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Telecom Italia confirms its targets after a first quarter rather solid

Italian operator Telecom Italia (Tim), whose main shareholder is the French group Vivendi confirmed its targets on Monday after a first relatively strong quarter in the midst of the epidemic of coronavirus.

read also : Telecom Italia has renewed with profits in 2019

in the first three months of the year, its net profit has been multiplied by three to 591 million euros, taking advantage of the added value (441 million net) related to the merger of his company towers telecom Inwit with the british operator Vodafone. This result is, however, a little lower than the expectations of analysts, who had forecast a net profit of 680 million euros, according to the consensus of the supplier of financial information to Factset Estimates.

On the set of the year 2019, the operator was back in the green, recording a net profit of over one billion euros, after having incurred a heavy net loss in 2018. On the quarter, its revenue has declined from 11.3% at 3.96 billion euros, in line with analysts ' expectations. The results have been affected by the closure of the stores, which led to a decrease in sales of products and by the decrease of the traffic roaming to and from abroad, explained the operator in a press release. "After a decline in the short term are, however, foreseeable positive impacts in the medium-to-long-term result of the strong acceleration of the adoption of digital services and connectivity," in Italy, he added.

the situation calmed

The group confirmed its objectives 2020-2021 in terms of Ebitda and capital investment, and still intends to generate 4.5 to 5 billion euros in cash in the period between 2020 and 2022, on a comparable basis. On Inwit, the board of directors decided to enter into exclusive negotiations with a consortium guided by Ardian Infrastructure (attended by Nomura) and which is a Canson Capital Partners for the sale of a minority stake in the holding company controlled by Tim.

2018 and early 2019, Telecom had been weakened by a conflict between two of its shareholders, Vivendi (23.9% of the capital) and the u.s. fund Elliott (who held nearly 10% of the share capital). However, since the spring of 2019, the situation is fairly calm and Elliott has reduced in recent times with its participation. It was on Monday that to 4.99%.

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