
- 0.57 / 0.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.2% | −0.6% | −4.6 pp | — |
| 3 months | −19.3% | −4.2% | −15.2 pp | — |
| 6 months | −43.3% | +4.3% | −47.7 pp | — |
| Year to date | −61.5% | +7.5% | −69.0 pp | — |
| 1 year | −69.3% | +9.9% | −79.2 pp | −6.8% |
| 3 years | −65.6% | +49.8% | −115.4 pp | −4.2% |
| 5 years | −90.8% | +42.8% | −133.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 2.0, median 2.0, max 2.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 507.0 m | 121.9 m | 118.0 m |
| Revenue YoY | unavailable | −76.0% | −3.2% |
| Net income | -11.9 m | -11.2 m | 73.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.23 | -0.18 | 1.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.3% | -9.2% | 62.5% |
| Free cash flow | unavailable | 39.6 m | 23.4 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 5.6 m EUR
- Financial debt
- 44.4 m EUR
- Net debt
- 38.8 m EUR
- Equity
- 39.8 m EUR
- Total assets
- 136.1 m EUR
- Debt / equity
- 1.12x
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 40.4%
- FCF margin
- 19.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 507.0 m | 121.9 m | 118.0 m | esef· 18 Nov 2025verified |
| Operating income | 19.3 m | 17.3 m | 14.4 m | esef· 18 Nov 2025verified |
| Income tax | 2.0 m | 6.6 m | 4.9 m | esef· 18 Nov 2025verified |
| Net income | -11.9 m | -11.2 m | 73.7 m | esef· 18 Nov 2025verified |
| Diluted EPS | -0.23 | -0.18 | 1.27 | esef· 18 Nov 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 66.8 m | 36.8 m | 5.6 m | esef· 18 Nov 2025verified |
| Inventories | 20.4 m | 15.7 m | 1.3 m | esef· 18 Nov 2025verified |
| Property, plant & equipment, net | 5.3 m | 4.4 m | 130.0 k | esef· 18 Nov 2025verified |
| Goodwill | 97.1 m | 96.1 m | 80.0 m | esef· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 23.0 m | 21.1 m | 11.5 m | esef· 18 Nov 2025verified |
| Total assets | 264.4 m | 228.4 m | 136.1 m | esef· 18 Nov 2025verified |
| Long-term debt | 85.0 m | 114.2 m | 44.4 m | esef· 18 Nov 2025verified |
| Equity | -16.4 m | -7.7 m | 39.8 m | esef· 18 Nov 2025verified |
| Shares outstanding at year end | 51.7 m | 56.0 m | 57.1 m | esef· 18 Nov 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 39.7 m | 23.5 m | esef· 18 Nov 2025verified |
| Capex | 2.2 m | 100.0 k | 100.0 k | esef· 18 Nov 2025verified |
| Free cash flow | — | 39.6 m ≈ | 23.4 m ≈ | esef· 18 Nov 2025derived |
| Investing cash flow | — | -5.1 m | 88.1 m | esef· 18 Nov 2025verified |
| Financing cash flow | — | -64.7 m | -142.3 m | esef· 18 Nov 2025verified |
| Share repurchases | 300.0 k | 100.0 k | 100.0 k | esef· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 28.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.00 – 37.85 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E16.00 – 37.85 (Mid 22.90)20 companies used · median multiple 18.0x · quartiles 12.6x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.3% | 76 (vs peers) | 22% |
| Net margin · Quality | 62.5% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 31.8% | 3 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.4x | 96 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 83.2% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.4% | 5 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns· partial5/100 · 1/2 factors with a value
- Valuation98/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CLARANOVA S.E. (ALCLA.PA). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 118.0 m EUR in 2025; YoY growth -3.2%; net margin 62.5%; ROE 472.4%.
The estimated value range is 16.00–37.85 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 22.90 EUR, the price of 0.49 EUR leaves a potential of 4,554.5% (value / price − 1) and a margin of safety of 97.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.3%
- Net margin: 62.5%
- P/E (TTM): 0.4x
- FCF yield: 83.2%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 31.8%
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALCLA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.27 Total return -45% · Per year -45% | 0.48 Total return -2% · Per year -2% | 0.73 Total return 49% · Per year 49% |
| 3 years | 0.23 Total return -54% · Per year -23% | 0.45 Total return -8% · Per year -3% | 0.76 Total return 54% · Per year 15% |
| 5 years | 0.19 Total return -62% · Per year -18% | 0.42 Total return -14% · Per year -3% | 0.79 Total return 60% · Per year 10% |
- Exit P/E± 0.11
- Net margin± 0.08
- Annual revenue growth± 0.07
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Claranova SE is a European group of consumer software and digital services, listed on Euronext Paris, with consumer software activity through its Avanquest division and Internet of Things activity through myDevices. Its outlook is under watch because of ongoing legal proceedings and the modest scale of some subsidiaries, according to the annual report for the year ended 30 June 2025 1.
SWOT
Strengths
- The group has a clear consolidation structure, with wholly controlled subsidiaries in several countries and a software portfolio present in Europe and North America.
- The subsidiary hosting the PDF applications generates substantial revenue, providing a relevant operating base.
- The group has shown the ability to reorganise its debt structure and create dedicated entities for international financing and development.
Weaknesses
- Several entities report net losses, and the office software division declined in revenue in fiscal 2024-2025.
- Dependence on a small number of subsidiaries for significant revenue makes the group vulnerable to their performance.
- The Internet of Things activity does not yet generate profit, which puts pressure on consolidated results.
Opportunities
- Growing demand for document and PDF applications could support the revenue of the Canadian subsidiary if its market share holds.
- International development through the dedicated entities could open new markets if execution of the plan is effective.
- Partnerships with the strategic shareholders of myDevices could accelerate product development in the Internet of Things.
Threats
- Ongoing legal proceedings with a former employee may generate costs and affect reputation, although the group contests them.
- Intense competition in consumer software and connected devices could prevent revenue growth.
- Changes in accounting rules, such as the new IFRS 18 standard, could require costly operational adjustments.
Risks
- Litigation with a former employeehigh
A former employee has brought several actions against group entities, and the proceedings are still ongoing without a predictable outcome 1.
- Net losses in core segmentshigh
The Avanquest and myDevices subsidiaries reported net losses, which could limit the group's ability to fund investment if the trend persists 1.
- Valuation of intangible assetsmedium
The recoverable value of goodwill and other intangible assets depends on assumptions that may change, and a reduction could affect results 1.
- Deferred tax assetsmedium
The valuation of deferred taxes relies on estimates of future profit, and a change in these could affect the balance sheet 1.
- Going concernmedium
The financial statements are prepared on a going-concern basis, and the conditions supporting this principle need to be monitored 1.
Investment thesis
What would need to be true (bull case)
- If the PDF application subsidiary keeps its high revenue, the group could benefit from a solid segment that offsets losses in other entities 1.
- Debt restructuring and the creation of dedicated entities could simplify financing and support the international development plan 1.
- If myDevices reaches profitability, the group could capitalise on its majority position in a growth segment 1.
What would break the thesis
- If the decline in office software revenue continues, pressure on group results could increase 1.
- Legal proceedings with a former employee could generate unforeseen costs if the outcome is unfavourable 1.
- Net losses in several entities could limit the group's ability to fund growth without additional resources 1.
What to watch
- Evolution of revenue at Avanquest Software SAS and the office software packagefiscal 2025-2026
- Status of legal proceedings with the former employee and any provisions bookednext annual report
- Improvement in the net result of myDevices Inc.fiscal 2025-2026
- Application of new IFRS 18 and IFRS 19 standards in the financial statements2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Claranova SE, headquartered in Neuilly-sur-Seine, France, is a European company listed on Euronext Paris that consolidates subsidiaries in France, Germany, Poland, Spain, Luxembourg, Canada, Malta and the United States 1. Its core activity sits in the Avanquest packages, which include office software, PDF applications and physical software distribution in Europe and North America 1. The consolidation follows IFRS as adopted by the EU, and the financial statements are prepared on a going-concern basis, per the report 1.
Segments
Avanquest (software and PDF applications)
For fiscal 2024-2025, Avanquest Software SAS, the French entity of the package, reported revenue of 9.7 million EUR, down from the prior year, and a net loss of 13.4 million EUR 1. The Canadian subsidiary Avanquest Software, which hosts the SodaPDF document management and PDF applications, reported revenue of 91.1 million EUR, the largest in the group 1.
myDevices (Internet of Things)
myDevices Inc., based in the United States, hosts the group's Internet of Things activity and is held 58% by Claranova SE, with the remainder held by outside minority shareholders and employees with stock options 1. For fiscal 2024-2025 it reported revenue of 7.8 million EUR, slightly below the prior year, and a net loss of 1 million EUR 1.
Distribution and support services
The distribution and support entities in Germany, Malta and Canada had modest revenue in fiscal 2024-2025, and some reported small positive or negative results with no material impact on the group 1.
Market context
The markets in which the group operates are consumer software and productivity applications, as well as connected devices for the Internet of Things, where competition is intense. The annual report does not provide market sizes or the company's own market shares, so market positions cannot be measured from this source 1. The sensitivity of segments to exchange rates and intra-group sales is mentioned in the notes on foreign currency conversion 1.
The accounting framework remains IFRS as adopted by the EU, and the group states that the standards applied in fiscal 2024-2025 had no significant impact on its financial statements 1. New standards such as IFRS 18 are due to apply mandatorily from 2027 1.
Trends
- Decline in office software revenueheadwind
The drop in revenue of Avanquest Software SAS suggests pressure on sales of physically and digitally distributed software, which could continue if the trend persists 1.
- Stability of the PDF segmenttailwind
The Canadian PDF application subsidiary kept high revenue, which could support the group if demand for document applications remains steady 1.
- Legal and debt restructuringmixed
The restructuring of the OCEANE debt through the new entity Claranova Development Holding could simplify the financial structure, though the effects depend on execution of the plan 1.
- Internet of Things under pressureheadwind
myDevices revenue remained broadly stable but with losses, which could limit the group's ability to fund growth in the segment if margins do not improve 1.
Competitive position
The annual report does not name direct competitors. In office and PDF software, competition comes from global software providers, while in the Internet of Things it comes from specialised platforms. The report provides no market shares or financial comparisons with these providers 1.
In the dossier above, the group notes that some minority shareholders of myDevices are strategic companies in semiconductors and telecommunications, which points to partnerships rather than direct competition 1.
- Global office and PDF software providers
Competitors are not named in the source; they are providers of productivity and PDF applications with global distribution.
- Internet of Things platforms
Generic competitors in connected devices, not identified in the annual report.
- Physical software distributors
Competitors in the physical distribution channel, mentioned in the description of the German subsidiary.
- Strategic shareholders of myDevices
Minority partners from semiconductors and telecommunications, not direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Nov 2025
- Annual report 202405 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Claranova SE · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.