Vantiva's Q3 update describes markets that are still suffering from poor levels of demand from the group's main customers, the telecoms and cable operators, who are holding high levels of inventory. Q323 revenues were 34% constant currency (cc) down on prior year. Management is maintaining guidance on EBITDA and EBITA for FY23 (which our model matches), but we have reduced our revenue estimates to reflect the sluggish backdrop. The proposed acquisition of CommScope Home Networks should transform the combined group's market positioning ahead of the potential rebound in demand prompted by technological improvements. The deal is expected to complete end Q423/early Q124. A new €85m bridging loan is buffering the working capital requirement in the meantime.Den vollständigen Artikel lesen ...