Strong EBITDA margin demonstrates Telecom Italia's narrow moat, despite management turnover
The latest Italian spectrum auction ended on Oct. 2 with total bids of EUR 6.55 billion, much higher than we anticipated. After reviewing the impact on our models, we are reducing our fair value estimate for Telecom Italia to EUR 0.89 per share from EUR 0.98, and for Iliad to EUR 143 per share from EUR 163. We are maintaining our fair value estimates of GBX 250 per share for Vodafone, CHF 470 per share for Swisscom, and HKD 118 for CK Hutchison. We are maintaining our no-moat rating on Hutchison...
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