Vantiva

Vantiva (PAR: VANTI)

Currency in EUR

Last close As at 30/11/2023

EUR0.12

— 0.00 (0.00%)

Market capitalisation

EUR46m

Overview
Price performance
Financials
Research
Thematics

Vantiva consists of two businesses: Connected Home (CH), a leading global supplier of strategic customer-premises equipment solutions, and Vantiva Supply Chain Services (SCS), a global leader in the production of discs and associated logistical fulfilment.

The ongoing trading backdrop is mixed and management remains cautious on demand from the network service providers, key customers of the CH segment. However, relationships are very close and there is plenty of co-operation on technical developments, such as DOCSIS 4.0, Wi-Fi 7 and 5G FWA. These should spur demand as service providers introduce them, with the increased scale post the CommScope acquisition cementing commercial relationships further. SCS’s ambition is to build on its expertise in precision manufacturing and complex logistical fulfilment.

Latest Insights

TMT |
Update

01.11.23

Vantiva — Market demand remains weak

TMT |
Flash note

04.10.23

Vantiva — Set to buy CommScope’s Home Networks business

TMT |
Update

07.08.23

Vantiva — FY23 guidance maintained post difficult H1

TMT |
Update

28.04.23

Vantiva — Good broadband growth supports FY23 prospects

Visit Website

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Director, TMT

Key Management

Lars Ihlen

CFO
Luis Martinez-Amago

CEO
Richard Moat

Chairman
Thierry Huon

IRO

Balance Sheet

Forecast net debt (€m)

491

Forecast gearing ratio (%)

1819

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(16.9)	(33.1)	(47.4)
Relative	(22.4)	(33.2)	(50.9)
52 week high/low	€0.3/€0.1

Financials

Vantiva has announced the purchase of CommScope’s Home Networks business in exchange for CommScope taking a 25% stake in the enlarged group. The deal significantly increases the scale of the CH segment, 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 would accelerate the improvement in cash generation, so reducing the debt burden. An earnout based on demanding EBITDA targets across FY25–29 is in place, capped at $100m. Completion is expected in Q423. Meantime, Vantiva has agreed a new €85m financing facility.