Italy’s Spectrum Auction Ended With High Bids; We’re Lowering Our FVE for Telecom Italia and Iliad
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...Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
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