Author Topic: TI-A Telecom Italia  (Read 20632 times)

zippy1

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Re: TI-A Telecom Italia
« Reply #10 on: September 22, 2013, 07:36:46 AM »
http://www.bloomberg.com/news/2013-09-17/telecom-italia-investor-mediobanca-writes-down-holding-by-56-.html
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Telecom Italia SpA (TIT) investor Mediobanca SpA (MB) cut the value of its holding by more than half in the carrier that is struggling to meet its debt-reduction target and facing a downgrade to junk.

Mediobanca, the investment bank with a 2.6 percent indirect stake through Telco SpA, wrote down its Telco holding to 53 euro cents a share from 1.2 euros, taking the losses for the year ended June 30 to 320 million euros ($427 million), it said yesterday. Unlike previous writedowns, Mediobanca did it unilaterally without agreeing with other Telco owners: Intesa Sanpaolo SpA (ISP), Assicurazioni Generali SpA (G) and Telefonica SA. (TEF)
The decision paves the way for the unraveling of a six-year pact that put a 22.4 percent blocking minority of Telecom Italia in the hands of the financial investors and Madrid-based Telefonica. They have the right this month to revoke the accord and Telefonica has been seeking to gradually boost its holding, although the stakeholders haven’t been able to agree on a price, a person familiar with the matter has said.

“We are rather seller of our exposure than we are ready to put additional money in Telecom Italia,” Mediobanca Chief Executive Officer Alberto Nagel said yesterday on a conference call. “Generali should leave Telco because exiting the pact would be more coherent with the company’s strategy,” he said, adding he hadn’t received any communication from the insurer.


zippy1

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Re: TI-A Telecom Italia
« Reply #11 on: September 22, 2013, 07:38:47 AM »
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Telefonica is in talks with the Italian core shareholders in Telecom Italia to keep the same ownership structure for another six months, two sources with knowledge of the situation told Reuters.

That would give both the Spanish group and the Italian investors more time to study a reorganization plan for the debt-laden telecoms group.
http://www.cnbc.com/id/101050851
Quote
AT&T, America Movil, Sawiris circle Telecom Italia: source 
Paola Arosio
MILAN — Reuters
Published Thursday, Sep. 05 2013, 1:54 PM EDT
Last updated Thursday, Sep. 05 2013, 1:56 PM EDT
Egyptian tycoon Naguib Sawiris, U.S. telecoms giant AT&T and Mexico’s America Movil have contacted the core investors who want to sell their shares in Telecom Italia, a source close to the situation said.

The three have not expressed a formal interest in buying the stakes, said the source, who is familiar with the thinking of Telecom Italia shareholders.
http://www.theglobeandmail.com/report-on-business/international-business/att-america-movil-sawiris-circle-telecom-italia-source/article14135312/
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Telecom Italia possible partner's passport not important - Intesa CEO
CERNOBBIO, Italy Sept 6 | Fri Sep 6, 2013 5:22am EDT
(Reuters) - The nationality of any future partner for Italian phone company Telecom Italia is not important, said Intesa Sanpaolo Chief Executive Enrico Cucchiani on Friday.
Intesa is one of the core investors in Telco, which controls Telecom Italia.

Egyptian tycoon Naguib Sawiris, AT&T and America Movil have approached the core Telecom Italia investors who want to exit their unprofitable investment in the Italian group, a source familiar with the situation said earlier this week.
« Last Edit: September 22, 2013, 07:47:21 AM by zippy1 »



phil_Buffett

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Re: TI-A Telecom Italia
« Reply #14 on: December 15, 2013, 03:56:59 AM »
if if sum up a Little bit,

TI has very big upside if it trades for 4-5 times ebitda.

they actual have a shareholder voting in place.

they want to sell assets to reduce debt.

but the fact that they have so much ebitda and trades so low, is very interesting.

Packer16

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Re: TI-A Telecom Italia
« Reply #15 on: December 15, 2013, 04:09:55 AM »
By my calculations, if you use the savings "A" share price, I get an EBITDA multiple of 4.1x.  Indeed a cheap stock now with a few catalysts.

Packer

phil_Buffett

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Re: TI-A Telecom Italia
« Reply #16 on: December 15, 2013, 04:27:12 AM »
By my calculations, if you use the savings "A" share price, I get an EBITDA multiple of 4.1x.  Indeed a cheap stock now with a few catalysts.

Packer

packer did you bought a stake in it? or do you still thinking what could be wrong with the Company.

Packer16

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Re: TI-A Telecom Italia
« Reply #17 on: December 15, 2013, 06:23:50 AM »
I bought a good sized stake in August (3.8x EBITDA at that time) and still hold it.  At the time there was no activism but a nice plus since that time.

Packer

Sportgamma

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Re: TI-A Telecom Italia
« Reply #18 on: January 15, 2014, 04:50:22 AM »
http://www.reuters.com/article/2014/01/14/telecomitalia-brazil-idUSL6N0KO15L20140114

Fossati's letter was accompanied by a study that pegged TIM Brasil's standalone value at 17 billion euros ($23 billion). But after factoring in growth prospects, cost savings and other benefits rivals would reap from a break-up sale, it said that TIM Brasil could be worth as much as 30 billion euros.

PJM

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Re: TI-A Telecom Italia
« Reply #19 on: January 27, 2014, 11:00:25 PM »
Packer - I'd like to know your thoughts on Turkcell. Its the largest telecom player in Turkey with 50% share of mobile subscribers and revenue. The company is cash positive and trades at EV/EBITDA of <3x. Capex spends at around 14% of revenues and 37% of EBITDA

Negatives: no dividend payout, weakening TRY

Thanks in advance