Vantiva (PAR: VANTI)

Currency in EUR

Last close As at 30/11/2023

EUR0.12

0.00 (0.00%)

Market capitalisation

EUR46m

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.

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Sector

TMT

Equity Analyst

Fiona Orford-Williams

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.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 2250.0 105.0 (126.0) (61.0) N/A N/A
2022A 2776.0 161.0 (497.0) (197.0) N/A 0.4
2023E 2137.0 140.0 (34.0) (11.0) N/A N/A
2024E 2084.0 134.0 (43.0) (12.0) N/A 0.3

Research

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