TELECOM ITALIA: Keeping all options open | BUY vs. NEUTRAL | EUR0.36 VS. EUR0.4 (+25%)
TELECOM ITALIA - BUY vs. NEUTRAL | EUR0.36 VS. EUR0.4 (+25%)Keeping all options open
We believe it is worth taking a fresh look at the TIM investment case. We now view TIM as an option to play either successful KKR offer or value crystallization opportunities from the CEO’s plan, while risks now appear limited at the current price level. We are upgrading our recommendation to Buy, while lowering our TP to EUR36 vs EUR40 previously, in line with the latest business outlook.
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).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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