Vantiva - Good broadband growth supports FY23 prospects
Vantiva’s Q1 trading update shows the group is on track to meet FY23 guidance, with a strong performance from the larger Connected Home (CH) segment (80% of Q123 revenue), and a more difficult trading backdrop for Supply Chain Solutions (SCS). CH’s revenue was up 8.7% on Q122 at constant currency (ccy), with good growth in North America and double-digit progress in Europe and Latin America driven by improved supply conditions and growing market share. SCS’s revenue retrenched 25.4%, weighed down by delays in releases by the major studios. Our forecasts are unchanged, and the shares still sit well below our DCF valuation.Technicolor SA is engaged in the development of technologies, and the supply of digital production (visual effects and animation), video and sound postproduction and distribution solutions and services for a range of content creators, pay-television operators, and over-the-top (OTT) and network service providers. The Company operates in the media and entertainment industry. The Company's activities are organized in three operating segments: Connected Home, Entertainment Services and Technology. The Connected Home segment includes design and supply of solutions enabling the delivery of digital video entertainment, data, as well as voice and Smart Home services to pay-television operators and network service providers. The Entertainment Services segment includes Production Services and DVD Services divisions. The Technology segment includes Patent Licensing, and Trademark and Technology Licensing divisions.
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