New Street: Telecom Italia (Buy, €0.48, +46%) Was €0.76 Proprietary survey: Serie A not as planned, but still other optionality
We have wrestled long and hard with what to do with our TI recommendation as it hasn’t worked out this year with higher than expected broadband price competition and lower KPIs. To assess this further, we conducted a proprietary survey on the Serie A rights transition and it seems as if the shift to broadband and TIM Vision is unlikely to happen at the scale we previously thought. This is all disappointing, and we reduce our target from €0.76 to €0.48 given the high leverage.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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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
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