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  • 22 Mar 24
Vantiva - Termination of coverage

Edison Investment Research is terminating coverage on Vantiva (VANTI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Companies: Vantiva SA

Edison
  • 31 Oct 23
Vantiva - Market demand remains weak

Vantiva’s Q3 update describes markets that are still suffering from poor levels of demand from the group’s main customers, the telecoms and cable operators, who are holding high levels of inventory. Q323 revenues were 34% constant currency (cc) down on prior year. Management is maintaining guidance on EBITDA and EBITA for FY23 (which our model matches), but we have reduced our revenue estimates to reflect the sluggish backdrop. The proposed acquisition of CommScope Home Networks should transform

Companies: Vantiva SA

Edison
  • 04 Oct 23
Vantiva - Set to buy CommScope Home Networks

Vantiva has announced its intention to buy CommScope’s Home Networks business in exchange for CommScope taking a 25% stake in the enlarged group. The deal would significantly increase the scale of Vantiva’s Connected Home business, with combined revenues of $3.6bn (€3.4bn) in the 12 months to June 2023, enlarging its customer base and geographic reach. Run-rate cost synergies of $100m by FY26 have been identified and the deal (if it proceeds as intended) would accelerate the improvement in cash

Companies: Vantiva SA

Edison
  • 07 Aug 23
Vantiva - FY23 guidance maintained post difficult H1

Vantiva has been operating in difficult markets for both its segments in its first half. At Connected Home (78% group H123 revenue), the customer base is holding high inventory levels against caution in their own underlying end markets, suppressing demand. At Supply Chain Services (SCS), DVD demand has been poorer than expected, dropping away before the benefits of the diversification programme have fully kicked in. Prospects, particularly at Connected Home where broadband equipment is the key d

Companies: Vantiva SA

Edison
  • 28 Apr 23
Vantiva - Good broadband growth supports FY23 prospects

Vantiva’s Q1 trading update shows the group is on track to meet FY23 guidance, with a strong performance from the larger Connected Home (CH) segment (80% of Q123 revenue), and a more difficult trading backdrop for Supply Chain Solutions (SCS). CH’s revenue was up 8.7% on Q122 at constant currency (ccy), with good growth in North America and double-digit progress in Europe and Latin America driven by improved supply conditions and growing market share. SCS’s revenue retrenched 25.4%, weighed down

Companies: Vantiva SA

Edison
  • 21 Apr 23
Vantiva - Broadband remains the main growth driver

Vantiva’s FY22 accounts show the first clear picture of the business post the spin-out of the majority of Technicolor Creative Studios (TCS). In the Connected Home (CH) segment, trading conditions remain demanding, with global macroeconomic uncertainty making network service providers (NSPs) wary. However, supply chain issues have been easing and technical enhancements continue to buoy end-user demand for domestic broadband, with additional opportunities opening in Internet of Things application

Companies: Vantiva SA

Edison
  • 08 Dec 22
Vantiva - First clear look at standalone enterprise

Vantiva’s deleveraging exercise and partial spin-off of Technicolor Creative Studios (TCS) have put it on a more stable financial footing from both an income and balance sheet perspective. Its two divisions, Connected Home and Supply Chain Services (SCS), have leadership positions in their respective markets, with blue-chip client rosters. Adjacent diversification opportunities are being developed and should underpin medium-term prospects. Vantiva’s Q322 revenue growth was 27% at constant curren

Companies: Vantiva SA

Edison
  • 12 May 22
Technicolor - Division on schedule

Technicolor’s Q122 results show broadly flat group revenues (at constant exchange rates) with a good step up in EBITDA as the mix shifts towards higher-margin activities and the benefits of earlier cost control exercises come through more noticeably. Management FY22 guidance is confirmed, with our forecast adjusted for a small change in accounting treatment as previously flagged. The process of spinning off the majority of Technicolor Creative Studios to a separately quoted vehicle is on schedul

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 28 Feb 22
Technicolor - Creative Studios spin-off plan

Technicolor’s FY21 results were in line with guidance, with strong demand for both Technicolor Creative Studios (TCS) and Connected Home, despite fulfilment of demand being constrained by the effects of the pandemic. The key development is management’s plan to spin off 65% of TCS as a separately listed entity, with an accompanying refinancing. This should result in two coherent, quoted businesses, each with good growth prospects, a clear investment narrative and on a stable financial footing. Ex

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 24 Jan 22
Technicolor - Robust demand with fulfilment issues

Technicolor is on track to meet FY21 and FY22 management guidance (maintained at the Q3 results in November) on EBITDA and EBITA, despite supply constraints resulting from the pandemic, and our forecasts for these were unchanged. Demand in both Technicolor Creative Studios (TCS) and Connected Home remains robust, with financial performance constrained in the former by industry talent shortages and in the latter by continuing industry componentry supply issues. With planned cost savings tracking

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 14 May 21
Technicolor - Growing animation in performance

Technicolor’s Q121 figures show (constant currency) revenue up 3.6% on prior year, buoyed by continued strong demand in Connected Home. The outlook for Production Services is considerably improved as filming gets underway and projects are greenlit. Full year and FY22 earnings guidance is maintained, with margins set to improve after earlier streamlining and ongoing cost control. Following FY20’s financial restructure, the equity proportion of Technicolor’s enterprise value is no longer greatly o

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 16 Mar 21
Technicolor - Tracking for FY22 guidance

Technicolor’s FY20 results show it is on track to meet FY22 guidance, now adjusted for forex and the disposal of the post-production business. FY21 trading prospects are improved, with 75% of Production Services’ pipeline in place. Strong domestic broadband demand continues to buoy Connected Home, although the FY21 result may be dampened by delays from semiconductor shortages. Our forecasts align with guidance, which is for a marked margin uplift as revenues rebuild and the cost saving programme

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 21 Jan 21
Technicolor - Portfolio focus

Technicolor has announced the disposal of the post-production house of Production Services for €30m, for completion in H121. This leaves the segment focused on VFX (visual special effects) and animation, where growth and margin prospects are higher. FY21 has a good project pipeline, with around two-thirds of the year’s expected film and episodic VFX sales in place. No group level update was given, although Connected Home recently passed the milestone of shipping 20m DOCSIS 3.1 boxes. We have mad

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 19 Nov 20
Technicolor - Back to basics on driving business performance

With the financial reconstruction complete and the group’s credit ratings upgraded as of end-September, Technicolor is now focused on improving its underlying profit and cash generation. The Q3 narrative was in line with earlier updates: Connected Home benefiting from the strong demand for reliable home broadband and Wi-Fi; Production Services seeing a partial resumption of live action filming; and DVD Services held back by the lack of new releases. Run-rate targeted cost savings have been edged

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison
  • 30 Sep 20
Technicolor - Financial reconstruction complete

With its complex financial restructuring complete, Technicolor can now move forward secure in the knowledge of a supportive equity- and debt-holder base. With US Chapter 15 proceedings now closed, both S&P and Moody’s have lifted their ratings, the former to CCC+ with stable outlook (B for the new debt), the latter to Caa2 (Caa1 for new debt), which should help improve commercial terms of trade. The rights issue was taken up by 18.1% of equity holders, at €2.98, above the prevailing market price

Companies: Vantiva SA (0MV8:LON)Vantiva SA (VANTI:PAR)

Edison

Vantiva SA

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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Vantiva SA. We currently have 27 research reports from 2 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
11Mar21 17:13 GNW Technicolor - Full Year 2020 results
14Jan21 18:42 GNW Production Services streamlines Portfolio to Strengthen Focus on VFX and Animation with Sale of Technicolor Post
05Nov20 18:05 GNW Technicolor Third Quarter 2020 Results
30Sep20 07:00 GNW Moody’s Rating Upgraded to “Caa2 from Caa3” with Stable Outlook
25Sep20 16:45 GNW S&P Rating Upgraded to ‘ccc+’ With Stable Outlook - Technicolor Confirms Its 2020 and 2022 Guidance
22Sep20 18:22 GNW Successful Completion of the Final Steps of the Financial Restructuring of the Company
16Sep20 07:26 GNW Results of the Capital Increase With Shareholders’ Preferential Subscription Rights for an Amount of Approximately Eur 330 Million
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