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TIa.N

ISIN: US87927Y2019
SEDOL: 2928735

Rating:

SELL

Target Price:

9.62 USD

Investment Horizon:

6 to 12 months
8th May 2009 View Report   Download

1Q 09 News Alert

Telecom Italia S.p.A.'s (TI) 1Q 09 performance fell short of our expectations. Although TI dominates the wireline and wireless markets in Italy, we remain concerned about the company's growth prospects on account of the significantly high wireless penetration rates and falling wireline accesses in the country. Revenues from the company's Brazilian wireless operations have also been impacted by intense competition from Vivo Participacoes ...

31st Mar 2009 View Report   Download

4Q 08 & FY 2008 Update Report

TI’s revenues fell for the seventh consecutive quarter in 4Q 08. We expect this trend to continue on account of the saturated domestic wireline market and the company’s revenue concentration of nearly 50% in this business line. In addition, revenues from Brazilian wireless operations have also been impacted by intense competition from Vivo Participacoes S.A. and Claro, leading to several price-wars and declining market share. TI generates almost…

2nd Mar 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Telecom Italia S.p.A.’s (TI) 4Q 08 overall performance was below our expectations. In addition, FY 2008 top-line and EBITDA margin fell short of Management expectations. The company reported a y-o-y decline in 4Q 08 revenues, however, the company reported strong operating and net performances, supported by lower operating costs and tax charges. Although TI dominates the Domestic Wireline and Wireless markets in Italy, we remain concerned over the company’s future…

10th Nov 2008 View Report   Download

3Q 08 Update Report

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Telecom Italia’s (TI) 3Q 08 revenues and earnings were in line with our expectations. On a yo- y basis, while revenues and EBITDA declined marginally, earnings were significantly impacted by higher net financial expenses during the quarter. Saturated domestic wireless and wireline markets and declining tariffs are expected to continue to hinder domestic growth, going forward. This could however, be mitigated by increased revenues from…

11th Oct 2008 View Report   Download

Company News Alert

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Telecom Italia’s (TI) common stock has experienced a significant decline in price since our 2Q 08 update report, dated 26 September 2008, reflecting weakness in broader indices on account of the prevailing global financial turmoil....