Vivendi increases its stake in Telecom Italia to 24.7%, but don't expect much change.
Telecom Italia reported third-quarter results that were generally in line with our projections, and we maintain our fair value estimate and narrow moat rating. The firm reported revenue up 1.4% year over year, but down 6.3% for the nine-month period, versus our full-year projection of a 5.8% decline. If the company continues to improve, full-year revenue could be a bit better than our forecast. For the nine-month period, its wireless businesses revenue improved 0.8%, with growth of 4.3% in consu...
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