Telecom Italia : Valuation of the new Telecom Italia; TP revised upwards
>Our valuation of the new business scope comes to € 0.45 excluding earnouts - We have updated our forecasts and raised our target price to € 0.45 per share following the group’s Q4 2023 results and given the TIM Brasil stock’s performance over the past 6 months. Our target price remains conservative nonetheless:We have taken the base valuation for the network disposal of € 18.8bn excluding earnouts.We have applied a valuation multiple of 3x to TIM Consumer, ...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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