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Technicolor

EU: TCH

Market Cap€612m

Last Close €2.47

Technicolor is a worldwide technology leader operating in the media and entertainment industry. Its activities are organised in three business segments, Production Services, DVD Services and Connected Home.

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Investment summary

Technicolor’s half year figures showed it on track to meet management guidance on EBITDA and EBITA for both FY21 and FY22. Trading conditions are improving for Technicolor Creative Services as the film and episodic industry re-emerges from lockdowns, with a strong order book and pipeline for H221 and FY22. Connected Home is also experiencing strong demand but its performance is being constrained by supply issues for componentry. With the group’s planned cost savings on track, the shift is continuing back towards the equity, which now represents 39% of the EV.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 3800.0 325.0 (73.0) (492.18) N/A 0.6
2020A 3006.0 167.0 (43.0) (33.64) N/A N/A
2021E 2933.0 270.0 (3.0) (2.97) N/A 5.9
2022E 3255.0 385.0 117.0 42.67 6.1 2.1
Industry outlook

COVID-19 has highlighted the importance of reliable domestic broadband and high-quality wi-fi as homes increasingly act as devolved workplaces alongside greater content consumption. This is unlikely to change as the global economy reopens. In Technicolor Creative Studios, the live content industry continues to re-emerge, while animation demand remains strong. Fresh, high-quality content is crucial to reinforce the attractiveness of VoD platforms to subscribers and advertisers in a highly competitive market.

Last updated on 16/03/2021
Content on Technicolor
Technicolor – Tracking for FY22 guidance
TMT | Update | 16 March 2021
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Technicolor – Portfolio focus
TMT | Update | 21 January 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 837
Forecast gearing ratio (%) 709
Price performance
%
1m
3m
12m
Actual 3.2 40.0 (55.2)
Relative* (1.6) 25.6 (68.1)
52-week high/low €1.0/€0.2
*% relative to local index
Key management
Anne Bouverot Chairman
Richard Moat CEO
Laurent Carozzi CFO