Telecom Italia Reported in Line 4Q Revenue and Better Adjusted EBITDA Margin; Shares Undervalued
Telecom Italia reported 2.8% fourth-quarter year-over-year revenue growth that was in line with our expectations and brought full-year revenue growth to 2.7%, spot on with our projection. The firm reported an EBITDA margin of just 30.6% due to nonrecurring charges primarily for its latest restructuring efforts. However, excluding these charges, TI’s full-year adjusted EBITDA margin came in at 43.7% versus our full-year estimate of 42.3%. Despite this higher adjusted margin, we don’t expect to ma...
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