Telecom Italia Reported Roughly in Line 3Q Results; Even With EUR 2 Billion Write-Off, FVE Unchanged
Telecom Italia reported third-quarter results that were roughly in line with our expectations, and we plan to maintain our EUR 0.89 local share fair value estimate and narrow moat rating. While we believe the shares are undervalued, we think there are better opportunities in European telecom namely Telefonica, Vodafone, and BT Group.The firm reported revenue fell 4.1% year over year but is only down 3.1% for the nine-month period versus our full-year projection of a 3.4% decline. We were impres...
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