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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Enel    ENEL   IT0003128367

ENEL

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Telecom Italia CEO says merging with Open Fiber would be a good idea

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05/15/2019 | 08:55am EDT
FILE PHOTO: Telecom Italia's logo for the TIM brand is seen on building roof downtown Milan

FLORENCE, Italy (Reuters) - Merging broadband infrastructure group Open Fiber with the networks of Telecom Italia (TIM) would be positive, TIM's chief executive said on Wednesday.

TIM and Open Fiber have been discussing possible network cooperation, including a possible merger, for several months.

"In coming months we will discuss things with our board and with our shareholders to see what the next steps will be," TIM CEO Luigi Gubitosi said on the sidelines of a conference in Florence, adding that a merger would be positive.

Italy is pushing to create a single ultrafast broadband operator by merging Telecom Italia network with smaller rival Open Fiber to avoid duplicating investments.

Italian State lender Cassa Depositi e Prestit (CDP), which recently became TIM second largest shareholder, co-owns Open Fiber alongside state controlled utility Enel.

The future of TIM’s copper and fiber network has become a key bone of contention between the phone incumbent's top shareholders, France's Vivendi and activist fund Elliott.

Elliott wants TIM to spin off its network and merge it with Open Fiber while Vivendi, though not opposed to a merger, insists TIM keep control of its biggest asset.

(Reporting by Silvia Ognibene; Writing by Stephen Jewkes and Elvira Pollina; Editing by Francesca Landini and Edmund Blair)

Stocks mentioned in the article
ChangeLast1st jan.
ENEL 1.92% 5.789 End-of-day quote.14.77%
TELECOM ITALIA -0.95% 0.4381 End-of-day quote.-9.35%
VIVENDI 0.13% 23.6 Real-time Quote.10.90%
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Financials (€)
Sales 2019 78 637 M
EBIT 2019 11 076 M
Net income 2019 4 738 M
Debt 2019 44 048 M
Yield 2019 5,61%
P/E ratio 2019 12,38
P/E ratio 2020 11,30
EV / Sales 2019 1,31x
EV / Sales 2020 1,29x
Capitalization 58 855 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 6,05 €
Spread / Average Target 4,5%
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Managers
NameTitle
Francesco Starace Chief Executive Officer, Director & GM
Maria Patrizia Grieco Chairman
Alberto de Paoli Chief Financial Officer & Head-Administration
Angelo Taraborrelli Independent Director
Alberto Bianchi Independent Director
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