TELECOM ITALIA: Operational turnaround still not visible while net debt to decrease further | BUY | EUR0.65
TELECOM ITALIA - BUY | EUR0.65Operational turnaround still not visible while net debt to decrease further
Q1 falls below expectations
Domestic trends are not improving (yet?) this quarter
Debt reduction to accelerate, but operational guidance at risk
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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