Report
Stephane Beyazian

Telecom Italia : Three months to validate the investment case

>Some progress expected in Q3 ahead of recovery promised for Q4 - We expect Telecom Italia to report growth of 3.5% in its sales and a decline of 11% in its EBITDA after leasing in Q3 2022 vs last year. Italy is set to remain tough going with a decline of 4% in services sales (vs -4.5% in Q2), due to the contraction in the client network (-3%) and ARPU (-1%); but client losses could ease with a less competitive market environment. The growth of over 45% expected in B...
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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