TECHNICOLOR CREATIVE STUDIOS - BUY Coverage Initiated | EUR2.5 (+34%) The Pure VFX Play
We are initiating coverage of TCHCS (Technicolor Creative Studios) following its spinoff from Technicolor (now Vantiva). TCHCS is a leader – and the only listed pure play - on the buoyant VFX market. The group is poised for solid growth and rising profitability, with a clear path to deleveraging. Given its unrivalled growth profile, we believe TCHCS is trading at a discount relative to its closest peers. We are initiating coverage of TCHCS with a Buy rating and a TP of EUR2.5, 34% above the current share price.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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