Vantiva - Market demand remains weak
Vantiva’s Q3 update describes markets that are still suffering from poor levels of demand from the group’s main customers, the telecoms and cable operators, who are holding high levels of inventory. Q323 revenues were 34% constant currency (cc) down on prior year. Management is maintaining guidance on EBITDA and EBITA for FY23 (which our model matches), but we have reduced our revenue estimates to reflect the sluggish backdrop. The proposed acquisition of CommScope Home Networks should transform the combined group’s market positioning ahead of the potential rebound in demand prompted by technological improvements. The deal is expected to complete end Q423/early Q124. A new €85m bridging loan is buffering the working capital requirement in the meantime.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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