Vivendi has increased its stake in Telecom Italia to 23.9%, but don't expect much change.
Telecom Italia reported solid first-half results. Due to our recent fair value estimate increase at Telecom Italia’s Brazilian subsidiary TIM Brasil, improved revenue performance in Italy, and the time value of money, we expect to raise our fair value estimate to about EUR 0.98 per share form EUR 0.91. The ADR fair value estimate will increase by a greater amount due to the recent strength of the euro versus the U.S. dollar. Our narrow moat rating remains intact, and we believe the stock is mode...
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