Telecom Italia S.p.A. CEDEAR

  • TickerTI.
  • ISINARDEUT112059
  • ExchangeBuenos Aires Stock Exchange
  • SectorFixed Line Telecommunications
  • CountryItaly

Analysts

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telecom Italia, Vodafone, Iberdrola, EDP and Vattenfall

Telecom Italia and Vodafone to sign final tower deal by summer

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/LeasePlan, Telecom Italia, EDP, Engie and BP

LeasePlan (LPTY) reported stable earnings YoY for 1Q19 as the higher operating costs offset the improving gross profit. LeasePlan had a solid 17.9% CET1 ratio leaving a 540bp buffer to its CET1 requirement. LeasePlan may diversify its capital base by issuing an AT1, a credit positive. We consider the green LPTY an interesting green alternative vs periphery green bonds. That said, the performance potential for LPTY vs NIBCAP in preferred senior looks limited at current trading levels. Please download the full report LeasePlan: Green LPTY with value vs green periphery bonds published last night ...

ING
Hendrik Wiersma

Telecom Italia/Extend and enjoy the roll down/STABLE

Telecom Italia{de] released a satisfactory set of 1Q19 numbers yesterday after the market close. They met market expectations and showed some early tentative signs of recovery in Italy, although the top-line is still declining. We continue to prefer to take somewhat shorter exposure on Telecom Italia's curve and are comfortable with maturities up to 4 years. More specifically, the TITIM5.25 2/22 offers an attractive pick-up of c.40bp versus the TITIM4.5 1/21. Shorter on the curve, the TITIM4.5 1/21 trades c.35bp wider than the TITIM4.875 9/20. For investors who are willing to take more spread ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telecom Italia reports satisfactory 1Q19 results

Telecom Italia (TITIM) released a satisfactory set of 1Q19 numbers yesterday after the market close. Group revenue declined 4.6% to €4.5bn on a reported basis and was -2.9% on an organic perimeter. Group EBITDA on a comparable basis came in at €1.8bn, 2.1% lower compared to the same period a year earlier and a significant improvement compared to the previous quarter. We continue to prefer to take somewhat shorter exposure on Telecom Italia's curve and are comfortable with maturities up to 4 years.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telecom Italia, Vodafone, Iberdrola, EDP and Vattenfall

Telecom Italia and Vodafone to sign final tower deal by summer

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/LeasePlan, Telecom Italia, EDP, Engie and BP

LeasePlan (LPTY) reported stable earnings YoY for 1Q19 as the higher operating costs offset the improving gross profit. LeasePlan had a solid 17.9% CET1 ratio leaving a 540bp buffer to its CET1 requirement. LeasePlan may diversify its capital base by issuing an AT1, a credit positive. We consider the green LPTY an interesting green alternative vs periphery green bonds. That said, the performance potential for LPTY vs NIBCAP in preferred senior looks limited at current trading levels. Please download the full report LeasePlan: Green LPTY with value vs green periphery bonds published last night ...

ING
Hendrik Wiersma

Telecom Italia/Extend and enjoy the roll down/STABLE

Telecom Italia{de] released a satisfactory set of 1Q19 numbers yesterday after the market close. They met market expectations and showed some early tentative signs of recovery in Italy, although the top-line is still declining. We continue to prefer to take somewhat shorter exposure on Telecom Italia's curve and are comfortable with maturities up to 4 years. More specifically, the TITIM5.25 2/22 offers an attractive pick-up of c.40bp versus the TITIM4.5 1/21. Shorter on the curve, the TITIM4.5 1/21 trades c.35bp wider than the TITIM4.875 9/20. For investors who are willing to take more spread ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telecom Italia reports satisfactory 1Q19 results

Telecom Italia (TITIM) released a satisfactory set of 1Q19 numbers yesterday after the market close. Group revenue declined 4.6% to €4.5bn on a reported basis and was -2.9% on an organic perimeter. Group EBITDA on a comparable basis came in at €1.8bn, 2.1% lower compared to the same period a year earlier and a significant improvement compared to the previous quarter. We continue to prefer to take somewhat shorter exposure on Telecom Italia's curve and are comfortable with maturities up to 4 years.

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