Telecom Italia

Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
  • TickerTIT
  • ISINIT0003497168
  • SectorFixed Line Telecommunications
  • CountryItaly

Analysts

Expert Corporate Governance Service (ECGS)

Telecom Italia, March 29 2019

In item 6, the largest shareholder Vivendi (23.9% of voting rights) respectively proposes to remove from office 5 non-executive Directors who were nominated by Elliott funds (9.5%) at the General Meeting of 4 May 2018. According to Vivendi, the Directors nominated by Elliott have "repeatedly breached basic and fundamental governance rules and shown a clear lack of independence". In item 7, Vivendi proposes to replace the Directors proposed for removal by 5 new Board members. Some of the breaches of governance rules complained by Vivendi were confirmed by investigations carried out by the Boar...

Thomas Coudry

TELECOM ITALIA: Upside potential in the medium term | BUY | EUR0.65 vs. EUR0.7

TELECOM ITALIA - BUY | EUR0.65 vs. EUR0.7 (+21%) Upside potential in the medium term A realistic plan, unlikely to disappoint further in the short term Upside to expect from inorganic actions Estimates and FV adjusted slightly down, Buy confirmed

Allan C. Nichols

Morningstar | TIT Updated Forecasts and Estimates from 27 Feb 2019

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television. TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle with the weak economy, which has caused debt/EBITDA to increase, despite paying down some debt. Manage...

Allan C. Nichols

Morningstar | Telecom Italia's Results Under Pressure From Iliad's Entrance; Reducing Fair Value Estimate

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television. TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle with the weak economy, which has caused debt/EBITDA to increase, despite paying down some debt. Manage...

Allan C. Nichols

Telecom Italia's Results Under Pressure From Iliad's Entrance; Reducing Fair Value Estimate

Telecom Italia reported 2018 revenue spot on with our projections, but margins dropped significantly in the fourth quarter, falling short of our expectations. In the quarter, the firm’s EBITDA margin was just 34.7% versus 42.4% for the first nine months of the year. This brought the full-year EBITDA margin down to 40.4% versus our estimate of 41.2%. Management expects EBITDA to decline further in 2019 before returning to growth in 2020. While Telecom Italia has held up better than the other oper...

Telecom Italia S.p.A.: Update to credit analysis - New management remains focused on deleveraging

CORPORATES CREDIT OPINION 30 November 2017 Update RATINGS Telecom Italia S.p.A. Domicile Italy Long Term Rating Ba1 Type LT Corporate Family Ratings Outlook Stable Please see the  ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Carlos Winzer 34-91-768-8238

Thomas Coudry

TELECOM ITALIA: Upside potential in the medium term | BUY | EUR0.65 vs. EUR0.7

TELECOM ITALIA - BUY | EUR0.65 vs. EUR0.7 (+21%) Upside potential in the medium term A realistic plan, unlikely to disappoint further in the short term Upside to expect from inorganic actions Estimates and FV adjusted slightly down, Buy confirmed

Allan C. Nichols

Morningstar | TIT Updated Forecasts and Estimates from 27 Feb 2019

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television. TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle with the weak economy, which has caused debt/EBITDA to increase, despite paying down some debt. Manage...

Allan C. Nichols

Morningstar | Telecom Italia's Results Under Pressure From Iliad's Entrance; Reducing Fair Value Estimate

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television. TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle with the weak economy, which has caused debt/EBITDA to increase, despite paying down some debt. Manage...

Allan C. Nichols

Telecom Italia's Results Under Pressure From Iliad's Entrance; Reducing Fair Value Estimate

Telecom Italia reported 2018 revenue spot on with our projections, but margins dropped significantly in the fourth quarter, falling short of our expectations. In the quarter, the firm’s EBITDA margin was just 34.7% versus 42.4% for the first nine months of the year. This brought the full-year EBITDA margin down to 40.4% versus our estimate of 41.2%. Management expects EBITDA to decline further in 2019 before returning to growth in 2020. While Telecom Italia has held up better than the other oper...

Alexandre Iatrides

Telecom Italia : Gubitosi convinces, agreement with Vodafone offsets the warning

>Downward revision to our forecasts, we remain 5% below the consensus - We have updated our model following this publication and the new management’s three-year plan. As we said on Friday morning, it seems premature to us to consider that the price war in Italy is over, but the positive signals described by Telecom Italia must be taken into account. Management was very clear that the basis for comparison will be very challenging in Q1 and Q2 since in H1 2017, Te...

1 director sold

A director at Telecom Italia Spa sold 1,000,000 shares at 0.524EUR and the significance rating of the trade was 90/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/25/2019

Equities’ disconnect from the "pessimism" of the bond markets is obvious. The simultaneous choice of cyclicals and protection themes (growth/quality) is disturbing. What should we do when our annual objectives are being met? Avoid succumbing to the cyclical temptation, buy quality by avoiding overpaying the protection criterion linked exclusively to a healthy balance sheet structure. We present the results of a screening combining balance sheet and ROCE trends, which highlights five s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Pierre Corby
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/02/2019

La déconnection des actions avec le « pessimisme » des marchés obligataires est patente. Le plébiscite simultané des cycliques et des thématiques de protection (croissance/ qualité) est perturbant. Que faire alors que nos objectifs annuels sont atteints ? Eviter de succomber à la tentation cyclique, acheter la qualité en évitant de surpayer le critère protection lié uniquement à une structure bilancielle saine. Nous présentons les résultats d’un criblage combinant bilan et évolution d...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

James Ratzer ...
  • Jonathan Chaplin
  • Pierre FerraguÊ

Global TMT: TI, INTEL CALL, CMCSA, US Policy, SBAC, CCI

Global TMT headlines: TI (Neutral, from Buy): Downgrade on weaker mobile, lower broadband share. INVITE: Conference Call Today 10:00am ET: INTEL: New CEO… and New Free Cash Flow? CMCSA is set to report on Wednesday morning. A few things to note ahead of the print. NSR Policy: C-Band Litigation, plus Quick Hits on T-Mobile’s Hotel Preferences, Net Neutrality Court Date, and Kimmel Endorsing the NSR End of Shutdown Theory. SBAC and Digital Bridge meetings. Three key points. CCI 4Q18 Preview: Expect an In-Line Quarter; Limited Changes to Guidance.

Increased risk weighs on TELECOM ITALIA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of TELECOM ITALIA (IT), active in the Integrated Telecommunications industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date January 22, 2019, the closing price was EUR 0.45 and its target price was estimated at EUR 0.41.

Ng Adrian

Telecom Italia

Ng Adrian

Telecom Italia

Ng Adrian

Telecom Italia

Ng Adrian

Telecom Italia

MarketLine Department

Swisscom, Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Swisscom, Ltd. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Swisscom, Ltd. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

ICD Research Department

Telecom Italia S.p.A. : Technology and Communications - Company Profile, SWOT & Financial Analysis

Synopsis ICD Research's "Telecom Italia S.p.A. : Technology and Communications - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major products and services, SWOT analysis, business description, company history, financial analysis, mergers & acquisitions, recent developments, key employees, company locations and subsidiaries as well as competitive benchmarking data. Summary This report is a crucial resource for industry executives and anyone looking to access key info...

Expert Corporate Governance Service (ECGS)

Telecom Italia, March 29 2019

In item 6, the largest shareholder Vivendi (23.9% of voting rights) respectively proposes to remove from office 5 non-executive Directors who were nominated by Elliott funds (9.5%) at the General Meeting of 4 May 2018. According to Vivendi, the Directors nominated by Elliott have "repeatedly breached basic and fundamental governance rules and shown a clear lack of independence". In item 7, Vivendi proposes to replace the Directors proposed for removal by 5 new Board members. Some of the breaches of governance rules complained by Vivendi were confirmed by investigations carried out by the Boar...

Telecom Italia – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/05/2017

In item 2, shareholders are called to an advisory vote on the remuneration policy. We have serious concerns over the possibility to pay "welcome bonuses" (€ 2.2 million paid to the new CEO in 2016), which are not linked to predefined performance conditions, and the egregious variable remuneration of the CEO Mr. Cattaneo, which is capped at approximately 864% of his base salary on an annual average basis (150% the annual cash bonus and 714% the "Special Award"). Furthermore, the variable remuneration exclusively depends on annual results: up to a maximum incentive of € 10 million may be granted...

Jérôme VINERIER

Analyse court terme - TELECOM ITALIA : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 0,4661 €. La tendance de fond serait remise en cause en cas de franchissement de 0,6582 €.

Jérôme VINERIER

Short term view - TELECOM ITALIA : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €0.4661. The background trend would be questioned should prices rise above €0.6582.

Jérôme VINERIER

Analyse court terme - TELECOM ITALIA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 0,5761 € prochainement. Le prochain objectif est à 0,4661 €, puis 0,3990 €. Le franchissement de 0,6582 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - TELECOM ITALIA : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €0.5761. The next target is at €0.4661, then €0.3990. Passing €0.6582 would question the continuation of the fall.

Jérôme VINERIER

Analyse moyen terme - TELECOM ITALIA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 0,4655 €, puis 0,3662 €. Le franchissement de 0,9160 € remettrait en cause la suite de la baisse.

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