Report
Stephane Beyazian

Telecom Italia : Q1 2023 preview and update on offers to buy NetCo

>What to expect from Q1 2023? Continuing margin recovery - Q4 2022 was the first quarter of domestic EBITDAaL growth in several years. For Q1 2023, we forecast: (i) group sales growth of 7% vs Q1 2022 (or +1% pro forma, excluding positive forex effects and acquisitions), with +19% in Brazil (acquisition of Oi mobile), -2% for Italian mobile (client losses) and -2% for fixed line (erosion in voice sales); (ii) EBITDAaL growth of 2% (vs 3%) and EBITDA growth of 6% (vs 8...
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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