Claranova: big boost to TP from Oddo BHF

(CercleFinance.com) - Oddo BHF confirms its 'neutral' rating on Claranova shares, with a target price raised from E1.
8 to E3, after the group announced that it had entered into exclusive discussions for the potential sale of its core PlanetArt division (74% of group sales and 43% of normalized ROC) on the basis of an EV of $160m.

The analyst describes the deal as "interesting in many respects", since it will (at last) enable the Group to crystallize value, and completely clarify the Group's perimeter (refocusing on Software activities, Claranova would become a pure player).

As a result, this turnaround and these changes in scope (including the intention to divest myDevices) effectively refocus the Claranova group on Avanquest (sales >E120m and EBITDA >E20m).

This deal therefore frees up a significant upside, and the share's strong price appreciation is logical (+31% yesterday), even if we believe that the market will still need some time to take it fully on board, the broker concludes.


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