olivLaw · European equity research
Vantiva VANTI.PA
France · Euronext Paris · ISIN FR0013505062 · Vertical: Listed companies from France
Vantiva is a global supplier of electronic equipment for network operators, with most production outsourced to external partners in the Asia-Pacific region. The company targets positive free cash flow for 2026, in a context of softening demand and pressure on memory component prices.
At the close of 05 Nov 2026, Vantiva (VANTI.PA) stock was 0.08 EUR (+7.79% on the day), with market capitalisation 40.8 m EUR, beta 0.34, 52-week range 0.07–0.14 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.1
- neutral
- Bollinger (20, 2)
- 0.07 – 0.09
- in the upper half of the band · %B 0.78 · band width 16.9%
- SMA 50 / 200
- 0.08 / 0.10
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.4% | −0.6% | +11.0 pp | — |
| 3 months | −15.8% | −4.2% | −11.7 pp | — |
| 6 months | −18.5% | +4.3% | −22.8 pp | — |
| Year to date | −40.7% | +7.5% | −48.2 pp | — |
| 1 year | −29.8% | +9.9% | −39.7 pp | −6.8% |
| 3 years | −36.8% | +49.8% | −86.7 pp | −15.9% |
| 5 years | −91.7% | +42.8% | −134.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 1.7 bn |
| Revenue YoY | unavailable | +19.3% | −6.9% |
| Net income | -285.0 m | -282.0 m | -393.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.80 | -0.58 | -0.80 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -18.2% | -15.1% | -22.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.0 m EUR
- Financial debt
- 510.0 m EUR
- Net debt
- 497.0 m EUR
- Equity
- -484.0 m EUR
- Total assets
- 1.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.40x
- ROE
- unavailable
- ROA
- -27.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 1.7 bn | esef· 12 May 2026verified |
| Cost of revenue | 1.4 bn | 1.6 bn | 1.5 bn | esef· 12 May 2026verified |
| Gross profit | 207.0 m | 293.0 m | 253.0 m | esef· 12 May 2026verified |
| Research & development | 68.0 m | 86.0 m | 81.0 m | esef· 12 May 2026verified |
| Operating income | -2.0 m | -52.0 m | -47.0 m | esef· 12 May 2026verified |
| Income tax | 20.0 m | 16.0 m | 14.0 m | esef· 12 May 2026verified |
| Net income | -285.0 m | -282.0 m | -393.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.80 | -0.58 | -0.80 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 133.0 m | 30.0 m | 13.0 m | esef· 12 May 2026verified |
| Receivables | 274.0 m | 401.0 m | 177.0 m | esef· 12 May 2026verified |
| Inventories | 204.0 m | 182.0 m | 175.0 m | esef· 12 May 2026verified |
| Current assets | 859.0 m | 974.0 m | 572.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 90.0 m | 33.0 m | 20.0 m | esef· 12 May 2026verified |
| Goodwill | 468.0 m | 465.0 m | 412.0 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 133.0 m | 163.0 m | 119.0 m | esef· 12 May 2026verified |
| Total assets | 1.7 bn | 1.7 bn | 1.2 bn | esef· 12 May 2026verified |
| Accounts payable | 540.0 m | 610.0 m | 523.0 m | esef· 12 May 2026verified |
| Short-term debt | 92.0 m | 2.0 m | 510.0 m | esef· 12 May 2026verified |
| Long-term debt | 391.0 m | 477.0 m | 0 | esef· 12 May 2026verified |
| Current liabilities | 1.0 bn | 1.3 bn | 1.4 bn | esef· 12 May 2026verified |
| Total liabilities | 1.7 bn | 2.0 bn | 1.7 bn | esef· 12 May 2026verified |
| Equity | 6.0 m | -238.0 m | -484.0 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 356.3 m | 486.2 m | 491.3 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Capex | — | 12.0 m | 8.0 m | esef· 12 May 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 40.8 m EUR
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -22.6% | 23 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial23/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vantiva (VANTI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn EUR in 2025; YoY growth -6.9%; net margin -22.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -22.6%
- Current ratio: 0.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for VANTI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vantiva is a global supplier of electronic equipment for network operators, with most production outsourced to external partners in the Asia-Pacific region. The company targets positive free cash flow for 2026, in a context of softening demand and pressure on memory component prices.
SWOT
Strengths
- The company has a flexible production model that allows it to quickly redirect manufacturing between locations without interrupting deliveries to customers.
- Risk prevention and business continuity programmes have been extended, and several key sites have been rated at the highest protection level.
- The company has diversified its supply sources and developed tools to monitor supply chain risks.
Weaknesses
- Dependence on a small number of suppliers for essential components limits bargaining power and exposes the company to disruptions.
- Revenue concentration around a small group of large customers makes the company vulnerable to changes in their demand.
- Production outsourced mainly to the Asia-Pacific region increases exposure to logistics and geopolitical disruptions.
Opportunities
- If network operators resume investment, demand for the company's equipment could recover to higher levels.
- A stabilisation of memory component markets could reduce cost pressure and support margins.
- Access to qualified talent in other countries can support workforce flexibility and development of new products.
Threats
- Economic sanctions and export restrictions could limit access to components and to external markets.
- Rising component prices driven by data centre demand could erode the company's margins.
- Intensifying competition from suppliers moving to the OEM model could press selling prices.
Risks
- Liquidity and indebtednesshigh
The company identified liquidity and debt levels among its three main risks, and a deterioration in financing conditions could limit investment.
- Supplier dependence and supply chainhigh
Disruptions at key suppliers or rising component prices could affect production and operational performance.
- Customer concentrationmedium
If large customers reduce orders or change their requirements, the company's revenue could decline significantly.
- Geopolitical tensions and sanctionsmedium
Trade measures and export restrictions could disrupt component flows and access to certain markets.
- Business continuitylow
A major event in a production region could interrupt operations, although the company maintains continuity plans and insurance.
Investment thesis
What would need to be true (bull case)
- If demand for network equipment stabilises and the company keeps positive free cash flow, its financial position could improve.
- The flexible production model and supplier diversification may let the company respond to disruptions faster than some competitors.
- If memory component prices normalise, margin pressure could ease and support operating results.
What would break the thesis
- If demand for the company's products keeps falling, revenue and margins could be repeatedly affected.
- Indebtedness and liquidity are main risks identified by the company itself, and a worsening of financing conditions could limit financial flexibility.
- If geopolitical tensions intensify, component restrictions could disrupt production and reduce access to customers in certain regions.
What to watch
- Delivery of the announced positive free cash flow target for 20262026
- Trend in memory component prices and availability2026
- Development of liquidity and debt levelsnext 10-K
- Development of revenue concentration among the largest customersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vantiva designs and supplies subscriber terminal equipment, such as network access devices, for telecommunications and cable operators. The business model relies on outsourcing manufacturing and logistics to an international network of suppliers, so performance depends on the quality of these partners. Vantiva stated it does not give EBITDA guidance at this stage because of market uncertainty.
The company's activities are organised around product connectivity and design and manufacturing services, and management monitors performance continuously across each line. Operational, liquidity and debt risks are treated as the most significant for the group.
Segments
Subscriber terminal equipment
This is the main segment and includes network access devices supplied to operators. Demand here is sensitive to macroeconomic conditions and to the pace of operator deployments, as described in the risk factors section.
Design and manufacturing services for third parties
The company also provides design and manufacturing services, producing for clients that need external capacity. This flow depends on component availability and on the concentration of customers.
Market context
The market for network operator equipment is shaped by geopolitical tensions and economic sanctions, which can restrict access to components and shift trade flows. Demand for data centres using artificial intelligence has pushed memory production toward higher-priced segments, reducing availability of standard memory.
Operator investment pace depends on local macroeconomic conditions and the cost of financing. Companies in the sector face pricing and margin pressure as original design manufacturers move toward original equipment manufacturing and established competitors expand capacity.
Trends
- Geopolitical tensions and trade restrictionsheadwind
Conflicts in Ukraine and the Middle East, as well as tensions between China and the United States, could lead to sanctions and export controls affecting semiconductor components. The company signalled these measures could limit its ability to use alternative suppliers.
- Memory demand driven by artificial intelligencemixed
Rising demand from data centres has reduced availability of standard memory and raised prices, which could increase the company's production costs, although the company noted customers may help provide some stability.
- Pressure on demand and marginsheadwind
Demand for the company's products could decline in the coming year, and intensified competition may weigh on prices. The company announced cost adjustment and portfolio selection measures.
- Geographic and supplier diversificationtailwind
The company has diversified its supply sources and production locations, which may reduce its sensitivity to conditions in a single market or region and gives flexibility in redirecting production.
Competitive position
The company faces competition from original design manufacturers moving to the original equipment manufacturing model, as well as from established competitors expanding production capacity. This competition tends to pressure product prices and margins.
Competitive positioning depends on maintaining relationships with network operators and managing the costs of outsourced production. The filing does not name competitors explicitly and instead describes categories of players in the sector.
- Original design manufacturers moving to OEM model
Companies extending their activity from design toward manufacturing under their own brand, which increases pricing pressure in the sector.
- Established competitors in network equipment
Established players that have strengthened production capacity, intensifying competition in the market.
- Subscriber connectivity device makers
Companies offering similar equipment to telecommunications and cable operators in the same market segments.
- Semiconductor component suppliers
Makers of integrated circuits and memory with strong bargaining power that influence the company's costs.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vantiva · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.