Telecom Italia Reports Mixed 1Q Results, With Better Revenue but Weaker Margins; Shares Undervalued
Telecom Italia reported mixed first-quarter results, with better revenue but weaker margins. We expect these two items to basically offset each other and to maintain our EUR 0.98 per local share fair value estimate. Our narrow moat rating remains intact, and we believe the stock is undervalued. The firm reported that revenue declined 1.6% year over year, but this was due to the strength of the euro versus the Brazilian real. While our model incorporates the futures rate at the time of each updat...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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