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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Bid target Telecom Italia's auditors meet before key board meeting -sources

11/25/2021 | 08:44am EST

MILAN, Nov 25 (Reuters) - Telecom Italia's auditors and risk committee will examine its financial health on Thursday ahead of a board meeting which could decide the future of Italy's biggest phone group and its chief executive, sources told Reuters.

Italy's former telecoms monopoly has received a 10.8 billion euro ($12 billion) buyout approach from U.S. private equity group KKR in the middle of a boardroom row between CEO Luigi Gubitosi and TIM's top investor Vivendi.

Vivendi is pushing for change at the helm of TIM after two profit warnings since July, partly due to a costly deal with sport streaming service DAZN to screen Italy's top soccer matches, which failed to boost its revenue.

Auditors will examine TIM's earnings and discuss whether a third profit warning may be necessary as a result of the DAZN rights deal, Italian newspapers reported.

A third downgrade to TIM's outlook would further strengthen Vivendi's hand in seeking a change of CEO.

Gubitosi has close ties with KKR, which last year bought a 37.5% stake in Telecom Italia's last-mile grid and is seeking to preserve its investment.

Any management reshuffle could complicate KKR plans to pursue its offer, which is conditional on the support of the board and the government's approval.

Rome, which is TIM's second largest investor through state-lender CDP, has special anti-takeover powers to shield companies it deems as strategic from foreign bids. So far CDP has opposed any major management changes at TIM, sources have said.

TIM shares were down 5% to 0.4723 euros at 1335 GMT. ($1 = 0.8913 euros) (Reporting by Elvira Pollina; Editing by Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TELECOM ITALIA S.P.A. 0.56% 0.4096 Delayed Quote.-5.67%
VIVENDI SE 2.01% 11.41 Real-time Quote.-4.04%
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Financials
Sales 2021 15 530 M 17 426 M 17 426 M
Net income 2021 283 M 317 M 317 M
Net Debt 2021 20 723 M 23 251 M 23 251 M
P/E ratio 2021 48,8x
Yield 2021 2,73%
Capitalization 8 572 M 9 672 M 9 618 M
EV / Sales 2021 1,89x
EV / Sales 2022 1,92x
Nbr of Employees 52 177
Free-Float 75,6%
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Telecom Italia S.p.A. Technical Analysis Chart | TIT | IT0003497168 | MarketScreener
Technical analysis trends TELECOM ITALIA S.P.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 0,41 €
Average target price 0,44 €
Spread / Average Target 8,28%
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Managers and Directors
Pietro Labriola General Manager
Giovanni Ronca Chief Financial Officer
Salvatore Rossi Chairman
Michele Gamberini Chief Technology & Information Officer
Stefano Siragusa Chief Revenue, Information & Media Office
Sector and Competitors