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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Telecom Italia tops Europe's STOXX 600 amid spiking COVID-19 cases

11/24/2021 | 04:50am EST

* KKR explores higher bid for Telecom Italia -reports

* Travel stocks extend declines to seventh session

* Weakening German business morale pushes DAX lower

Nov 24 (Reuters) - European shares ended a four-day losing streak on Wednesday with shares of Telecom Italia leading gains, but fears around Europe's worsening COVID-19 situation and the prospect of severe restrictions restrained the market.

The pan-European STOXX 600 index climbed 0.1% after recording its worst session in nearly two months on Tuesday amid a continental resurgence in coronavirus cases and fears of rising interest rates.

Telecom Italia surged 15.6%, lifting the European telecoms sector by 1.2%, following news reports that KKR is considering boosting its offer for the company after top investor Vivendi called the initial one too low.

European stocks are on course for weekly losses as the return of COVID-19 curbs, rate hike and inflation concerns sparked fears of a weaker economic growth outlook.

Travel stocks slid by over 1.0% on Wednesday, extending their declines to a seventh straight day.

"People are waiting to see what impact COVID measures will have on economic growth in Q4 and next year. If the situation deteriorates and we see more aggressive responses from governments, there will be concerns over the overall European economic growth profile," said Nick Nelson, head of European equity strategy at UBS.

Indeed, spiking coronavirus cases and supply chain constraints clouded Germany's growth outlook as the Ifo institute said business morale deteriorated for the fifth month running in November, pushing the country's benchmark index 0.4% lower.

"By far the biggest fall was in the services sector, which shows that the hospitality business was struggling in the first half of the month...Even when permitted to go to the shops and restaurants, consumers were increasingly choosing to avoid crowded spaces," said Andrew Kenningham, chief Europe economist at Capital Economics.

Meanwhile, German Social Democrat Olaf Scholz said he had reached a deal with the Free Democrats and Greens to form a new coalition government that will end the Angela Merkel era.

Higher copper prices driven by easing fears of Chinese demand lifted miners by 0.2%, while energy stocks rose 0.7% after crude prices inched higher.

Shares in British inspection and product testing company Intertek rose over 6% after reporting strong growth in quarterly revenue.

German medical equipment maker Draegerwerk plunged 12.0% after saying it expected sales and earnings to drop next year, citing weak demand for pandemic-related products. (Reporting by Anisha Sircar and Shreyashi Sanyal in Bengaluru; Editing by Shailesh Kuber and Mark Heinrich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTERTEK GROUP PLC -0.92% 5358 Delayed Quote.-5.04%
TELECOM ITALIA S.P.A. -3.20% 0.4232 Delayed Quote.0.69%
VIVENDI SE -1.37% 11.845 Real-time Quote.-0.38%
All news about TELECOM ITALIA S.P.A.
01/18Telecom Italia GM outlines plans as doubts on KKR's bid mount
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01/18Telecom Italia To Review Potential New CEO's Plan Amid KKR's Takeover Offer
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01/18Telecom Italia GM to outline plans as doubts on KKR's bid mount
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01/18Vivendi invests in digital communication group Progressif Media
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01/13Italy to impose cap in tender for broadband rollout, sources say
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01/13FS ITALIANE GROUP AND TIM : agreement signed to boost...
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01/13Italy Eyes Telecom Italia, Open Fiber's Fixed Network Assets' Merger
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01/12Italy says it wants control of key Telecom Italia assets in any KKR bid
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01/12TIM : focus on digitalization and new skills at Expo 2020...
PU
01/11Telecom Italia General Manager Expected To Be Named CEO
MT
More news
Analyst Recommendations on TELECOM ITALIA S.P.A.
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Financials
Sales 2021 15 581 M 17 649 M 17 649 M
Net income 2021 302 M 342 M 342 M
Net Debt 2021 20 617 M 23 352 M 23 352 M
P/E ratio 2021 36,5x
Yield 2021 2,42%
Capitalization 8 886 M 10 069 M 10 065 M
EV / Sales 2021 1,89x
EV / Sales 2022 1,92x
Nbr of Employees 52 177
Free-Float 75,6%
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.
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Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 22
Last Close Price 0,42 €
Average target price 0,44 €
Spread / Average Target 4,11%
EPS Revisions
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