New Street Research - Telecom Italia S.p.A. (TIT) ... Telecom Italia (Buy, €0.37, +34%) New CMD guidance - A Very Quick Take

Report

New Street Research

James Ratzer

EUR 9306.00 For Business Accounts Only

Telecom Italia (Buy, €0.37, +34%) New CMD guidance - A Very Quick Take

Telecom Italia is holding its CMD tomorrow, but has just put out a preliminary release including new 2024-26 guidance for ServeCo, but with very limited details surrounding it.

07/03/2024 1 EN

Underlyings

Telecom Italia S.p.A.

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).

See profile

IT0003497168 Italy

Tim Brasil SA

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

James Ratzer

Other Reports on these Companies

New Street Research

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

Underlying Q1 trends remained robust at Vivo, with revenue in-line (+7% y/y growth) and headline EBITDA missing (1.5%) only due to other items in the cost base (gains/sales) fluctuating. Excluding this and underlying EBITDA of +9% y/y was steady on Q4, and comparable to TIM’s +10% (reported yesterday). Vivo’s mobile service revenue was the strongest in Brazil vs peers, offset slightly by lower fixed growth (the more volatile data/IT business slowing this quarter).

EUR 9306.00

May 8, 2024 May 8, 2024 1 EN

New Street Research

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

TIM reported solid Q1 24 earnings overnight, coming in a shade of ahead of estimates (1% at EBITDA). Service revenue growth remains robust at >7% y/y, with some seasonality potentially impacting Q1 pre-pay revenue; EBITDA of +10% y/y and EBITDAaL +20% y/y is also very strong (and well ahead of 4% inflation), the latter enjoying historic lease reductions (though these are now sequentially stabilising). Q1 trends are tracking a touch above FY guide, potentially enabling further earnings uplift.

EUR 9306.00

May 7, 2024 May 7, 2024 1 EN

Oddo BHF

Credit Morning 05/03/2024

Moody's upgrades Crelan's SNP rating from Baa3 to Baa2>...

May 3, 2024 May 3, 2024 1 EN

Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potential upside

Telefonica’s Q1 results leave us feeling more confident about its longer-term growth trajectory and believe that there could be further upside to estimates from the new Digi wholesale agreement and consensus fully factoring in the headcount reduction deal.

EUR 9306.00

31m 31m 1 EN

James Ratzer

James Ratzer

CityFibre & Three UK Can they get their deals done by year-end?

Perhaps two of the most significant questions facing the UK telecoms market this year are i) whether the Vodafone/ Three merger will go through, and ii) whether the altnets can be successful operationally and have access on ongoing funding.

EUR 9306.00

3h / 42m 3h / 42m 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: model update

This note covers updates to the model following consolidated EchoStar results. We increased service revenue and EBITDA. Our free cash flow is up very modestly. The company has five to seven months to raise capital. We updated our valuation to $95 / share. We will have another update out once we get the Dish, DBS & Hughes 10-Qs.

EUR 9306.00

3h / 47m 3h / 47m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Telecom Italia (Buy, €0.37, +34%) New CMD guidance - A Very Quick Take

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

Credit Morning 05/03/2024

Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potential upside

CityFibre & Three UK Can they get their deals done by year-end?

SATS: model update

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe