Telecom Italia : Final offers for NetCo
>An enterprise value for NetCo of ~€ 21bn (11x EBITDA 2023e) - Telecom Italia has confirmed that it received two offers for NetCo, of which it owns ~80% (Telecom Italia owns only 58% of FiberCop, the fibre part, which is half of NetCo).Overall, we assume that bids propose an enterprise value of ~€ 21bn including earn-out clauses. According to the press: 1/ CDP/Macquarie values NetCo at an enterprise value of € 19.3bn – but we suspect that it excludes an earn-out ...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).
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.
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