Report
Stephane Beyazian

Telecom Italia : 2-3 likely factors for an increase in the short term (M&A, gains on disputes)

>Our new forecasts with the divestment of NetCo - We are deconsolidating the NetCo network business from our forecasts, which was divested for € 14bn (impact of ~35% on group EBITDA). Note that we are ahead of the first publication of accounts without NetCo (in Q3 2024), which may lead to future adjustments. We forecast 1% growth in sales CAGR for 2023-2026, 5% of EBITDAaL (cost reductions in Italy) and positive FCF as of 2025-2026. Our forecasts are 3-8% below the co...
Underlying
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).

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Beyazian

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