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    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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Telecom Italia will present bid for Italy's cloud project - CEO

09/04/2021 | 10:54am EDT

(Adds quotes, background)

CERNOBBIO, Italy Sept 4 (Reuters) - Telecom Italia will submit an expression of interest to create a national cloud hub in Italy with three partners, including defence group Leonardo and state lender CDP, Chief Executive Luigi Gubitosi said on Saturday.

The head of Italy's biggest phone group spoke after Innovation Minister Vittorio Colao earlier said Italy expects to receive bids by the end of September from companies interested in building the cloud hub, a 900-million-euro ($1.07 billion) project to upgrade the country's data storage facilities.

"The minister will not be disappointed... we will present an offer and I believe it will meet the requirements," Gubitosi told reporters during an annual business conference in Cernobbio on Lake Como.

The cloud hub, one of the projects funded by the European Union to help Italy's economy recover from the pandemic, reflects European efforts to make the 27-member bloc less dependent on large overseas tech companies for cloud services.

"The promoter of the initiative is CDP and we are also working with Leonardo and (state-owned IT firm) Sogei. We are a qualified group of Italian companies that will try to give an answer to the needs of the country," Gubitosi said.

The joint proposal will be ready by the end of this month and the four partners will likely create a new company to work on the project, he added.

Italy's innovation minister is due to present the government's strategy and detailed requirements for the national cloud project on Tuesday. ($1 = 0.8416 euros) (Reporting by Francesca Landini and Elvira Pollina; Editing by Mark Potter and Mike Harrison)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -0.74% 17.42 Real-time Quote.0.00%
LEONARDO S.P.A. 0.87% 6.726 Delayed Quote.13.81%
TELECOM ITALIA S.P.A. -1.06% 0.3369 Delayed Quote.-10.73%
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Analyst Recommendations on TELECOM ITALIA S.P.A.
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Financials
Sales 2021 15 774 M 18 298 M 18 298 M
Net income 2021 598 M 693 M 693 M
Net Debt 2021 21 266 M 24 669 M 24 669 M
P/E ratio 2021 13,8x
Yield 2021 3,09%
Capitalization 7 211 M 8 365 M 8 364 M
EV / Sales 2021 1,81x
EV / Sales 2022 1,81x
Nbr of Employees 52 392
Free-Float 72,3%
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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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 0,34 €
Average target price 0,55 €
Spread / Average Target 63,6%
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Managers and Directors
Luigi Gubitosi Chief Executive Officer & Executive Director
Giovanni Ronca Chief Financial Officer
Salvatore Rossi Chairman
Michele Gamberini Chief Technology & Information Officer
Herculano AnÝbal Alves Chief Technology Officer
Sector and Competitors