Claranova reported FY23 adjusted EBITDA growth of 27.5%, slightly ahead of our forecast and within its guidance range. PlanetArt profitability dipped as cost inflation outweighed revenue growth, Avanquest saw strong revenue and profit growth, helped by recent acquisitions, and myDevices unexpectedly achieved break-even. Claranova continues to target a 10% EBITDA margin in FY24, partially dependent on successful restructuring of PlanetArt. In our view, recent changes to corporate governance potentially remove an obstacle to share price upside.Den vollständigen Artikel lesen ...