Telecom Italia (Buy, €0.35, +40%) Q3 23: Why Brazil and ServeCo can drive the upside post-NetCo
Telecom Italia has reported a decent set of Q3 results, with Adj. EBITDA AL coming in +4% ahead of expectations on the back of a strong performance from both domestic and Brazil.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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