The level of diversification and complexity for a company of Santova’s size is both admirable and concerning. It is a regular pick among small-cap enthusiasts, yet the share price found itself in a downward trend from mid-2016 until March 2020.

Santova has subsequently recovered to levels last seen at the beginning of 2019. It’s still more than 30% down from its 2016 peak, which Santova bulls will see as room for further share price growth...

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