Telecom italia: Growth decelerating in line with expectations, impact of cost cutting awaited
Telecom italia: (NEUTRAL, Fair Value EUR0.9 (+48%))Growth decelerating in line with expectations, impact of cost cutting awaited
Yesterday, Telecom Italia posted Q2 results fully in line with expectations. On the domestic side, growth is decelerating both in fixed and mobile, while organic EBITDA is down 6.4%. Iliad’s impact on TIM is limited in Q2, but impact of cost cutting is expected in H2 in order for the company to meet its guidance.
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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