Technicolor (TCH FP) France
Report by AIR Capital
Hollywood Magic Maker - major restructuring last year has resulted in a significantly improved performance. The disposal of the remaining legacy units will result in a “new and lean” business. Demand for its Connected Home broadband boxes as well as its Creative Studios VFX technology will continue to grow rapidly. As the world’s largest player in visual effects for the movie industry, TCH is set to benefit from a resumption of activity in Hollywood studios. TP €5.00 (67% upside).