Posted Sep 28, 2022, 6:40 PMUpdated on Sep 28, 2022 at 7:23 PM
The special effects are there to give chills. Technicolor Creative Studios succeeds in this for its new shareholders, perhaps a little too much. They received 65% of the capital of the world leader in visual effects for cinema, video games, animation and advertising, previously distributed by Technicolor, renamed “Vantiva” as part of the refinancing plan launched several months ago. .
The ground lost by the subsidiary on the first day of separate listing – up to a quarter of the value indicated at the start – was largely regained on the second day.
The former Thomson Multimedia, now reduced to decoders and DVDs, managed to maintain its lead over the adjusted price before the split. The game therefore no longer seems negative-sum like the morning of the first day, but it was Technicolor CS that was supposed to catch the light of the “spotlights”.
Risky debt
Not only could new shares come onto the market later, given the 35% stake retained by the parent company, but fears of recession could also slow its growth. The debt therefore remains considered substantial, around 625 million euros for a stock market value of around 1 billion.
Vantiva, with a valuation 2.5 times lower, could not overload its own boat with loans, given the situation in the risky debt market. The new stock movie is just getting started.
To note
On its second day of trading, Technicolor Creative Studios stock ended at 1.9276 euros – slightly below the benchmark technical price of 1.9539 euros – representing a market capitalization of just over one billion euros. euros. The Vantiva share closed at 1.05 euro – against 0.9941 euro for the last adjusted price before the separate listing – representing a market value of 373 million.
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