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Telecom Italia SpA ADR

TIIAY: PINX (USA)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
$8.40JgmjQtrj

Reducing Telecom Italia's FVE to EUR 0.25 on Weaker Outlook and Fading KKR Offer

Business Strategy and Outlook

Telecom Italia, or TIM, has over 30% market share in the mobile market and 45% share in broadband in Italy. Since the entrance of Iliad in the mobile market in 2018, TIM and Vodafone have seen their top lines decline substantially, pressured by customer losses and lower pricing. Iliad has gained more than 8.5 million customers in three years by offering more-for-less plans, forcing other operators to adjust their pricing. This pressure comes on top of an already competitive Italian mobile market, with low average revenue per user due to its prepaid nature.

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