Edison Investment Research - Technicolor SA (TCH) Technicolor - Addressing the headwinds

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Edison Investment Research

Richard Williamson

Technicolor - Addressing the headwinds

Technicolorâ€™s Q1 results reflect limited COVID-19 impact, which will show more markedly in Q2. Q1 disruption to Connected Homeâ€™s Chinese supply chain is now broadly resolved, while lower activity in Production Servicesâ€™ Film and Episodic visual special effects (VFX) had been flagged previously. Connected Home is seeing good US broadband demand, while Production Services is being hit by the industryâ€™s cessation of live action filming. The group is on track to achieve run-rate cost savings of â‚¬100m by end FY20 and has identified a further â‚¬75m over the earlier â‚¬150m target for the next three years. Management anticipates reinstating guidance prior to the planned â‚¬300m equity fund raise and our estimates remain under review.

13/05/2020 5 EN

Underlying

Technicolor SA

Technicolor is engaged in the media and entertainment and consumer services industries. Co. develops technologies that provide the solutions and services offered to its business clients (content creators and distributors, Network Service unique expertise to patent its innovation and monetize its IP portfolio, Providers and Pay-TV operators). Co.'s innovation and Intellectual Property (IP) portfolio comprises video, audio, communication/interoperability, content distribution and local network technologies. Co.'s activities can be divided into three main segments: Technology, Entertainment Services and Connected Home.

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FR0010918292 France

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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Technicolor - Addressing the headwinds

Technicolor: Launch of the distribution of 65% of Technicolor Creative Studios to Technicolor shareholders

Technicolor : Lancement de la Distribution en Nature de 65 % de Technicolor Creative Studios aux actionnaires de Technicolor

Technicolor: Update on the refinancing and Spin-off process

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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