Report
Stephane Beyazian

Telecom Italia : Dernières offres pour NetCo

>Une valeur d’entreprise pour NetCo à ~21 Md€ (11x l’EBITDA 2023e) - Telecom Italia a confirmé avoir reçu deux offres pour son réseau NetCo, dont il détient ~80% (Telecom Italia ne détient que 58% de FiberCop, la partie fibre, qui représente la moitié de NetCo). Globalement, nous supposons que les offres proposent une VE de ~21 Md€ incluant ses clauses d'earn-out. Selon la presse : 1/ CDP/Macquarie valorise NetCo à une VE de 19,3 Md€ – mais nous soupçonnons que l’offr...
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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