Buy Or Sell Opportunity • Jul 07
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 88% to €0.79. The fair value is estimated to be €1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Buy Or Sell Opportunity • Jun 22
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 87% to €0.79. The fair value is estimated to be €1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. New Risk • Jun 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 112% a day. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (112% average daily change). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Ankündigung • May 21
Telecom Italia S.p.A.(BIT:TITR) dropped from FTSE All-World Index (USD) Telecom Italia S.p.A.(BIT:TITR) dropped from FTSE All-World Index (USD) New Risk • May 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 2.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • May 08
First quarter 2026 earnings released First quarter 2026 results: Revenue: €3.38b (up 3.2% from 1Q 2025). Net loss: €283.0m (loss widened 175% from 1Q 2025). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Ankündigung • Mar 23
Poste Italiane S.p.A. (BIT:PST) proposed to acquire remaining 72.68% stake in Telecom Italia S.p.A. (BIT:TIT) for €9.9 billion. Poste Italiane S.p.A. (BIT:PST) proposed to acquire remaining 72.68% stake in Telecom Italia S.p.A. (BIT:TIT) for €9.9 billion on March 22, 2026. The consideration consists of common equity of Poste Italiane S.p.A. at a ratio of 0.0218 per common equity of Telecom Italia S.p.A. A cash consideration of €3.55 billion valued at €0.167 per share will be paid by Poste Italiane S.p.A. As part of consideration, €3.55 billion is paid towards common equity of Telecom Italia S.p.A. Upon completion, Poste Italiane S.p.A. will own 100% stake in Telecom Italia S.p.A. Poste Italiane anticipates €0.7 billion in pre-tax synergies from its acquisition of Telecom Italia S.p.A. with €0.5 billion in cost efficiencies and €0.2 billion in revenue synergies. Cost synergies are expected within two years post-offer completion, and revenue synergies within three years. The acquisition is projected to positively impact Poste Poste Italiane S.p.A. earnings per share from 2027, while maintaining a neutral effect on dividends for 2026. Additionally, Telecom Italia S.p.A. deferred tax assets of €982 million are expected to become recoverable within a defined timeframe. The transaction is subject to approval of offer by acquirer board. The Offer is subject to the obtainment of certain regulatory approvals. The transaction is expected to close by the end of 2026. Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: €13.7b (down 5.2% from FY 2024). Net income: €373.0m (up €536.0m from FY 2024). Profit margin: 2.7% (up from net loss in FY 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: €0.005 loss per share. Revenue: €3.28b (down 17% from 1Q 2024). Net loss: €103.0m (loss narrowed 74% from 1Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Breakeven Date Change • Mar 07
Forecast breakeven date moved forward to 2025 The 8 analysts covering Telecom Italia previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of €46.4m in 2025. Earnings growth of 91% is required to achieve expected profit on schedule. Ankündigung • Feb 17
Poste Italiane S.p.A. (BIT:PST) agreed to acquire 9.81% stake in Telecom Italia S.p.A. (BIT:TIT) from Cassa Depositi e Prestiti S.p.A. Poste Italiane S.p.A. (BIT:PST) agreed to acquire 9.81% stake in Telecom Italia S.p.A. (BIT:TIT) from Cassa Depositi e Prestiti S.p.A. on February 15, 2025. The consideration for the purchase of Tim's shares will be paid (i) partly through the proceeds from
the sale of Poste Italiane’s shareholding in Nexi to Cassa Depositi e Prestiti and (ii) partly through available cash. At the same time, Cassa Depositi e Prestiti S.p.A. agreed to acquire 3.78% stake in Nexi S.p.A. from Poste Italiane S.p.A.
The transaction has been approved by the board of directors of Poste Italiane S.p.A. Breakeven Date Change • Feb 09
Forecast breakeven date pushed back to 2026 The 9 analysts covering Telecom Italia previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 81% per year to 2025. The company is expected to make a profit of €224.3m in 2026. Average annual earnings growth of 107% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 30
Forecast breakeven date moved forward to 2025 The 9 analysts covering Telecom Italia previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 88% to 2024. The company is expected to make a profit of €21.7m in 2025. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Ankündigung • Jan 16
Vivendi Intends to Appeal the Milan Court’s Decision About the Sale of TIM’s Fixed Network Vivendi takes note of the Milan court’s decision to reject its complaint against the decision of TIM’s Board of Directors concerning the sale of its fixed network. In a decision issued, the court considered this request inadmissible due to a lack of standing (notably because Vivendi would not have declared its voting intention in the event of a Shareholders' meeting being convened), and did not address the merits of the case. As a reminder, on December 15, 2023, Vivendi complaint against TIM before the Milan court, seeking the annulment of the resolution adopted by TIM’s Board of Directors November 5, 2023, approving the sale of its fixed network without submitting it to the Shareholders' meeting (nor to the related party transaction procedure), and requesting the declaration that the transaction agreement entered into on November 6, 2023, is unenforceable. Despite the dismissal of its request on purely formal grounds by the Milan court, Vivendi continues to believe that the sale of TIM’s network should have been subject to a vote at a Shareholders Meeting as it is an essential asset of the company which would change the corporate purpose of TIM. For this reason, Vivendi intends to appeal this decision. Ankündigung • Dec 17
CVC Reportedly in Talks to Buy Vivendi's Stake in Telecom Italia CVC Capital Partners plc (ENXTAM:CVC) is exploring a potential purchase of Vivendi SE (ENXTPA:VIV)’s stake in Telecom Italia S.p.A. (BIT:TIT), people with knowledge of the matter said, which could pave the way for a takeover of Italy’s biggest telecommunications company. The private equity firm has been holding preliminary talks with Vivendi about buying its 24% holding in the Italian carrier’s common shares, the people said, asking not to be identified because the information is private. The stake is currently valued at about €1 billion ($1.05 billion), according to data compiled by Bloomberg. Breakeven Date Change • Oct 23
Forecast breakeven date moved forward to 2025 The 6 analysts covering Telecom Italia previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 87% to 2024. The company is expected to make a profit of €7.64m in 2025. Average annual earnings growth of 120% is required to achieve expected profit on schedule. Ankündigung • Sep 30
Telecom Italia S.p.A. to Report Q2, 2025 Results on Aug 05, 2025 Telecom Italia S.p.A. announced that they will report Q2, 2025 results on Aug 05, 2025 Ankündigung • Aug 13
A consortium lead by Ardian reached an agreement to acquire 10% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT) for approximately €250 million. A consortium lead by Ardian reached an agreement to acquire 10% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT) for approximately €250 million on August 13, 2024. The agreement is based on a valuation of INWIT share price of €10.43 and corresponds to proceeds to TIM, not included in the 2024 guidance, of approximately €250 million, taking into account the existing net debt. Terms and conditions of the transaction are in line with the practice of public M&A deals of comparable nature, including certain customary protections applicable after signing. The closing of the transaction is subject to certain conditions and is expected to take place in the 4th quarter of 2024. New Risk • Aug 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €1.2b Forecast net loss in 3 years: €41m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (€41m net loss in 3 years). Breakeven Date Change • Aug 09
No longer forecast to breakeven The 3 analysts covering Telecom Italia no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €142.0m in 2026. New consensus forecast suggests the company will make a loss of €30.3m in 2026. New Risk • Aug 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€77m net loss in 2 years). Breakeven Date Change • Jul 25
Forecast to breakeven in 2026 The analyst covering Telecom Italia expects the company to break even for the first time. New forecast suggests losses will reduce by 68% per year to 2025. The company is expected to make a profit of €142.0m in 2026. Average annual earnings growth of 103% is required to achieve expected profit on schedule. Ankündigung • Jun 26
Telecom Italia S.p.A. to Report Q2, 2024 Results on Sep 26, 2024 Telecom Italia S.p.A. announced that they will report Q2, 2024 results on Sep 26, 2024 Reported Earnings • May 30
First quarter 2024 earnings released First quarter 2024 results: €0.019 loss per share. Revenue: €3.96b (up 3.0% from 1Q 2023). Net loss: €400.0m (loss narrowed 42% from 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Ankündigung • Apr 17
Telecom Italia Announces Board Changes Telecom Italia (TIM) announced that Alessandro Pansa has been appointed chairman of its international services arm Sparkle, taking over from Elisabetta Romano. Ankündigung • Mar 21
Telecom Italia Reportedly May Sell Assets Telecom Italia S.p.A. (BIT:TIT), may sell assets worth about EUR 1 billion in a bid to further reduce its debt and potentially remunerate investors, a source familiar with the matter said. The phone carrier may dispose of its remaining stake in mobile tower operator Inwit, valued at about EUR 300 million, the source said, asking not to be named discussing private deliberations. That disposal would come in addition to the planned sale of the carrier's Telecom Italia Sparkle subsea unit, expected to come in at EUR 600 million - EUR 800 million. A deal for the Inwit holding is not imminent and could materialise as late as in 2026, the source added. A spokesperson for Telecom Italia declined to comment. The company said it will be able to meet its multi-year guidance even if its debt rises this year following the closure of a deal to sell off its fixed-line network - a move drawn up by the one-time monopoly in a bid to bring the debt under control. The newest disposal would help the former phone monopoly raise cash, which could then be used either to further cut debt or to remunerate shareholders. Telecom Italia's network sale - to US-based KKR & Co - was signed late last year, marking the first time a European phone carrier has opted to sell off its fixed-line grid. KKR last week confirmed that the deal is set to close in the summer. "Telecom Italia is expected to return to generating cash at group level, as well as in its domestic Italian market, thanks to our new three-year business plan," chief executive officer Pietro Labriola told Italian daily Corriere della Sera in an interview over the weekend. The eventual sale of Sparkle will also help accelerate plans to possibly remunerate shareholders, the CEO said. Reported Earnings • Mar 07
Full year 2023 earnings released Full year 2023 results: Revenue: €16.5b (up 4.5% from FY 2022). Net loss: €1.44b (loss narrowed 51% from FY 2022). Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Telecom industry in Europe are expected to grow by 1.9%. Breakeven Date Change • Mar 07
No longer forecast to breakeven The 11 analysts covering Telecom Italia no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €163.0m in 2026. New consensus forecast suggests the company will make a loss of €440.2m in 2026. New Risk • Feb 25
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €1.3b Forecast net loss in 3 years: €129m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: €0.015 loss per share. Revenue: €4.14b (up 4.3% from 3Q 2022). Net loss: €311.0m (loss narrowed 86% from 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Ankündigung • Nov 06
Vivendi SE Opposes KKR Bid for Telecom Italia S.p.A. Fixed Line Network. On November 5, 2023, Telecom Italia S.p.A. announced that, it approved an offer by Kohlberg Kravis Roberts & Co. L.P.(KKR) for its fixed-line network. Further, the Company stated that its board had approved the deal, whose value could reach 22 billion euros, and which would reduce the debt by around 14 billion euros. As Vivendi SE, has opposed selling the network and valued it at 31 billion euros, saying KKR's previous bids were far too low. Further, Vivendi SE said it would use all legal means at its disposal to contest the Company’s illegal decision. it had previously threatened to launch legal action if the KKR offer was approved without being submitted to an extraordinary general assembly of shareholders, where Vivendi would carry considerable weight. Reported Earnings • Aug 06
Second quarter 2023 earnings released: €0.006 loss per share (vs €0.013 loss in 2Q 2022) Second quarter 2023 results: €0.006 loss per share (improved from €0.013 loss in 2Q 2022). Revenue: €4.00b (up 2.2% from 2Q 2022). Net loss: €124.0m (loss narrowed 56% from 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Ankündigung • Feb 03
KKR & Co. Inc. (NYSE:KKR) made a non-binding offer to acquire an unknown majority stake in Italian fixed line network business from Telecom Italia S.p.A. (BIT:TIT). KKR & Co. Inc. (NYSE:KKR) made a non-binding offer to acquire an unknown majority stake in Italian fixed line network business from Telecom Italia S.p.A. (BIT:TIT) on February 2, 2023. The terms of the deal were undisclosed, however as per rumors deal value is €20 million. The transaction is subject to Board approval of Telecom Italia S.p.A. Ankündigung • Nov 16
Telecom Italia S.p.A. to Report Fiscal Year 2022 Results on Mar 15, 2023 Telecom Italia S.p.A. announced that they will report fiscal year 2022 results on Mar 15, 2023 
