Claranova SE

0N6K.L

Software - Application · Technology

Price

3.92 GBp

+0.00 (+0.00%)

Market Cap

£1.54B

Exchange

London Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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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

For growth stock investors

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

-8.9%

Weak — -8.9% 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

1.20

Elevated debt (1.20)

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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