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Telecom Italia SpA ADR - Stock Quote TIIAY

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Morningstar's Telecom Italia SpA ADR Stock Analysis

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Telecom Italia Begins the Journey for a Poor 2022; Aggressive Discounting Continues in Italy

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

Telecom Italia's first-quarter results were in line with new guidance set by management a few weeks ago, with service revenue and EBITDA down 2.5% and 16.6% respectively (guidance aims for a low-single-digit decline and a low-teens decline in 2022, respectively). High growth in the Brazilian business is compensating for a worrying performance in Italy, where service revenue and EBITDA declined by 5% and 20% respectively, with poor performance in both mobile and fixed. Our short- and medium-term forecasts remain more bearish than management guidance, as we have little confidence in their ability to set targets after four profit warnings in 12 months. We maintain our EUR 0.25 fair value estimate and highlight our very high uncertainty rating for the company.

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Telecom Italia SpA ADR's Company Profile

Business Description

Telecom Italia is the incumbent telephone operator in Italy with more than 30% market share in the Italian mobile market and 45% market share in broadband. In the mobile market it competes with Vodafone, Wind Tre and Iliad. On the broadband side, its main competitor is Open Fiber, which operates a wholesale network giving equal access to several operators. TIM also has a 20% wireless market share in Brazil and has started building a broadband network in the country, although its reach is very small compared with its competitors Telefonica and America Movil.

Corso D'Italia, 41
Rome, 00198, Italy
T +39 636881
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 45,974

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