Claranova - Factoring in potential COVID-19 risks
Claranova reported H120 revenue growth of 68%, of which 19% was organic. Higher than expected marketing spend combined with the first- time consolidation of the lower margin Personal Creations business reduced the growth in adjusted EBITDA to 3%. While Claranova has seen a limited impact on demand from COVID-19 disruption as most business is initiated online, we have taken a cautious stance for H220 due to the potential disruption in supply and production. We note that the company had a net cash position of €27.5m at the end of H120 and gross cash of €91.4m, in our view more than adequate to weather short-term disruption.Claranova SA, formerly Avanquest SA, is a France-based holding company engaged in the technology industry. The Company operates through three businesses including Avanquest Software, that develops, publishes and markets Personal Computer (PC) software products in several categories, including system utilities, home graphics, digital imaging and small business solutions; the PlanetArt business operates a print-on-demand platform, which features five brands covering both Website and mobile application technologies. Among its applications is FreePrints, a mobile photo printing solution for iOS and Android. The Company also operates through myDevices business, which enables enterprises to design, prototype and commercialize Internet of Things (IoT) solutions through Cayenne, a drag-and-drop IoT project builder. Claranova SA offers its products and services in approximately 100 countries worldwide.
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