Vivendi increases its stake in Telecom Italia to 24.7%, but don't expect much change.
Telecom Italia reported mixed first-half results with weak revenue but better margins. Total revenue fell 9.9% year over year versus our projection of a 4.6% decline. The worse revenue was primarily driven by the Brazilian subsidiary, which reported a 12.2% revenue decline versus our estimate of an 8.3% drop. (Please see our note on TIM Participacoes for more details on the Brazilian operations.) We plan to maintain our fair value estimate and narrow moat rating for Telecom Italia.In the firm'...
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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