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The market has left Technicolor SA (OTCQX:TCLRY) (OTCPK:THNRF) for dead. It's not hard to see why. After divesting its patent licensing business to InterDigital (IDCC), Technicolor has three businesses left. All seem to have significant challenges. Adjusted EBITDA in 2018 declined over 20% year-over-year; free cash flow was negative. Net leverage, based on 2018 numbers, sits at 2.75x.
But I'm not quite ready to write Technicolor off just yet. I wrote in a Top Idea last year that everything couldn't go wrong forever - and indeed Technicolor showed some