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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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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/22 06:10:02 am
0.326 EUR   -2.10%
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Macquarie to table bid for Enel stake in Italy's Open Fiber by Thursday - source

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09/16/2020 | 02:02pm EDT
FILE PHOTO: A pedestrian walks past the logo of Australia's biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia

Macquarie is set to submit a binding offer for all or part of the 50% stake held by utility Enel in Italian broadband network operator Open Fiber, a source familiar with the matter said on Tuesday.

Macquarie Infrastructure and Real Assets' (MIRA) offer, which is targeting a stake of between 35% and 50%, will be sent to Enel before the utility's board meeting set for Thursday, the source said.

But the source added Enel would not necessarily discuss the offer at the meeting on Thursday.

Macquarie and Enel declined to comment.

The Italian government is trying to broker a deal between former phone monopoly Telecom Italia (TIM) and smaller rival Open Fiber to merge their fibre assets and create a national company.

In June Enel said its board had received a non-binding offer from MIRA to buy the whole or part of its stake in a bid that sources said valued the company at 7.7 billion euros (7.02 billion pounds).

On Tuesday Italian newspaper Il Messaggero said the fund's investment committee was set to sign off on a bid that valued Open Fiber at more than 8 billion euros including debt.

State lender Cassa Depositi e Prestiti (CDP), which owns the other 50% of Open Fiber, has a right of first refusal on any sale by Enel.

Sources have previously told Reuters Rome wants Enel to make sure that CDP ends up with a majority stake in Open Fiber.

In case of an ownership change, Vodafone and WindTre also have a right of first refusal on a combined stake of around 15%.

"There are a lot of moving parts and the bid will be structured to take this into account," the source said.

Italy's ruling coalition has placed the creation of a single full-fibre network to close Italy's digital divide with other European countries at the heart of its policies.

Last month it set out a road map to try and overcome deadlock between TIM and Open Fiber and create a high-speed broadband network open equally to all operators and, crucially, acceptable to regulators.

By Stephen Jewkes


Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. -0.61% 7.47 Delayed Quote.6.26%
MACQUARIE GROUP LIMITED 0.99% 136.13 End-of-day quote.-1.25%
TELECOM ITALIA S.P.A. -1.65% 0.3274 Delayed Quote.-40.15%
VODAFONE GROUP PLC 1.50% 108.3 Delayed Quote.-27.39%
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Financials
Sales 2020 16 140 M 19 113 M 19 113 M
Net income 2020 1 010 M 1 196 M 1 196 M
Net Debt 2020 22 744 M 26 934 M 26 934 M
P/E ratio 2020 6,99x
Yield 2020 2,98%
Capitalization 7 093 M 8 418 M 8 399 M
EV / Sales 2020 1,85x
EV / Sales 2021 1,78x
Nbr of Employees 55 076
Free-Float 74,2%
Chart TELECOM ITALIA S.P.A.
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Telecom Italia S.p.A. Technical Analysis Chart | TIT | IT0003497168 | MarketScreener
Technical analysis trends TELECOM ITALIA S.P.A.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 0,51 €
Last Close Price 0,33 €
Spread / Highest target 134%
Spread / Average Target 52,7%
Spread / Lowest Target -30,9%
EPS Revisions
Managers
NameTitle
Luigi Gubitosi Chief Executive Officer & Executive Director
Salvatore Rossi Chairman
Stefano Siragusa Chief Operations Officer
Giovanni Ronca Chief Financial Officer
Michele Gamberini Chief Technology & Information Officer
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