Telecom Italia : Progress and M&A in 2023
>Better results expected - We expect Telecom Italia to report earnings growth in Q4 2022 and in 2023. For Q4 2022, we forecast sales up 3.5% yoy to € 4.1bn (but -3% excluding consolidation and forex in Brazil). Adjusted EBITDA after Leasing (EBITDAaL) should finally have stabilised (vs -11% yoy) for the first time since end-2020 thanks to the acceleration in the cost-cutting plan. For 2023, we think that flat EBITDAaL in Italy is also possible, which would mean a slig...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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