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Vantiva

PAR: VANTI

Market Cap€75m

Last Close €0.21

Vantiva is a global technology leader in designing, developing and supplying innovative products and solutions that connect consumers around the world to content and services – at home, at work or in other smart spaces. Its expertise centres on high-precision manufacturing, logistics, fulfilment and distribution.

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Investment summary

Technicolor Creative Studios (TCS) is now separately quoted (from 27 September), following the spin-out of 65% of the shares from Vantiva, which now comprises Connected Home and Vantiva Supply-Chain Services. Group H122 results, published late-July, showed good trading across activities, with the group on track to deliver full year results in line with earlier management guidance, with strong underlying demand offset by continuing supply side issues in both Connected Home and TCS. We will publish our models for the two businesses and comment on their respective valuations shortly.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 3006.0 163.0 (46.0) (35.73) N/A N/A
2021A 2898.0 268.0 (6.0) (11.42) N/A 3.6
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

The underlying demand in both core operations remains very strong. For TCS, demand for high-quality content is robust across film, episodic and animation, with over 85% of the current year pipeline booked. The industry remains beset by shortages of talent from which TCS is not immune, which is a constraint on faster growth. At Vantiva, demand for domestic broadband continues to be very good, with higher revenue growth again constrained by industry wide component shortages.

Last updated on 29/11/2022
Content on Vantiva
Technicolor – Division on schedule
TMT | research Update | 12 May 2022
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Technicolor – Creative Studios spin-off plan
TMT | research Update | 28 February 2022
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Technicolor – Robust demand with fulfilment issues
TMT | research Outlook | 24 January 2022
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (70.1) (79.3) (76.5)
Relative* (71.8) (80.3) (75.9)
52-week high/low €1.2/€0.2
*% relative to local index
Key management
Richard Moat Chairman
Luis Martinez-Amago​ CEO
Lars Ihlen CFO
Thierry Huon IRO