Edison Investment Research - Technicolor SA (TCH) Technicolor - Portfolio focus

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Edison Investment Research

Richard Williamson

Technicolor - Portfolio focus

Technicolor has announced the disposal of the post-production house of Production Services for €30m, for completion in H121. This leaves the segment focused on VFX (visual special effects) and animation, where growth and margin prospects are higher. FY21 has a good project pipeline, with around two-thirds of the year’s expected film and episodic VFX sales in place. No group level update was given, although Connected Home recently passed the milestone of shipping 20m DOCSIS 3.1 boxes. We have made a precautionary trim of 3% to our FY21e revenue to reflect the continuing COVID impact, reducing EBITA by €7m to €97m. CEO Richard Moat purchased €1.1m of shares in December, as agreed at the restructure.

21/01/2021 3 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

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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 - Portfolio focus

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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