Claranova: An impact of Covid-19 expected in 2021, an unjustified share price drop
As expected, the company specializing in photographic printing from mobiles, software distribution on the internet and IoT published a disappointing first half of 2019/2020. Despite a very strong increase in revenues (+68% in absolute terms and +19% in organic terms), the group posted a 60-bps decline in its EBITDA margin to 4.2%. This deterioration, combined with fears of a sharp contraction in activity linked to the Coronavirus crisis, led to a very sharp drop in its share price, a drop that we believe is largely unjustified.
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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