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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Telecom Italia S.p.A.    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Telecom Italia aims to sell stake in Vodafone Italian tower tie-up - CEO

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11/14/2019 | 01:15pm EST
FILE PHOTO: Telecom Italia new logo is seen at the headquarter in Rozzano neighbourhood of Milan

Telecom Italia (TIM) plans to sell a stake in the mobile mast business it is creating in Italy with rival Vodafone to infrastructure funds, the Italian group's chief executive said on Thursday.

The two companies agreed in July to merge their Italian mobile assets under the INWIT business that is currently 60%-owned by TIM. The deal is awaiting European Union antitrust approval and is expected to wrap up in the first half of 2020, INWIT's chief executive said last week.

After the deal, TIM and Vodafone will each have 37.5% stakes in the enlarged INWIT, but have agreed they can jointly reduce their respective holdings to a minimum of 25%.

"We would like to sell a stake to infrastructure funds," TIM Chief Executive Luigi Gubitosi told the Morgan Stanley European Technology Media and Telecoms conference in Barcelona.

Due to currently low returns on bond markets, "there is a large pool of investment moving to alternative investment, so infrastructure funds have plenty of money to deploy," he said.

Communications masts have long been popular among institutional investors because of their steady cash flows.

The deal between Telecom Italia and Vodafone highlights increasing appetite among operators to share or sell parts of their infrastructure to help cut debt and free up cash for investment in the roll-out of next generation 5G networks.

(Reporting by Isla Binnie; Additional reporting by Elvira Pollina in Milan; Editing by Elaine Hardcastle)

Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY -0.36% 49.5 Delayed Quote.25.09%
TELECOM ITALIA S.P.A. 0.76% 0.5545 End-of-day quote.13.86%
VODAFONE GROUP PLC 0.59% 143.58 Delayed Quote.-6.64%
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Financials (EUR)
Sales 2019 18 366 M
EBIT 2019 3 692 M
Net income 2019 1 405 M
Debt 2019 23 864 M
Yield 2019 1,93%
P/E ratio 2019 8,12x
P/E ratio 2020 8,52x
EV / Sales2019 1,93x
EV / Sales2020 1,95x
Capitalization 11 637 M
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Technical analysis trends TELECOM ITALIA S.P.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 0,64  €
Last Close Price 0,55  €
Spread / Highest target 83,5%
Spread / Average Target 16,5%
Spread / Lowest Target -34,6%
EPS Revisions
Managers
NameTitle
Luigi Gubitosi Chief Executive Officer & Executive Director
Salvatore Rossi Chairman
Giovanni Ronca Chief Financial Officer
Raimondo Zizza Director-Information Technology
Michele Gamberini Chief Technology & Information Officer
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