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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Enel S.p.A.    ENEL   IT0003128367

ENEL S.P.A.

(ENEL)
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Telecom Italia to include own fibre assets in broadband network bid

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11/15/2019 | 10:43am EST
FILE PHOTO: Telecom Italia new logo is seen at the headquarter in Rozzano neighbourhood of Milan

Italy's biggest phone group Telecom Italia (TIM) is asking infrastructure funds to come up with bids next week for the assets of smaller broadband rival Open Fibre that will include its own last-mile network, sources said.

The former monopoly is pressing ahead with plans to find one or more funds to help it buy out Open Fibre and create a national champion that can roll out a single broadband network to avoid duplicating investments.

Open Fibre, a wholesale-only fast broadband operator, is jointly owned by state-controlled utility Enel and state lender CDP. CDP is also TIM's second-largest shareholder.

Sources said more than a dozen infrastructure and sovereign wealth funds had been invited to present non-binding offers for Open Fibre by Nov. 19.

"The idea is that the funds will present a valuation for Open Fibre which will take into account the last-mile fibre assets that TIM will fold into the company," a source close to one of the interested funds said.

The fund, or funds, are expected to buy around half of Open Fibre with TIM taking a stake of up to half though the structure is still under discussion, sources have said.

TIM did not respond to a request for comment.

One of the stumbling blocks to the creation of a single network has been how much Open Fibre is worth with analyst estimates fluctuating in a range of 1.5-4.0 billion euros ($1.65-$4.4 billion).

TIM's last-mile network - the bit that goes from the street to homes - has traditionally been copper but since 2016 it has been rolling out a fibre-to-the-home network through Flash Fibre, a joint venture with rival Fastweb

"What's clear is that TIM needs to bring its clients into play if any fast-fibre plan is to get over the line," the source said.

Rome has long been pushing for an all-fibre optic network with some state oversight to boost productivity across a country which has one of the lowest take-ups of fixed broadband in Europe.

TIM, which has net debt of 24 billion euros (£20.7 billion), owns a large part of Italy’s wholesale market and has more than half the retail market.

TIM CEO Luigi Gubitosi recently said only 20-25% of TIM's ultra-broadband capacity was used by consumers and only 10-15% of Open Fibre's, raising questions over returns on investments.

Last week Gubitosi said TIM aimed to select one or more infrastructure funds for a deal with Open Fibre by year-end.

(Reporting by Elvira Pollina and Stephen Jewkes; Editing by Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. 1.15% 6.925 End-of-day quote.35.73%
LME COPPER CASH 0.23% 6097 End-of-day quote.4.42%
SWISSCOM -0.19% 517.6 Delayed Quote.10.41%
TELECOM ITALIA S.P.A. -0.76% 0.5503 End-of-day quote.14.73%
UNITED PARCEL SERVICE 1.43% 118.62 Delayed Quote.21.62%
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Financials (EUR)
Sales 2019 78 310 M
EBIT 2019 11 335 M
Net income 2019 4 795 M
Debt 2019 46 537 M
Yield 2019 4,75%
P/E ratio 2019 14,7x
P/E ratio 2020 13,2x
EV / Sales2019 1,49x
EV / Sales2020 1,45x
Capitalization 70 394 M
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Number of Analysts 25
Average target price 7,36  €
Last Close Price 6,93  €
Spread / Highest target 17,7%
Spread / Average Target 6,22%
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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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