Wind Tre : Competitive headwinds should persist in 2019

We expect another deterioration of the net leverage in 2019, which should be more moderate compared with 2018 (+0.3x vs. +0.5x last year on same accounting standards). Competition has started to ease from extremely aggressive levels in mid-2018 at the time of Iliad’s entry into the market and we expect a decline in revenues and EBITDA at less negative rates in 2019 thanks to lower churn (with the completion of the network modernization and price increased observed in the market),...