In this report we are updating our valution for both TCS and Vantiva (ex-TCS) activities in light of the details provided during last week’s CMD. In particuar, we welcome the greater transparency on cash items at both businesses, which enable us to secure our forecasts and DCFs. We still believe TCS offers attractive growth opportunities, but cash flow should fall behind our initial expectations. On the other hand, Vantiva’s business might prove more attractive that the consensus currently belie...
TECHNICOLOR - BUY | EUR4.5 VS. EUR4.3 (+33%) The rally is not over The announcement last month of TCH’ two transforming deals has still not be appropriately rewarded by the market. In spite of a 25% stock rally over the past weeks, TCH EV/EBITDA multiple is only back to its 5 year historical average, We believe the group’s underlying businesses deserve a stronger rerating and the market is not appropriately assessing the forthcoming and transforming evolution of the group’s risk profile.
TCH disclosed solid 2021 FY numbers, in line with the guidance, and confirmed the 2022 guidance. The group also announced two major financial restructuring deals: spin off plus distribution of TCS, and mandatory convertible bond issue. We believe the combination of these two deals will create significant value. We expect very positive stock price reaction from the announcements.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TECHNICOLOR - BUY Top Picks | EUR4.3(+42%) Transformation keeps bearing fruit Q2 results confirm the group’ improving trajectory Creative studios and DVD services confirm recovery… … while Connected Home is impacted by the semis crisis as expected Investment case confirmed
TECHNICOLOR - BUY | EUR4.3(+48%) Delivering according to plans Back to growth in line with our expectations Trend in PS improving, with bright outlook ahead Connected Home is strong, but semiconductors clouds are hanging… Q1 comforts our investment case
Technicolor BUY – TP EUR4.3 Return to Pride Lands Technicolor’s stock performance over recent years has been a story of missed objectives and disappointments, with a combination of operational misconducts and adverse market conditions. We now believe, however, that the time is right to start considering the investment case again. With a new management team, a new strategy and streamlined businesses, Technicolor is now very different to how it was. In this note, we highlight why we believe the g...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.