Bryan Garnier - TECHNICOLOR (TCH.PA) TECHNICOLOR: The rally is not over | BUY | EUR4.5 VS. EUR4.3 (+33%)

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Bryan Garnier

Thomas Coudry

TECHNICOLOR: The rally is not over | BUY | EUR4.5 VS. EUR4.3 (+33%)

TECHNICOLOR - BUY | EUR4.5 VS. EUR4.3 (+33%)
The rally is not over

The announcement last month of TCH’ two transforming deals has still not be appropriately rewarded by the market. In spite of a 25% stock rally over the past weeks, TCH EV/EBITDA multiple is only back to its 5 year historical average, We believe the group’s underlying businesses deserve a stronger rerating and the market is not appropriately assessing the forthcoming and transforming evolution of the group’s risk profile.

29/03/2022 1 EN

Underlying

TECHNICOLOR

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Provider

Bryan Garnier

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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Analysts

Thomas Coudry

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TECHNICOLOR: The rally is not over | BUY | EUR4.5 VS. EUR4.3 (+33%)

TECHNICOLOR BUY | EUR3.8 On the right track before spin off

TECHNICOLOR BUY | EUR3.8 VS. EUR4.4 Hidden value potential confirmed following CMD

TECHNICOLOR: TCS growth impacted by advertising | BUY | EUR4.4 vs. EUR4.5

Carbios and Hündgen sign a MoU for feedstock supply

Worldline - not as weak as expected, but too early to jump in

adidas: The best sunny terrace in sporting goods currently...

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