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This stock no longer trades (delisted July 21, 2022)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Stock

Claranova SE

0N6K.L
25
Software - Application · Technology
Price
3.92 GBp
+0.00 (+0.00%)
Market Cap
£102.9M
Exchange
London Stock Exchange
Winston Score
25
Historical score — this stock no longer trades, so the score is frozen at the last available data.
Data as of Oct 12, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Mixed
10/30
Growth
Weak
2/20
Cash Flow
Weak
0/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

24 of 95 counted points = Winston Score 25. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+43.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 39.8M (2021) → 57.1M (2025)

§Winston Score History

The full picture

Claranova SE is a French technology company that runs several software and digital services businesses. Its best-known unit is PlanetArt, which operates apps like FreePrints that let people turn their phone photos into printed products — such as photo books and cards — delivered to their homes. It also owns Avanquest, which sells downloadable software tools for everyday tasks like PDF editing and PC optimization.

Claranova makes money mainly through a mix of product sales and software subscriptions, selling directly to consumers in the United States, Europe, and other markets. The FreePrints model uses a "free prints, pay for shipping" approach that attracts a large user base and encourages repeat orders, giving it some stickiness with customers. The company is relatively small at around $300 million in market value, and its key growth challenge is scaling its consumer software and print businesses in a competitive market where larger tech platforms could easily replicate similar services.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-83.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-71.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€10M/ year

8.5% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

100.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€7M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Claranova SE's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
27.8%
Modest — 27.8% gross margin
Profit after running costs
Operating Margin
16.7%
Healthy — 16.7% operating margin
Return on the money invested
ROCE
-8.7%
Weak — -8.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-126.0%
Shrinking sales (-126.0% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-64%
Weak — only -64% of profit becomes cash
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
1.24
Elevated debt (1.24)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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