Vantiva (PAR: VANTI)

Currency in EUR

Last close As at 21/09/2023

EUR0.17

0.00 (0.00%)

Market capitalisation

EUR67m

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 trading environment continues to be 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, where Vantiva is at the forefront of product development. These should spur demand as they are introduced by the service providers. SCS’s medium-term ambition is broader, building on its expertise in precision manufacturing and complex logistical fulfilment.

Latest Insights

View More

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)

430

Forecast gearing ratio (%)

2688

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.7) (21.4) (82.8)
Relative (6.9) (20.8) (85.5)
52 week high/low €1.1/€0.2

Financials

Vantiva operated 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 driver, are better for H2 and management has maintained full year guidance. Our modelling has been reined in to match.

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 0.5
2023E 2640.0 140.0 (22.0) (8.0) N/A N/A
2024E 2702.0 151.0 (14.0) (4.0) N/A 0.4

Thematics

thematic

TMT

MediaWatch – April 2023

Digital Marketing and Internet Media Technology Platform

thematic

TMT

MediaWatch – January 2023

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free