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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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Exclusive: Italy pushes to end stalemate over single broadband network - source

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07/11/2020 | 11:03am EDT
FILE PHOTO: Telecom Italia logo is seen at the headquarter in Rozzano neighbourhood of Milan

Italy has told state-controlled utility Enel to reach a deal with Telecom Italia by the end of July on plans to create a single broadband network for the country, a person close to the matter told Reuters on Saturday.

Italy has told state-controlled utility Enel to reach a deal with Telecom Italia by the end of July on plans to create a single broadband network for the country, a person close to the matter told Reuters on Saturday.

In an effort to close its digital gap with the rest of Europe, Italy has been pushing for a unified network combining Telecom Italia's (TIM) assets with those of Open Fiber, a wholesale-only operator owned by Enel and state lender Cassa Depositi e Prestiti (CDP).

TIM, partly owned by CDP, has been in talks for months over a merger of its fibre network assets with those of Open Fiber, but differences over issues such as governance and regulation have created a deadlock.

Economy Minister Roberto Gualtieri requested a memorandum of understanding be signed by the end of the month at a meeting with Enel chief Francesco Starace on Friday, said the source, who spoke on condition of anonymity.

Rome has already been pushing Enel and TIM to join forces, but Gualtieri's deadline was the most concrete step to break the stalemate over the network expected to underpin the development of Italy's digital economy.

The economy ministry and Enel both declined to comment. TIM was not immediately available for comment.

TIM's insistence on retaining control of any combined entity with Open Fiber has also held up a deal. But pressure for agreement has increased as TIM has held talks with U.S. private equity fund KKR about selling 40% of its secondary or last-mile copper and fibre network from the street cabinet to users' homes.

With a binding offer expected before Aug. 4 that could see the U.S. fund taking a significant position in Italian telecoms infrastructure, the Treasury wants to nail down guarantees from Enel over the broadband network plan.

To balance KKR's presence, the government would be in favour of the CDP taking a stake in the secondary network but any such deal would not be in the public interest without guarantees from Enel on the broadband network plan, said the source on Saturday.

Complicating the discussions is a separate offer from Australian fund giant Macquarie for all or part of Enel's 50% stake in Open Fiber that sources say values the wholesale operator at almost $8 billion.

(Reporting by Giuseppe Fonte, additional reporting by Elvira Pollina and Stephen Jewkes. Editing by Jane Merriman, Giselda Vagnoni and Christina Fincher)

By Giuseppe Fonte

Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. 1.60% 7.569 Delayed Quote.7.03%
KKR & CO. INC. 0.40% 37.4 Delayed Quote.28.21%
MACQUARIE GROUP LIMITED 0.07% 136.18 End-of-day quote.-1.21%
TELECOM ITALIA S.P.A. -1.64% 0.3188 Delayed Quote.-42.70%
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Financials
Sales 2020 79 532 M 94 333 M 94 333 M
Net income 2020 5 110 M 6 061 M 6 061 M
Net Debt 2020 48 316 M 57 308 M 57 308 M
P/E ratio 2020 15,3x
Yield 2020 4,72%
Capitalization 76 928 M 91 060 M 91 244 M
EV / Sales 2020 1,57x
EV / Sales 2021 1,53x
Nbr of Employees 66 825
Free-Float 76,4%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 8,52 €
Last Close Price 7,57 €
Spread / Highest target 38,7%
Spread / Average Target 12,6%
Spread / Lowest Target -22,1%
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Managers
NameTitle
Francesco Starace Chief Executive Officer, Director & GM
Michele Alberto Fabiano Crisostomo Chairman
Alberto de Paoli Chief Financial Officer & Head-Administration
Anna Chiara Svelto Independent Director
Cesare Calari Independent Director
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