Edison Investment Research - Technicolor SA (TCH) Technicolor - Towards the next phase

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Edison Investment Research

Richard Williamson

Technicolor - Towards the next phase

Technicolorâ€™s H120 results are consistent with managementâ€™s base level guidance given ahead of the EGM to approve the refinancing. Our model reflects this scenario. The proposed rights issue and debt-to-equity swap are now set to proceed, launching in August, closing in September. The share price has been rebounding towards the â‚¬2.98 rights price for equity shareholders, underwritten by the debt holders, who will pay â‚¬3.58/share. With firm steps now taken along the route to a much-strengthened balance sheet, the focus can shift towards rebuilding profitability; leveraging Technicolorâ€™s leading market positions across its three operations.

05/08/2020 7 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 - Towards the next phase

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

Henderson Far East Income - Repositioning to raise total returns

Freelancer - AI to drive return to growth

Renewi - Solid trading and better cash generation

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